By John Williamson
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Additional info for A Survey of Financial Liberalization (Essays in International Economics)
Thirty-five percent of the loans of two state-owned commercial banks nonperforming in 1993. Bonds totaling close to 5% of GDP issued to recapitalize these banks in the 1990s. NPLs declined to about 20% of total loans by 1997. Somewhat improved. Greater emphasis placed on indirect instruments and open-market operations since 1992. Insufficient scope to conduct open-market operations in the early 1990s. Some control regained by the mid-1990s. , Experiences with Financial Liberalization (1997); Inter-American Development Bank, Economic and Social Progress in Latin America (1996); Lindgren, Garcia, and Saal, Bank Soundness and Macroeconomic Policy (1996); World Bank, The East Asian Miracle (1993); Zahid, Financial Sector Development in Asia (1995); and as follows.
Spread between lending and deposit rates fell to 7% in 1993 (down from 34% in 1987). Interest rates on foreigncurrency borrowing now within 1% of international rates. Positive real interest rates after 1993. Crisis, 1983-84. Crisis brought on by difficulties in stock market. Banks largely undercapitalized prior to crisis. Government nationalized major banks in 1983. Improved. Monetary policy now conducted through marketbased instruments. Morocco M2/GDP increased rapidly after 1991, from 51% in 1991 to 65% in 1995 South Africa M2/GDP grew only slightly over the deregulation period from 1980 to 1989, from 50% to 53%.
Econometric testing suggested a positive effect of financial liberalization on the quality of investment and a negative and weak effect on the quantity of investl ment. M2/GDP grew slightly from 1977 to 1981, from 14% to 19%. The ratio fell in the 1980s and fluctuated below 15% until 1994. The ratio reached 19% in 1996. M2/GDP increased from 13% in 1987 to 40% by 1993. The Bank credit to the private sector rose more rapidly than private-sector deposits, leading to declining privatesector savings rates m in the late 1970s.
A Survey of Financial Liberalization (Essays in International Economics) by John Williamson