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Periodical article | Leiden University catalogue | WorldCat |
Title: | On the sequencing of financial liberalisation in Nigeria |
Authors: | Ikhide, S.I. Alawode, A.A. |
Year: | 2002 |
Periodical: | South African Journal of Economics |
Volume: | 70 |
Issue: | 1 |
Pages: | 95-127 |
Language: | English |
Geographic term: | Nigeria |
Subjects: | liberalism finance financial policy |
External link: | https://onlinelibrary.wiley.com/doi/10.1111/j.1813-6982.2002.tb00040.x/pdf |
Abstract: | Against the background of a deteriorating economic and financial situation in the early 1980s, the authorities in Nigeria initiated an extensive reform of the financial system as part of a broad-based structural adjustment programme (SAP) in 1987. However even after the reforms, the financial system remains repressed as evidenced by the fact that real interest rates have remained mostly negative. Of particular relevance to the Nigerian reform programme is the issue of sequencing, both with regard to the proper timing of financial reforms within the overall adjustment programme and the appropriate sequencing of financial policies within the financial subsector. These issues are now of particular concern due to the fact that the implementation of financial reforms has been accompanied by variable rates of inflation and an increase in the number of problem banks. The analysis suggests that these undesirable phenomena have arisen partly from the improper management of the liberalization process, in particular, the timing and wrong sequencing of the reform policies. App., bibliogr., notes. |