Measuring Financial Development in Sub-Saharan Africa
August 1, 1999
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Summary
This study introduces an index for measuring financial development and a set of six indices representing key characteristics of the financial systems in 38 sub-Saharan African countries. The results show that these countries have made good progress in improving and modernizing their financial systems during the last decade, particularly with regard to financial liberalization and the adoption of indirect instruments of monetary policy. In many countries, however, the range of financial products remains extremely limited, interest rate spreads are wide, capital adequacy ratios are insufficient, judicial loan recovery is a problem, and the share of nonperforming loans is large.
Subject: Bank credit, Commercial banks, Credit, Financial institutions, Financial markets, Financial sector development, Monetary policy, Monetary policy instruments, Money
Keywords: Africa, Bank credit, Commercial banks, Credit, financial development, financial products Index, Financial sector development, financial system, index, instruments Index, liberalization index, liberalization Index, market structure, market structure index, measurement, monetary policy, Monetary policy instruments, Sub-Saharan Africa, WP
Pages:
28
Volume:
1999
DOI:
Issue:
105
Series:
Working Paper No. 1999/105
Stock No:
WPIEA1051999
ISBN:
9781451852806
ISSN:
1018-5941
