Description - Financial Integration and Development by Ernest Aryeetey
As part of Structural Adjustment Programmes, many governments in Sub-Saharan Africa initiated a major restructuring of the financial system in the 1980's. Emphasis was placed on the need to adopt financial liberalization measures, and to enhance regulatory and supervisory functions. However, financial reform has at best had a limited developmental effect on the region so far, and widespread fragmentation of financial markets persist. Financial Integration and Development examines the effects of financial liberalization on development, with a particular focus on Sub-Saharan Africa. Looking at the relationship between formal and informal financial institutions, it focuses on structural features that separate formal and informal segments of the financial system. The findings are based on field work conducted in Ghana, Malawi, Nigeria and Tanzania, and lead the way to a reassessment of the design of financial reform programmes and some proposals for effective institution-building policies.
These include measures to deepen financial markets, to strengthen the financial infrastructure, to implement a new regulatory and incentive framework to advance market integration, to improve financial technology and to develop linkages amongst market segements. One of the first systematic studies on this important area, this volume contributes to the literature on alternative theories of financial development and on the effects of financial liberalization. It will be of particular interest to students of development economics.
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