Download (19MB) - Repository@Napier

More documents

Recommendations

Info

12.5 Descriptive Statistics: SEMDEX & SEM-7 (Jan 1999 to Aug 2004) 168 13.5 Average Dividend Yield and Change in Stock Price Index - 1996-2003 169 14.5 Offshore Companies in Mauritius 175 Chapter 6 1.6 Narrow Money Supply as a Percentage of GDP (1971) 181 2.6 Pre-Liberalisation Macroeconomic Indicators 182 3.6 Distribution of Banking Credit to the Private Sector 185 4.6 Credit to the Private Sector as a% of GDP 186 5.6 Changes in Real Interest Rate before and After Liberal isation 193 6.6 Regression Output 203 7.6 Riskiness of Assets 207 8.6 Changes in Capital Ratio (June 1996 2004) - 209 9.6 Proportion of Core and Subsidiary Capital 209 10.6 Core Capital as a proportion of Total Deposits 210 11.6 Non-Performing Loans Ratios (1997 to 2003) 211 12.6 Ratio Provisions for Bad Debts to NPL (1997-2004) 212 13.6 Components of Banks' Income [June 01 to 04] 213 14.6 Bank Deposit Crisis and Characteristics 219 xi
Chapter 7 1.7 Stock Market Development Indicators in Mauritius (1989-2003) 223 2.7 Gross National Savings Rate - December 2002 225 3.7 Comparison with Sub-Saharan Africa (December 2002) 227 4.7 Selected Country Comparison of Stock Market Size With 228 Banking Sector Size (Dec2002) 5.7 Annual Investment Changes, Share Capital, Equity & Debt (Rsm) 229 Some Listed Companies (1990 to 2001) 6.7 Average Dividend Yield and Lending Rate 1990-2001 230 7.7 Stability Test with Break Point in the Liberalisation Year, 1994 235 8.7 Equality Test for Variability 236 9.7 Breusch-Godfrey Serial Correlation LM Test 1 244 10.7 Breusch-Godfrey Serial Correlation LM Test 2 245 11.7 Augmented Dickey-Fuller Test on STOPRIBEF 245 12.7 Breusch-Godfrey Serial Correlation LM Test 3 246 13.7 Augmented Dickey-Fuller Test on D(STOPRIBEF) 246 14.7 Breusch-Godfrey Serial Correlation LM Test 4 247 15.7 Breusch-Godfrey Serial Correlation LM Test 5 247 16.7 Augmented Dickey-Fuller Test on AFTER200 247 17.7 Breusch-Godfrey Serial Correlation LM Test 6 248 xii
Page 1 and 2: Financial Liberalisation in Mauriti
Page 3 and 4: elated to real interest rate. This
Page 5 and 6: DECLARATION I, Jean Karl JOUAN, her
Page 7 and 8: Chapter 3 Institutional Aspects, Em
Page 9 and 10: 6.7 Summary 220 Chapter 7 Stock Mar
Page 11: LIST OF TABLES Tables Page Chapter
Page 15 and 16: Change 2.8 Tests of Equality of var
Page 17 and 18: LIST OF CHARTS Figures Page Chapter
Page 19 and 20: 10.7 200 Trading Sessions before an
Page 21 and 22: GLOSSARY OF ABBREVIATIONS ACF Autoc
Page 23 and 24: NBF1 Non Bank Financial Institution
Page 25 and 26: Chapter I 1.1 The Country INTRODUCT
Page 27 and 28: from amongst the newly independent
Page 29 and 30: cyclone in 1980 and (ii) the world
Page 31 and 32: Because the unemployment level star
Page 33 and 34: 5. What are the changes in financia
Page 35 and 36: had to be limited to a sample of on
Page 37 and 38: assets (money) to productive illiqu
Page 39 and 40: Chapter 8 presents an econometric a
Page 41 and 42: deficit parties. Direct financing t
Page 43 and 44: market. The crux of his argument is
Page 45 and 46: eroded with deflation. They therefo
Page 47 and 48: However, today notes and coins in c
Page 49 and 50: High interest rates were charged be
Page 51 and 52: pushed towards government intervent
Page 53 and 54: ecome more appropriate to adopt fin
