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Financial Sector Development in Sub-Saharan African Countries

Financial Sector Development in Sub-Saharan African Countries »

Series: Occasional Papers

Author(s): Jean-Pierre Briffaut , George Iden , Peter Hayward , Tonny Lybek , Hassanali Mehran , Piero Ugolini , and Stephen Swaray

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1998

DOI: http://dx.doi.org/10.5089/9781557757586.084

ISBN: 9781557757586

Keywords: central bank, foreign exchange, banking, monetary policy, payments

This study takes stock of progress made so far in the financial sectors of sub-saharan African countries. It recommends further reforms and specific measures in the areas of supervision, development of monetary ope...

Developing Essential Financial Markets in Smaller Economies
			: Stylized Facts and Policy Options

Developing Essential Financial Markets in Smaller Economies : Stylized Facts and Policy Options »

Series: Occasional Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 December 2008

DOI: http://dx.doi.org/10.5089/9781589067752.084

ISBN: 9781589067752

Keywords: Banking systems, Central bank policy, Financial sector, Small states, Stock markets, foreign exchange, exchange rate, foreign exchange market, equity markets, stock exchange

This paper surveys the foreign exchange markets, money and secondary government security markets, and stock exchanges in 107 smaller economy countries. The underdevelopment of these markets impedes risk transfer, m...

I Overview

I Overview »

Source: Financial Sector Development in Sub-Saharan African Countries

Series: Occasional Papers

Author(s): Jean-Pierre Briffaut , George Iden , Peter Hayward , Tonny Lybek , Hassanali Mehran , Piero Ugolini , and Stephen Swaray

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1998

ISBN: 9781557757586

Keywords: central bank, foreign exchange, banking, monetary policy, payments

Background The countries of sub-Saharan Africa have witnessed a distinct improvement in their economic performance in recent years, with increasing growth rates, declining inflation,...

II Review of the Structure of the Financial Sector

II Review of the Structure of the Financial Sector »

Source: Financial Sector Development in Sub-Saharan African Countries

Series: Occasional Papers

Author(s): Jean-Pierre Briffaut , George Iden , Peter Hayward , Tonny Lybek , Hassanali Mehran , Piero Ugolini , and Stephen Swaray

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1998

ISBN: 9781557757586

Keywords: central bank, foreign exchange, banking, monetary policy, payments

Background In virtually all African countries, formal banking began with the establishment or arrival of “colonial” banks, owned by investors from the metropolitan country or from So...

III Status of Financial Sector Legislation and Banking System Supervision

III Status of Financial Sector Legislation and Banking System Supervision »

Source: Financial Sector Development in Sub-Saharan African Countries

Series: Occasional Papers

Author(s): Jean-Pierre Briffaut , George Iden , Peter Hayward , Tonny Lybek , Hassanali Mehran , Piero Ugolini , and Stephen Swaray

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1998

ISBN: 9781557757586

Keywords: central bank, foreign exchange, banking, monetary policy, payments

Like other aspects of the financial sector in sub-Saharan Africa, supervision was a late arrival. In some respects, this is not surprising; banking in this region had been dominated by foreign banks (even at...

IV Development of Monetary Instruments and Financial Markets

IV Development of Monetary Instruments and Financial Markets »

Source: Financial Sector Development in Sub-Saharan African Countries

Series: Occasional Papers

Author(s): Jean-Pierre Briffaut , George Iden , Peter Hayward , Tonny Lybek , Hassanali Mehran , Piero Ugolini , and Stephen Swaray

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1998

ISBN: 9781557757586

Keywords: central bank, foreign exchange, banking, monetary policy, payments

In the early stages of economic development, central banks typically rely on direct instruments of monetary policy, notably credit controls and controls on interest rates. With these instruments, they attemp...

V Exchange Arrangements and Liberalization of the External Sector

V Exchange Arrangements and Liberalization of the External Sector »

Source: Financial Sector Development in Sub-Saharan African Countries

Series: Occasional Papers

Author(s): Jean-Pierre Briffaut , George Iden , Peter Hayward , Tonny Lybek , Hassanali Mehran , Piero Ugolini , and Stephen Swaray

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1998

ISBN: 9781557757586

Keywords: central bank, foreign exchange, banking, monetary policy, payments

As of the end of 1996, sub-Saharan African countries displayed wide diversity in their external systems in terms of their foreign exchange arrangements, market structures, and convertibility status. Although...

VI Legal Infrastructure: Central Bank Autonomy

VI Legal Infrastructure: Central Bank Autonomy »

Source: Financial Sector Development in Sub-Saharan African Countries

Series: Occasional Papers

Author(s): Jean-Pierre Briffaut , George Iden , Peter Hayward , Tonny Lybek , Hassanali Mehran , Piero Ugolini , and Stephen Swaray

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1998

ISBN: 9781557757586

Keywords: central bank, foreign exchange, banking, monetary policy, payments

A key requirement for the development of the financial sector is an institutional environment that is conducive to the effective and efficient formulation and implementation of monetary policy. The regulator...

VII Payments System

VII Payments System »

Source: Financial Sector Development in Sub-Saharan African Countries

Series: Occasional Papers

Author(s): Jean-Pierre Briffaut , George Iden , Peter Hayward , Tonny Lybek , Hassanali Mehran , Piero Ugolini , and Stephen Swaray

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1998

ISBN: 9781557757586

Keywords: central bank, foreign exchange, banking, monetary policy, payments

The payments system is an essential part of the financial infrastructure in a market economy. It ensures that transactions are settled in a timely and reliable manner. While an efficient payments system can...

VIII Central Bank Accounting, Internal Auditing, and Information Technology

VIII Central Bank Accounting, Internal Auditing, and Information Technology »

Source: Financial Sector Development in Sub-Saharan African Countries

Series: Occasional Papers

Author(s): Jean-Pierre Briffaut , George Iden , Peter Hayward , Tonny Lybek , Hassanali Mehran , Piero Ugolini , and Stephen Swaray

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1998

ISBN: 9781557757586

Keywords: central bank, foreign exchange, banking, monetary policy, payments

The accounting system is key to the proper and effective functioning of a central bank. Sound and transparent accounting principles are crucial for providing credible and timely information that allows decis...