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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Money markets in East Africa
Author:Newlyn, W.T.
Year:1966
Periodical:Journal of Modern African Studies
Volume:4
Issue:4
Pages:471-478
Language:English
Geographic term:East Africa
Subject:financial market
External link:https://www.jstor.org/stable/159100
Abstract:The view, that in order to justify the establishment of a central bank it was absolutely necessary to have a securities market and a bill market in which the central bank could perform the traditional text-book open-market operations, enshrined in the Trevor Report on Banking in the Gold Coast (1951) and in the Fisher Report on Nigeria (1952), was challenged by the author of the present article and Prof. D.C. Rowan. The purpose of the present article is to initiate a discussion on the validity of the claim that a developed money market would be essential for the effective functioning of the central banks, especially in the East African situation. The arguments for a specialised money market are considered under five headings: Retention of Funds in the Domestic Economy; Short-term assets for banks; Facilitating the operations of the central bank; Facilitating short borrowing by Government; Efficiency of mobilisation of savings. References.
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