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5.6 Banks' Borrowings from Abroad and Real Interest Rate 203 6.6 Banking Sector Pre-Tax Return 213 7.6 Bank Interest Spread 1987-2003 216 8.6 Bank Deposit CMAX Crises - Jan 1985 to Dec 2004 218 Chapter 7 1.7 Foreign Portfolio Flows on the SEM: 1994-2003 (Rsm) 232 2.7 Accumulated Foreign Portfolio Investment on the SEM (Dec 94-03) 233 3.7 Share of Domestic and Foreign Turnover (1994-2003) 234 4.7 Stock Prices Lagged One Trading Session 200 Sessions before 239 Liberalisation 5.7 Stock Prices Lagged One Trading Session (200 Sessions after Libemlisation) 6.7 Coffelogram: 200 Trading Sessions Before Liberalisation [Levels] 241 240 7.7 Correlogram: 200 Trading Sessions before Liberalisation 241 [I" difference] 8.7 Correlogram: 200 Trading Sessions after Liberalisation [levels] 242 9.7 Correlogram: 200 Trading Sessions after Liberalisation 242 [I st difference] xvii
10.7 200 Trading Sessions before and after Liberalisation -(I st Difference)243 11.7 Market Annualized Return at End of Month: Jan. 1990 to Dec. 2003 250 12.7 Security Market Line 253 13.7 Growth in Market Capitalisation Ratio - (Pre/Post Liberalisation) 261 14.7 Comparative Growth in Market Capitalisation Ratio - (Pre/Post Liberalisation) 263 15.7 Growth in Turnover Ratio - (Pre/Post Liberalisation) 265 16.7 Comparative Growth in Turnover Ratio - (Pre/Post Liberalisation) 267 19.7 Stock Price Index Relative to Historical Maximum 269 Chapter 8 (Jan. 1992-Jun. 2004) 1.8 Financial Deepening in Mauritius 274 2.8 Line Graph of Money Equation Variables 278 3.8 The Jarque-Bera test of normality for residuals 284 4.8 Correlograms of growth variables 303 5.8 Line Charts of Growth Equation Variables 308 6.8 Debt-Equity Index of Selected Firms before and after Interest 326 Rate Liberalisation xviii
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 and 12: LIST OF TABLES Tables Page Chapter
Page 13 and 14: Chapter 7 1.7 Stock Market Developm
Page 15 and 16: Change 2.8 Tests of Equality of var
Page 17: LIST OF CHARTS Figures Page Chapter
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
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market50 where "depositors" could g
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2.5 Extensions of the McKinnon and
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financed) Ratio of loans to money s
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The policy implication is then to r
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also by deposits from the tradition
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investment. Since a proportion of t
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output in response to higher intern
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It must be observed that while Chin
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to deposit 30% of the loan at the c
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Chapter 3 3.1 Introduction INSTITUT
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firms (shares and bonds) into liqui
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3.3 Stock Market Development th The
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Cho (1986) argues that a well-funct
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Kumar and Tsetsekos (1998) highligh
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[Singh, 1997, pp. 771-782] Using da
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The question of direction of causal
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The McKinnon and Shaw models and th
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process was initiated in an environ
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An interesting point to note is tha
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so as to weaken the market power of
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(1) Managing the reform rather than
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Equally inherited in many African c
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commitment of funds to risk concent
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Further by classifying assets in fo
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In recent years, with structural de
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improved information and communicat
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of the agency and reduces moral haz
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The unfolding of economic events af
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countries with banking crises since
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of loanable funds. However, this ef
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Buffle points out that increased sa
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micro foundation of Keynesian macro
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loanable funds were in fact allocat
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equilibrium is a credit rationing e
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Development Bank in the early 1980s
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ecause depositors consider that suc
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the recent financial crises in emer
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institutions and those that are not
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In spite of virulent attacks from s
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asymmetry of information does not s
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can guarantee that a depression or
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(a) Refinancing on less favourable
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acquisition of financial assets. Su
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New-Classicals as unwarranted obstr
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After the oil shocks in the 1970's
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to the Latin American economies hel
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(Minsky 1982). Their problems would
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psychology and prevents any bandwag
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would require an implausible surren
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Chapter 5 5.1. An Overview THE MAUR
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Figure 1.5 Financial Sector in Maur
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The above table gives an indication
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Table 3.5 Market Share of MCB & SBM
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depositors who believe in the "too
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The banking concentration issue in
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more than doubled, from 27% pre-lib
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Table 8.5 Share of Assets among Ins
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Table 10.5 Share of Gross long-term
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deposit of Rs8rn with the Financial
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on all weekdays 185 . Tier 2 is the
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member of the International Organis
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(3) Facilitating the ongoing privat
