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Interest Rate Liberalisation and the Allocative Efficiency of Credit: Some Evidence from Small and Medium Scale Industry in Kenya

In: Constraints on the Success of Structural Adjustment Programmes in Africa

Author

Listed:
  • Peninah Kariuki

Abstract

The maintenance of positive real interest rates is one of the main conditions attached to programmes with the International Monetary Fund (IMF) and the World Bank (Killick, 1984: 191; Kitchen, 1986: 87). Yet, although some countries in Africa have undertaken some interest rate and financial sector reforms, there ‘... has not been extensive research on these matters in a Sub-Saharan African context’ (Helleiner, 1990: 42). In view of the doubts arising about the benefits of financial liberalisation, which have been expressed even by the World Bank itself (World Bank, 1989: 27), there is a strong case for empirical evidence from Sub-Saharan Africa.

Suggested Citation

  • Peninah Kariuki, 1996. "Interest Rate Liberalisation and the Allocative Efficiency of Credit: Some Evidence from Small and Medium Scale Industry in Kenya," Palgrave Macmillan Books, in: Charles Harvey (ed.), Constraints on the Success of Structural Adjustment Programmes in Africa, chapter 2, pages 7-28, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-24373-0_2
    DOI: 10.1007/978-1-349-24373-0_2
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