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31	Financial liberalisation and economic growth in ECOWAS countries Owusu, Erasmus Larbi 05 1900 (has links) The thesis examines the comprehensive relationship between all aspects of financial liberalisation and economic growth in three countries from the Economic Community of West African States (ECOWAS). Employing ARDL bounds test approach and real GDP per capita as growth indicator; the thesis finds support in favour of the McKinnon-Shaw hypothesis but also finds that the increases in the subsequent savings and investments have not been transmitted into economic growth in two of the studied countries. Moreover, the thesis also finds that stock market developments have negligible or negative impact on economic growth in two of the selected countries. The thesis concludes that in most cases, it is not financial liberalisation polices that affect economic growth in the selected ECOWAS countries, but rather increase in the productivity of labour, increase in the credit to the private sector, increase in foreign direct investments, increase in the capital stock and increase in government expenditure contrary to expectations. Interestingly, the thesis also finds that export has only negative effect on economic growth in all the selected ECOWAS countries. The thesis therefore, recommends that long-term export diversification programmes be implemented in the ECOWAS regions whilst further investigation is carried on the issue. / Economics / D. Litt et Phil. (Economics) Economic growth Financial liberalisation Stock market developments Interest rates liberalisation Capital accounts liberalisation ARDL-Bounds testing approach ECOWAS Ghana Nigeria Ivory Coast Co-integration 332.0966 Finance -- Developing countries Monetary policy -- Developing countries Financial crises -- Developing countries Developing countries -- Economic policy Africa, West -- Economic conditions
32	The effects of financial liberalisation in emerging market economies Chauhan, Shobha 01 1900 (has links) The aim of this research is to show the effects of financial liberalisation on emerging market economies, how these economies removed restrictions on financial institutions so that they can be globally integrated, and to show the flow of international finance in and out of a country. This research also illustrates how the financial system in these economies moved from being government-led to being market-led. The main finding of this research is that many countries failed to reap the benefits of liberalisation because of weaknesses in the regulatory structure, undercapitalised banks, volatile markets and contagion effects. The research concludes that the long-term gains of liberalisation certainly supersede short-term instability of liberalisation. Thus, for financial liberalisation to have predominantly positive effects, attention should be drawn to the importance of a more prudent regulatory and supervisory environment. Furthermore, financial liberalisation must be accompanied by a sound institutional infrastructure, proper conduct of monetary and fiscal policies, a reduction in corruption, and an increase in transparency. In addition, liberalisation should be a gradual process whereby the right measures are taken in the right sequence. / Economics / M. Comm. (Economics) Asian financial crisis Basel Committee on Banking Supervision Basel I Basel II Basel III Capital account liberalisation Central bank Deregulation Monetary policy Emerging market South Africa Exchange rate volatility Financial crisis Financial fragility Financial liberalisation Financial regulation Inflation targeting Prudential supervision Sequencing Subprime mortgage crisis Washington Consensus 332 Finance -- Developing countries Monetary policy -- Developing countries Financial crises -- Developing countries Developing countries -- Economic policy
33	The effects of financial liberalisation in emerging market economies Chauhan, Shobha 01 1900 (has links) The aim of this research is to show the effects of financial liberalisation on emerging market economies, how these economies removed restrictions on financial institutions so that they can be globally integrated, and to show the flow of international finance in and out of a country. This research also illustrates how the financial system in these economies moved from being government-led to being market-led. The main finding of this research is that many countries failed to reap the benefits of liberalisation because of weaknesses in the regulatory structure, undercapitalised banks, volatile markets and contagion effects. The research concludes that the long-term gains of liberalisation certainly supersede short-term instability of liberalisation. Thus, for financial liberalisation to have predominantly positive effects, attention should be drawn to the importance of a more prudent regulatory and supervisory environment. Furthermore, financial liberalisation must be accompanied by a sound institutional infrastructure, proper conduct of monetary and fiscal policies, a reduction in corruption, and an increase in transparency. In addition, liberalisation should be a gradual process whereby the right measures are taken in the right sequence. / Economics / M. Com. (Economics) Asian financial crisis Basel Committee on Banking Supervision Basel I Basel II Basel III Capital account liberalisation Central bank Deregulation Monetary policy Emerging market South Africa Exchange rate volatility Financial crisis Financial fragility Financial liberalisation Financial regulation Inflation targeting Prudential supervision Sequencing Subprime mortgage crisis Washington Consensus 332.091724 Finance -- Developing countries Monetary policy -- Developing countries Financial crises -- Developing countries Developing countries -- Economic policy

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