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Measuring Financial Development in Sub-Saharan Africa
Author:
Mr. Enrique A Gelbard
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Mr. Sérgio Pereira. Leite
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Series:
IMF Working Papers
Volume/Issue:
Volume 1999: Issue 105
Language:
English
Publication Date:
01 Aug 1999
DOI:
https://doi.org/10.5089/9781451852806.001
ISBN:
9781451852806
ISSN:
1018-5941
Pages:
28
Keywords:
WP; financial system; index; market structure index; monetary policy; financial development; measurement; Africa; market structure; financial products Index; liberalization index; instruments Index; liberalization Index; Financial sector development; Monetary policy instruments; Commercial banks; Bank credit; Credit; Sub-Saharan Africa
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund