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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Foreign Capital Inflow, Domestic Credit and Private Investment in Swaziland
Author:Elhiraika, Adam B.
Year:2001
Periodical:Eastern Africa Social Science Research Review (ISSN 1027-1775)
Volume:17
Issue:2
Period:June
Pages:69-90
Language:English
Notes:biblio. refs., ills.
Geographic terms:Swaziland - Eswatini
Southern Africa
Subjects:investments
Economics and Trade
Development and Technology
international relations
Economics, Commerce
Private investment
Foreign capital
Credit policy
interest rates
investment policy
employment
Abstract:Historically, private investment in Swaziland relied heavily on foreign resources, which have been rapidly declining in the 1990s. This paper examines the role of the domestic credit and interest rate policy in promoting desired and sustainable investment rates in the country. The analysis takes stock of investment constraints, especially the limited room for independent monetary policy, due to Swaziland's membership of the Common Monetary Agreement (CMA). The paper finds that the flow of domestic bank credit to the private sector has a positive and significant effect on private investment. After highlighting the potential and constraints of the domestic financial system, the paper emphasizes the need for policies to enhance the availability of investment loans as well as non-credit support to domestic enterprises. Bibliogr., notes, ref., sum.
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