The purpose of this thesis is to examine the role of financial intermediaries in Saudi Arabia’s development with particular reference to the experience of the National Commercial Bank, the oldest bank in the Kingdom and the largest in the Middle East. The objective of the work was to reveal to what extent financial intermediation was involved in the development process of Saudi Arabia? Were commercial banks a prerequisite for development or was their growth a consequence of it? Was the development financed through Saudi Arabian financial intermediaries or was it funded from elsewhere, namely, revenues from crude oil disbursed through government spending? As a result, was the financial system permitted to deepen its financing or merely widen its activities? Was the Saudi Arabian government's role in development so great that commercial banks experienced crowding out? These issues were explored by examining the overall position of the commercial banks, and the National Commercial Bank in particular. The case study of the National Commercial Bank's financial statements and financial ratios over a period of two decades revealed its unfolding role within the economy. An investigation was made of the competitive position of the National Commercial Bank vis-a-vis other banks, and the fluctuations in its market share of deposits and loans was assessed. Finally, interviews and surveys revealed the bank's new managerial strategies and its plans for future business development to serve the needs of its clients. It was found that the liberalisation of the Saudi Arabian financial system had contributed to the Kingdom's economic development, and resulted in changes in institutions such as the National Commercial Bank which meant they could play an increasing role in the funding of industrialisation.

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The thesis examines competition and efficiency in the liberalised electricity industry of England and Wales after 1990. Literature review and economic analysis is undertaken for four activities: generation and trading arrangements; transmission pricing; comparative efficiency in distribution; and competition and access in supply. In trading arrangements and distribution, the analysis is supplemented by empirical work using both event study models and non-parametric efficiency analysis. Broad conclusions are that there is some evidence of generators behaving strategically in the pool, and productivity is variable among the distribution companies, with the increase attributable to the industry as a whole.

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This research examines the role played by Open Access entry as a strategy for promoting competition in UK rail freight markets. The theoretical basis for such an investigation is that associated with contestable markets in Economics and more specifically in the promotion of competition in related markets. The overall aims of the research are to first understand the contestability of the UK rail freight market against the background of its underlying market conditions. Secondly, the research compares the experience of Open Access rail freight operators in an international context in order to confirm or reject the explanatory relevance of key variables, as postulated by economists. The research aims have been satisfied in each case through the attainment of a number of specific objectives. These objectives include gaining a wider understanding of the theory of contestable markets, identifying and evaluating a range of barriers to entry faced by Open Access operators (and the strategies they have employed to overcome them), and an appreciation of the factors and processes that determine Open Access activity. The qualitative line of enquiry adopted by the research has produced a review of relevant literature sources and a series of preliminary interviews with industry experts. The former facilitated an in - depth understanding of the characteristics of UK rail freight markets and of the theory of contestability, with a priori reasoning being employed to highlight key issues and controversies. The interviews with key industry experts formed the basis for a subsequent questionnaire survey of members of the Rail Freight Group and other rail industry members. Although most respondents believed that a significant number of barriers to entry existed (with EW&S' first choice over traction being regarded as the most important both in terms of citations and barrier height), 68% of those surveyed thought that there would be some Open Access entry in the first eighteen months after the privatisation of British Rail's trainload freight 1 operations. Sub - contracting of rail haulage was regarded as the most likely modus operandi for new market entrants. This survey was followed up by case studies of the first two instances of Open Access entry (National Power and BNFL), which had both shown considerable interest in the issues raised by the earlier industry survey. These case studies resulted in the identification of a range of similarities and contrasts in barriers encountered and entry strategies, and provided valuable information about the rail freight operations of the two companies. Further analysis has compared entry in an international context and identified strategies that could complement existing practice in the UK. For this purpose, an analytical framework based on a number of themes of Open Access is adopted. Perceptions of regulatory effectiveness in promoting contestable outcomes are also established through a series of in - depth interviews with key industry players. The research project has generated a number of successful outcomes relating to its aims. Markets are not contestable and contestability should not be regarded as an appropriate framework for analysing industry behaviour. This outcome is the result of an awareness of those factors representing barriers to entry and of those structural complexities accounting for a lack of Open Access entry. An understanding of the relative significance of entry barriers and of strategies adopted by operators has also been achieved, along with awareness of those factors and strategies regarded by them as important. The extent to which certain Open Access variables retain their explanatory power in a global context and the scope for utilising entry strategies used elsewhere (such as short - lines) has also been established, along with an awareness of the opinions of key industry players as to the effectiveness of regulatory intervention in the promotion of greater contestability. 11 Overall, this research project has provided valuable insight into the likelihood of Open Access competition in rail freight markets. In addition, it has led to a recognition of the considerable opportunities that now exist for further work on Open Access entry in rail freight markets, both domestically and internationally.

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Following trade liberalisation, shipping has been further affected by the world economic environment. Despite arguments as to whether the nature of the shipping industry is a liberalised one or not, it is now clearly seen as the case by the shipping industry itself. The primary goal of this thesis is to examine the attitudes within Korean shipping circles. An empirical study was carried out to evaluate how shipping is being influenced by liberalisation under the new rules, established by the World Trade Organisation and the Organisation for Economic Co-operation and Development. The null hypothesis was that there would be no substantial changes in Korean Shipping following liberalisation. The null hypothesis was rejected, which means that it was recognised by Korean shipping practitioners that there were significant changes after liberalisation. A further study was undertaken to test for relationships between the perspectives of four groups~ financial managers of shipping companies, bankers, government policy makers and sales managers from shipbuilding companies. It transpired that there was unity in their perceptions of shipping investment. A hypothesised seven-factor strategic model of the shipping industry was initially proposed and re-interpreted following the empirical results. To cope with the new competitive market, strategic options are likely to include tax and registry considerations. Finally, following the financial crisis in Korea last year, which occurred before this research was completed, interviews and a survey were conducted, based on a random selection of previous respondents. This was to establish whether their views had changed. The results revealed that they were now very hesitant to make any new investment decisions given the present situation. However, respondents are sure that there will be no further measures to impede the current liberalisation moves in Korea. Rather they regard this financial crisis as a mechanism to accelerate liberalisation, following the International Monetary Fund's options to dismantle the Korean protectionist barriers.