{
  "title": "Financial Indicators and Financial Change in Africa and Asia",
  "publication": "IMF Working Papers, November 1, 1995",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/30/financial-indicators-and-financial-change-in-africa-and-asia-1861",
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  "summary": "Deregulation of the financial system often proceeds in tandem with macroeconomic stabilization centered on monetary and other financial targets. This paper presents a model where there may be conflict between these processes.",
  "sections": [
    {
      "heading": "Summary and main findings",
      "content": "- Deregulation of the financial system often proceeds in tandem with macroeconomic stabilization centered on monetary and other financial targets.\n- The paper presents a model where there may be conflict between financial deregulation and stabilization policies.\n- The indicator properties of some financial variables may be rendered unstable by the liberalization process.\n- Other, carefully selected financial aggregates may contain information about economic activity that is useful to policy makers during stabilization.\n- Data from a group of selected African and Asian countries is examined and found to be broadly consistent with the predictions of the model.\n- The evidence highlights the importance of macroeconomic and financial stability for the success of financial reforms."
    },
    {
      "heading": "Data, scope, and subjects covered",
      "content": "- Regions: Africa; Asia and Pacific\n- Subject tags: Bank credit; Banking; Commercial banks; Credit; Economic sectors; Financial institutions; Financial sector; Financial services; Money; Real interest rates\n- Keywords included in the source: Africa; Asia and Pacific; Bank credit; broad money; Commercial banks; Credit; data sample; exchange rate; financial liberalization; Financial sector; financial system; liberalization process; liberalization program; narrow money; post liberalization period; private sector; Real interest rates; WP"
    },
    {
      "heading": "Policy implications and analytical emphasis",
      "content": "- Policymakers should recognize that financial liberalization can alter the informational content (indicator properties) of standard financial variables used for stabilization.\n- Careful selection of financial aggregates is necessary to retain useful signals about real economic activity during stabilization and reform episodes.\n- Macroeconomic and financial stability are important preconditions for successful financial reforms."
    },
    {
      "heading": "Publication and document specifics",
      "content": "- Authors: Huw Pill, Mahmood Pradhan\n- Publication date: November 1, 1995\n- Series: Working Paper No. 1995/123\n- Issue: 123\n- Volume: 1995\n- Pages: 54\n- DOI: https://doi.org/10.5089/9781451854558.001\n- Stock No: WPIEA1231995\n- ISBN: 9781451854558\n- ISSN: 1018-5941\n- Citation format provided in source: Huw Pill, and Mahmood Pradhan. \"Financial Indicators and Financial Change in Africa and Asia\", IMF Working Papers 1995, 123 (1995), accessed 9/17/2026, https://doi.org/10.5089/9781451854558.001\n\nSource: IMF Working Paper — \"Financial Indicators and Financial Change in Africa and Asia\" (authors and publication details as listed above).\n\n---\n\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/financial-indicators-and-financial-change-in-africa-and-asia-1861"
    }
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    "Authors: Huw Pill, Mahmood Pradhan",
    "Published: November 1, 1995",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451854558.001",
    "Deregulation of the financial system often proceeds in tandem with macroeconomic stabilization centered on monetary and other financial targets.",
    "The paper presents a model where there may be conflict between financial deregulation and stabilization policies.",
    "The indicator properties of some financial variables may be rendered unstable by the liberalization process.",
    "Other, carefully selected financial aggregates may contain information about economic activity that is useful to policy makers during stabilization.",
    "Data from a group of selected African and Asian countries is examined and found to be broadly consistent with the predictions of the model.",
    "The evidence highlights the importance of macroeconomic and financial stability for the success of financial reforms.",
    "Regions: Africa; Asia and Pacific",
    "Subject tags: Bank credit; Banking; Commercial banks; Credit; Economic sectors; Financial institutions; Financial sector; Financial services; Money; Real interest rates",
    "Keywords included in the source: Africa; Asia and Pacific; Bank credit; broad money; Commercial banks; Credit; data sample; exchange rate; financial liberalization; Financial sector; financial system; liberalization process; liberalization program; narrow money; post liberalization period; private sector; Real interest rates; WP",
    "Policymakers should recognize that financial liberalization can alter the informational content (indicator properties) of standard financial variables used for stabilization.",
    "Careful selection of financial aggregates is necessary to retain useful signals about real economic activity during stabilization and reform episodes.",
    "Macroeconomic and financial stability are important preconditions for successful financial reforms.",
    "Authors: Huw Pill, Mahmood Pradhan",
    "Publication date: November 1, 1995",
    "Series: Working Paper No. 1995/123",
    "Issue: 123",
    "Volume: 1995",
    "Pages: 54",
    "DOI: https://doi.org/10.5089/9781451854558.001",
    "Stock No: WPIEA1231995",
    "ISBN: 9781451854558",
    "ISSN: 1018-5941",
    "Citation format provided in source: Huw Pill, and Mahmood Pradhan. \"Financial Indicators and Financial Change in Africa and Asia\", IMF Working Papers 1995, 123 (1995), accessed 9/17/2026, https://doi.org/10.5089/9781451854558.001"
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