Overview

The text provides a multifaceted approach to understanding the origin, nature and resolution of the banking crisis in Nigeria. Unlike studies that focus only on technical criteria, the contributors examine theoretical, empirical, institutional, political economy and policy dimensions. Moreover, unlike case studies that focus on a single country, the volume compares liberalization in Nigeria to other regions demonstrating links to the financial crisis in Asia, Latin America and elsewhere. They emphasize the importance of understanding financial liberalization in its broader embedded context and the need to tailor financial reform to the conditions and capacities of specific developing and transitional countries including Nigeria.

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9780333721421

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Reviews

'Stein, Ajakaiye, and Lewis...convincingly demonstrate the weakness of the McKinnon-Shaw financial repression hypothesis...[They] reveal that the insistence by the International Monetary Fund and World Bank on orthodox financial liberalization has contributed to reductions in real financial savings, real lending to the private sector, and investment in Nigeria and other African countries...The policy implications of this thorough study are an emphasis on building financial institutions and regulating and supervising banks, and a rejection of financial price deregulation and an America-style arms-length system of banking in developing countries.' - Professor E. Wayne Nafziger, Department of Economics, Kansas State University '...provides a welcome and timely addition to the literature on financial liberalization...The book concentrates on the dangers of deregulation in Nigeria with clear implications to the rest of Africa. In doing so it also draws on the experience of other countries such as Venezuela, Russia and Korea...[A]n extremely original work with important contributions to theoretical, institutional and policy issues related to the question of financial liberalization and its alternatives in developing countries.' - Philip Arestis, Professor of Economics, South Bank University, London

'Stein, Ajakaiye, and Lewis...convincingly demonstrate the weakness of the McKinnon-Shaw financial repression hypothesis...[They] reveal that the insistence by the International Monetary Fund and World Bank on orthodox financial liberalization has contributed to reductions in real financial savings, real lending to the private sector, and investment in Nigeria and other African countries...The policy implications of this thorough study are an emphasis on building financial institutions and regulating and supervising banks, and a rejection of financial price deregulation and an America-style arms-length system of banking in developing countries.' - Professor E. Wayne Nafziger, Department of Economics, Kansas State University '...provides a welcome and timely addition to the literature on financial liberalization...The book concentrates on the dangers of deregulation in Nigeria with clear implications to the rest of Africa. In doing so it also draws on the experience of other countries such as Venezuela, Russia and Korea...[A]n extremely original work with important contributions to theoretical, institutional and policy issues related to the question of financial liberalization and its alternatives in developing countries.' - Philip Arestis, Professor of Economics, South Bank University, London

'Stein, Ajakaiye, and Lewis...convincingly demonstrate the weakness of the McKinnon-Shaw financial repression hypothesis...[They] reveal that the insistence by the International Monetary Fund and World Bank on orthodox financial liberalization has contributed to reductions in real financial savings, real lending to the private sector, and investment in Nigeria and other African countries...The policy implications of this thorough study are an emphasis on building financial institutions and regulating and supervising banks, and a rejection of financial price deregulation and an America-style arms-length system of banking in developing countries.' - Professor E. Wayne Nafziger, Department of Economics, Kansas State University '...provides a welcome and timely addition to the literature on financial liberalization...The book concentrates on the dangers of deregulation in Nigeria with clear implications to the rest of Africa. In doing so it also draws on the experience of other countries such as Venezuela, Russia and Korea...[A]n extremely original work with important contributions to theoretical, institutional and policy issues related to the question of financial liberalization and its alternatives in developing countries.' - Philip Arestis, Professor of Economics, South Bank University, London

Author Information

HOWARD STEIN is Professor of Economics at Roosevelt University in Chicago. His latest edited volume is Asian Industrialization and Africa: Studies in Policy Alternatives to Structural Development. - OOLU AJAKAIYE is a Professor of Economics and currently the Director-General of NISER, the foremost social science research institute in Nigeria. He is well published in the area of economic development policy issues and analysis. - PETER LEWIS is an Associate Professor at the School of International Service at American University in Washington. His latest publications include an edited volume Africa: Dilemmas of Development and Change and a co-authored book Politics and Society in Contemporary Africa.

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