Page 55 and 56: " nen a strong impulse to invest is
Page 57 and 58: pre-condition. Intermediaries set u
Page 59 and 60: Figure 1.2 Saving and Investment un
Page 61 and 62: The higher the real deposit rate of
Page 63 and 64:
According to the Shaw analysis, whe
Page 65 and 66:
spread, Brock and Suarez (2000) obs
Page 67 and 68:
productivity of the investment proj
Page 69 and 70:
market50 where "depositors" could g
Page 71 and 72:
2.5 Extensions of the McKinnon and
Page 73 and 74:
financed) Ratio of loans to money s
Page 75 and 76:
The policy implication is then to r
Page 77 and 78:
also by deposits from the tradition
Page 79 and 80:
investment. Since a proportion of t
Page 81 and 82:
output in response to higher intern
Page 83 and 84:
It must be observed that while Chin
Page 85 and 86:
to deposit 30% of the loan at the c
Page 87 and 88:
Chapter 3 3.1 Introduction INSTITUT
Page 89 and 90:
firms (shares and bonds) into liqui
Page 91 and 92:
3.3 Stock Market Development th The
Page 93 and 94:
Cho (1986) argues that a well-funct
Page 95 and 96:
Kumar and Tsetsekos (1998) highligh
Page 97 and 98:
[Singh, 1997, pp. 771-782] Using da
Page 99 and 100:
The question of direction of causal
Page 101 and 102:
The McKinnon and Shaw models and th
Page 103 and 104:
process was initiated in an environ
Page 105 and 106:
An interesting point to note is tha
Page 107 and 108:
so as to weaken the market power of
Page 109 and 110:
(1) Managing the reform rather than
Page 111 and 112:
Equally inherited in many African c
Page 113 and 114:
commitment of funds to risk concent
Page 115 and 116:
Further by classifying assets in fo
Page 117 and 118:
In recent years, with structural de
Page 119 and 120:
improved information and communicat
Page 121 and 122:
of the agency and reduces moral haz
Page 123 and 124:
The unfolding of economic events af
Page 125 and 126:
countries with banking crises since
Page 127 and 128:
of loanable funds. However, this ef
Page 129 and 130:
Buffle points out that increased sa
Page 131 and 132:
micro foundation of Keynesian macro
Page 133 and 134:
loanable funds were in fact allocat
Page 135 and 136:
equilibrium is a credit rationing e
Page 137 and 138:
Development Bank in the early 1980s
Page 139 and 140:
ecause depositors consider that suc
Page 141 and 142:
the recent financial crises in emer
Page 143 and 144:
institutions and those that are not
Page 145 and 146:
In spite of virulent attacks from s
Page 147 and 148:
asymmetry of information does not s
Page 149 and 150:
can guarantee that a depression or
Page 151 and 152:
(a) Refinancing on less favourable
Page 153 and 154:
acquisition of financial assets. Su
Page 155 and 156:
New-Classicals as unwarranted obstr
Page 157 and 158:
After the oil shocks in the 1970's
Page 159 and 160:
to the Latin American economies hel
Page 161 and 162:
(Minsky 1982). Their problems would
Page 163 and 164:
psychology and prevents any bandwag
Page 165 and 166:
would require an implausible surren
Page 167 and 168:
Chapter 5 5.1. An Overview THE MAUR
Page 169 and 170:
Figure 1.5 Financial Sector in Maur
Page 171 and 172:
The above table gives an indication
Page 173 and 174:
Table 3.5 Market Share of MCB & SBM
Page 175 and 176:
depositors who believe in the "too
Page 177 and 178:
The banking concentration issue in
Page 179 and 180:
