By John Williamson
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Additional resources for A Survey of Financial Liberalization (Essays in International Economics)
India Cash reserve requirement (CRR) raised rapidly after 1973. 5% by 1991. The Reserve Bank extended discretionary credit to priority sectors and set credit ceilings for banks in the 1970s and 1980s. Complex system of regulated interest rates simplified in 1992. Interest-rate controls on CDs and commercial paper eliminated in 1993. Minimum-lending rate on credit over Rs 200,000 eliminated in late 1994. Interest rates on term deposits of over two years liber- Entry restrictions eased in 1993. Ten new banks established in 1994-95, including three foreign banks.
Column 5 records instances in which there is evidence that liberalization had an impact on saving or consumption. Experience seems to be distinctly mixed: although liberalization permitted a consumption boom and reduced saving in several countries, econometric evidence suggests that saving was increased in Egypt. The sixth column records impacts on interest rates. Again, the evidence appears to be of surprisingly disparate impacts, with rates sometimes rising after the elimination of binding ceilings, sometimes being forced down by increased pressure on margins, and sometimes reversing over time, and not always in the same direction.
Banks largely undercapitalized prior to crisis. Government nationalized major banks in 1983. Improved. Monetary policy now conducted through marketbased instruments. Morocco M2/GDP increased rapidly after 1991, from 51% in 1991 to 65% in 1995 South Africa M2/GDP grew only slightly over the deregulation period from 1980 to 1989, from 50% to 53%. Interest rates highly negative in the two years prior to deregulation. Real deposit rates slightly negative or positive until 1985. Positive real deposit rates in the Official moratorium on external capital repayments in response to large shortterm foreign liabilities of banks in 1985.
A Survey of Financial Liberalization (Essays in International Economics) by John Williamson