By John Williamson
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Extra resources for A Survey of Financial Liberalization (Essays in International Economics)
In a similar study, Gaston Gelos (1997) provides econometric evidence that financial constraints were eased for small firms in the Mexican manufacturing sector following financial liberalization. Jacques Morisset (1993) finds that although the effect of financial liberalization on the quantity of investment was weak (and even negative in some tests) in Argentina, the effect on the quality of investment was consistently positive. Hatice Pehlivan (1996) finds that Turkish banks have put more effort into gathering information on creditworthiness since liberalization.
Morocco M2/GDP increased rapidly after 1991, from 51% in 1991 to 65% in 1995 South Africa M2/GDP grew only slightly over the deregulation period from 1980 to 1989, from 50% to 53%. Interest rates highly negative in the two years prior to deregulation. Real deposit rates slightly negative or positive until 1985. Positive real deposit rates in the Official moratorium on external capital repayments in response to large shortterm foreign liabilities of banks in 1985. One major bank (holding 15% of total Improved.
Almost 20% of the loans at twentyseven public banks nonperforming in 1995. NPLs at public banks fell to 15% of total loans recently. Intermediation spreads increased in the late 1980s and the 1990s. Not improved. Government continues to rely on direct controls. Agreement to end monetization of treasury's cash deficit over three years signed in 1994. Not improved. Government financing needs met by the central bank, undermining monetary discipline. Government successfully increased nonbank demand for govern- TABLE 7 continued Reallocation of Credit Flows From To Efficiency of Investment Allocation Financial Deepening Impact on Saving and Consumption Impact on Interest Rates Financial Crisis Nepal contd.
A Survey of Financial Liberalization (Essays in International Economics) by John Williamson