more than doubled, from 27% pre-lib
Page 181 and 182:
Table 8.5 Share of Assets among Ins
Page 183 and 184:
Table 10.5 Share of Gross long-term
Page 185 and 186:
deposit of Rs8rn with the Financial
Page 187 and 188:
on all weekdays 185 . Tier 2 is the
Page 189 and 190:
member of the International Organis
Page 191 and 192:
(3) Facilitating the ongoing privat
Page 193 and 194:
Using standard deviation as a forma
Page 195 and 196:
5.5 The Offshore Sector (Global Bus
Page 197 and 198:
Financial Intelligence Uniell of su
Page 199 and 200:
the total investment representing U
Page 201 and 202:
managed by Insurance Companies), Co
Page 203 and 204:
I" Stage: The Financial Services Co
Page 205 and 206:
Chapter 6 6.1. Introduction LIBERAL
Page 207 and 208:
The process of financial liberalisa
Page 209 and 210:
with the economic growth strategy o
Page 211 and 212:
As banks competed for offering loan
Page 213 and 214:
The start of open market operations
Page 215 and 216:
date and price. The broad monetary
Page 217 and 218:
Table 5.6 Changes in Real Interest
Page 219 and 220:
3. The real interest rate on saving
Page 221 and 222:
egular issues while promoting long-
Page 223 and 224:
permits/licenses added competitive
Page 225 and 226:
some corporate bodies to borrow dir
Page 227 and 228:
Figure 5.6 6- 4- 2- 0- /// -21 64 B
Page 229 and 230:
allowed to trade foreign currencies
Page 231 and 232:
Capital Base To tighten prudential
Page 233 and 234:
Table 8.6 Changes in Capital Ratio
Page 235 and 236:
Table 11.6 As at June Non-Performin
Page 237 and 238:
Table 13.6 Figure 6.6 Comnonentq nf
Page 239 and 240:
from six monthly audited accounts b
Page 241 and 242:
6.6.2 Reforms and Banking Crisis In
Page 243 and 244:
Table 14.6 Bank Deposit Crisis and
Page 245 and 246:
are adequately capitalized and have
Page 247 and 248:
Table 1.7 Stock Market Development
Page 249 and 250:
Table 2.7 Gross National Savings Ra
Page 251 and 252:
Table 3.7 Comparison with Sub-Sahar
Page 253 and 254:
elow the level reached in developed
Page 255 and 256:
7.2 Stock Market Liberalisation 7.2
Page 257 and 258:
Figure 2.7 Accumulated Foreign Port
Page 259 and 260:
Table 7.7 Stability Test with Break
Page 261 and 262:
7.2.3 Random Walk of Stock Prices I
Page 263 and 264:
Kawakatsu and Morey (1999) and Magh
Page 265 and 266:
Figure 6.7 Figure 7.7 Correlog ram:
Page 267 and 268:
A visual display of the plot of the
Page 269 and 270:
The probability value of the test s
Page 271 and 272:
Table 14.7 Breusch-Godfrey Serial C
Page 273 and 274:
Table 20.7 AutoRegression Output af
Page 275 and 276:
mean and higher variability of retu
Page 277 and 278:
components: The model considers tot
Page 279 and 280:
working out each asset return at th
Page 281 and 282:
PAD HWF NMHL CAUDAN 1990 N. A N. A
Page 283 and 284:
enough evidence to reject the null
Page 285 and 286:
Figure 13.7 50 40 30 20 10 -10 -20
Page 287 and 288:
100 80 60 40 20 0 -20 -40 -60 -10 F
Page 289 and 290:
The F statistic falls well within t
Page 291 and 292:
Figure 16.7 Comparative Growth in T
Page 293 and 294:
Figure 17.7 Stock Price Index Relat
Page 295 and 296:
een more volatile after liberalisat
Page 297 and 298:
1. A shift towards a portfolio comp
Page 299 and 300:
stability is therefore run with 199
Page 301 and 302:
Table 3.8 Tests of Equality of Mean
Page 303 and 304:
