ECONOMIC GROWTH AND FINANCIAL DEVELOPMENT IN SUB-SAHARIAN AFRICAN MUNYAMA K. / COUNTRIES Księgarnia

ECONOMIC GROWTH AND FINANCIAL DEVELOPMET IN SUB-SAHARAN AFRICAN COUNTRIES

The author in his work has dealt with an important, still insufficiently recognized aspect as a scientific problem. The issue of the mechanism and factory of economic growth in less developed countries,. The object of his analysis are four sub-Saharan African countries which includes - Kenya, Mozambique, Uganda and Zambia.

Table of Contents

Abbreviations 7

Introduction 9

Chapter I. An overview of theories of economic growth 17
1.1. The meaning of development theory in the world economy 17
1.2. Thomas Malthus'theory of economic growth 19
1.3. Walt Rostow's theory on economic growth 21
1.4. Joseph Schumpeter's development theory 23
1.5. Gunnar Myrdal's underdevelopment theory 25
1.6. Simon Kuznets' theory of economic growth 28
1.7. The development theory approach of Amartya Kumar Sen 31
1.8. An overview of the mechanism for financial development 36
1.9. A survey of literature on the links between financial development and economic growth 39

Chapter II. The development problem of Sub-Saharan African (SSA) countries 44
2.1. The significance of colonialism in the world economy 44
2.2. Common characteristics ofdeveloping countries and SSA 48
2.2.1. Poverty circle dilemma in developing countries 53
2.2.2. Modified poverty circle 55
2.3. Geographical, historical and economic background of the SSA countries 58
2.3.1. Level of standard ofliving 60
2.3.2. Rates of population growth and extent ofpoverty 61
2.3.3. Level of productivity and dependence on raw materials 63
2.4. Determinants of economic growth in SSA countries 64
2.5. Factors stagnating economic growth in SSA countries 65
2.6. Foreign debt as a barrier to economic and financial development 66
2.6.1. Availability of loans to SSA countries 66
2.6.2. Debt servicing dilemma 70

Chapter III. IMF activities as a determinant of economic growth and financial development in selected SSA countries 73
3.1. IMF's source of funding and financing of programmes 73
3.1.1. IMF source of funding 74
3.1.2. Prevailing conditions for the use of IMF resources 78
3.1.3. The evolution of IMF programmes directed to less developed countries 83
3.2. Poverty Reduction and Growth Facility (PGRF) as a key programme for less developed countries 85
3.3. International Monetary Fund and World Bank Cooperation in SSA 92
3.4. General impact of IMF programmes on growth in selected SSA countries in 1987-2007 97
3.4.1. The case of Kenya 102
3.4.2. The case ofMozambiąue 104
3.4.3. The case of Uganda 106
3.4.4. The case of Zambia 108
3.5. A comparison of economic performance of selected SSA countries in the period 1987-2007 112
3.6. Impact of the global economic crisis on selected SSA countries 116

Chapter IV. Financial deveIopment in selected SSA countries in 1987-2007 120
4.1. The application of methods measuring fmancial development 120
4.2. Findings in measuring financial development in SSA 130
4.2.1. Market structure and the competitiveness of a fmancial system in SSA . 131
4.2.2. Availability of financial products in SSA 134
4.2.3. Degree of financial liberalisation in SSA 138
4.2.4. The financial institutions environment in SSA 142
4.2.5. Financial openness in SSA 145
4.2.6. Monetary policy instruments in SSA 149

Chapter V. Comparative analysis in the financial development of the four selected countries 153

Conclusions 162
References 166
List of tables 181
Listofcharts 183
List of figures 185

183 pages, Paperback

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