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Using standard deviation as a forma
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5.5 The Offshore Sector (Global Bus
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Financial Intelligence Uniell of su
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the total investment representing U
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managed by Insurance Companies), Co
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I" Stage: The Financial Services Co
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Chapter 6 6.1. Introduction LIBERAL
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The process of financial liberalisa
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with the economic growth strategy o
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As banks competed for offering loan
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The start of open market operations
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date and price. The broad monetary
Page 217 and 218:
Table 5.6 Changes in Real Interest
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3. The real interest rate on saving
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egular issues while promoting long-
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permits/licenses added competitive
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some corporate bodies to borrow dir
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Figure 5.6 6- 4- 2- 0- /// -21 64 B
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allowed to trade foreign currencies
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Capital Base To tighten prudential
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Table 8.6 Changes in Capital Ratio
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Table 11.6 As at June Non-Performin
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Table 13.6 Figure 6.6 Comnonentq nf
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from six monthly audited accounts b
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6.6.2 Reforms and Banking Crisis In
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Table 14.6 Bank Deposit Crisis and
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are adequately capitalized and have
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Table 1.7 Stock Market Development
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Table 2.7 Gross National Savings Ra
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Table 3.7 Comparison with Sub-Sahar
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elow the level reached in developed
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7.2 Stock Market Liberalisation 7.2
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Figure 2.7 Accumulated Foreign Port
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Table 7.7 Stability Test with Break
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7.2.3 Random Walk of Stock Prices I
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Kawakatsu and Morey (1999) and Magh
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Figure 6.7 Figure 7.7 Correlog ram:
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A visual display of the plot of the
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The probability value of the test s
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Table 14.7 Breusch-Godfrey Serial C
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Table 20.7 AutoRegression Output af
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mean and higher variability of retu
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components: The model considers tot
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working out each asset return at th
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PAD HWF NMHL CAUDAN 1990 N. A N. A
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enough evidence to reject the null
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Figure 13.7 50 40 30 20 10 -10 -20
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100 80 60 40 20 0 -20 -40 -60 -10 F
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The F statistic falls well within t
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Figure 16.7 Comparative Growth in T
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Figure 17.7 Stock Price Index Relat
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een more volatile after liberalisat
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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
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Table 7.8 Redundant Variable Test R
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There is a first indication of no s
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Table 10.8 White Heteroskedasticity
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Table 11.8 Money Equation: Pooled S
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summary. SWA-REER SWA 0.019271 0.01
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I Table 13.8 Significant Coefficien
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IA Currency + Demand DEPTH and inte
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Table 14.8 Growth Regression Result
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A different approach is now adopted
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Log(INV), --ý C3+a3., Log(RGDP), +
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Before running the test of no-causa
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PP Test Statistic -1.199070 1% Crit
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D(LOG(PRIVY)) does not Granger Caus
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Table 19.8 Date: 09/22/04 Time: 10:
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Table 20.8 Date: 09/22/04 Time: 10:
Page 337 and 338:
0.1321213189*D(LOG(EXPO(-2») + 0.2
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LOG(RGDP(-l)) LOG(RGDP(-l)) does no
Page 341 and 342:
_D(LOG(INV)) D(LOG(PRIVY)) does not
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Cause D(LOG(RGDP(-l))) D(LOG(RGDP(-
Page 345 and 346:
D(LOG(PRIVY)) D(LOG(INV(-l))) does
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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
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li, t = CLO +CLI 13t 7 ýZU-2 ii. t
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Table 24.8 Regression Results befor
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8.5 Liberalisation and Banking Spre
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Log(SPRF, 4D), = C, +a,., Log(SPREA
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0.01557554697*MKTSHARE(-2) + 0.5556
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0.208648 6.076617 15.41 20.04 At mo
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to credit after liberalisation and
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measurement of the mini banking cri
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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
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Tablel. 2 Appendix 2 Summary of Mac
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5 Interest rate Real deposit rate d
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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
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