this is confirmed by the regression
Page 305 and 306:
Table 5.8 Ramsey RESET Test: Specif
Page 307 and 308:
Table 7.8 Redundant Variable Test R
Page 309 and 310:
There is a first indication of no s
Page 311 and 312:
Table 10.8 White Heteroskedasticity
Page 313 and 314:
Table 11.8 Money Equation: Pooled S
Page 315 and 316:
summary. SWA-REER SWA 0.019271 0.01
Page 317 and 318:
I Table 13.8 Significant Coefficien
Page 319 and 320:
IA Currency + Demand DEPTH and inte
Page 321 and 322:
Table 14.8 Growth Regression Result
Page 323 and 324:
A different approach is now adopted
Page 325 and 326:
Log(INV), --ý C3+a3., Log(RGDP), +
Page 327 and 328:
Before running the test of no-causa
Page 329 and 330:
PP Test Statistic -1.199070 1% Crit
Page 331 and 332:
D(LOG(PRIVY)) does not Granger Caus
Page 333 and 334:
Table 19.8 Date: 09/22/04 Time: 10:
Page 335 and 336:
Table 20.8 Date: 09/22/04 Time: 10:
Page 337 and 338:
0.1321213189*D(LOG(EXPO(-2») + 0.2
Page 339 and 340:
LOG(RGDP(-l)) LOG(RGDP(-l)) does no
Page 341 and 342:
_D(LOG(INV)) D(LOG(PRIVY)) does not
Page 343 and 344:
Cause D(LOG(RGDP(-l))) D(LOG(RGDP(-
Page 345 and 346:
D(LOG(PRIVY)) D(LOG(INV(-l))) does
Page 347 and 348:
D(LOG(EXPO)) D(LOG(EXPO)) D(LOG(INV
Page 349 and 350:
model shows a positive relationship
Page 351 and 352:
Table 22.8 Equality Tests Test for
Page 353 and 354:
li, t = CLO +CLI 13t 7 ýZU-2 ii. t
Page 355 and 356:
Table 24.8 Regression Results befor
Page 357 and 358:
8.5 Liberalisation and Banking Spre
Page 359 and 360:
Log(SPRF, 4D), = C, +a,., Log(SPREA
Page 361 and 362:
0.01557554697*MKTSHARE(-2) + 0.5556
Page 363 and 364:
0.208648 6.076617 15.41 20.04 At mo
Page 365 and 366:
to credit after liberalisation and
Page 367 and 368:
measurement of the mini banking cri
Page 369 and 370:
aiming at dampening any band-wagon
Page 371 and 372:
with such changes banks behaviour c
Page 373 and 374:
promote the development of banks an
Page 375 and 376:
, REFERIENCES 1. Ackert, L. F., Chu
Page 377 and 378:
18. BasantRoi, R. (2001)AddressbyR.
Page 379 and 380:
34. Brash, D. T. (1997): "Dr. Brash
Page 381 and 382:
49. Collier, P., and Mayer, C. (198
Page 383 and 384:
64. Demetriades, P., and Liuntel, K
Page 385 and 386:
82. Felix, D (200 1) "y Internation
Page 387 and 388:
100. Goldsmith, R. W. (1969) Financ
Page 389 and 390:
120'. IMF (1999) (a) A Report on th
Page 391 and 392:
140. Keynes, J. M. The Collected Wr
Page 393 and 394:
160. Levhari, D and Patinkin, D (19
Page 395 and 396:
179. Mc Kinnon, R. (1973) Money and
Page 397 and 398:
196. Patel, S and Sarkar A (1998) "
Page 399 and 400:
211. Sharpe, W. (1964) " Capital As
Page 401 and 402:
23 1. Subrahmanyam, A. (1994) "Circ
Page 403 and 404:
250. Veblen, T. (1899), 'Indusrial
Page 405 and 406:
APPENDICES xxxii
Page 407 and 408:
Tablel. 2 Appendix 2 Summary of Mac
Page 409 and 410:
5 Interest rate Real deposit rate d
Page 411 and 412:
Development developed financial int
Page 413 and 414:
peg was also present in the Latin A
Page 415 and 416:
Appendix 5 Short History of Banking
Page 417 and 418:
as a marketing instrument in the pr
Page 419 and 420:
Appendix 7 Chronology of Liberalisa
Page 421 and 422:
components: - Appendix 9 Basel Prov
Page 423:
to ensure that 20% of their substan
show all

Download (19MB) - Repository@Napier

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?