摘要:本文研究的是金融部门的发展问题,是一篇留学生金融学论文,金融部门是一套机构、工具、市场机制,同时还包括允许通过信贷扩展交易的法律和监管框架。当金融工具、市场和中介机构相互配合减少了信息,执法和交易成本时,部门就会得到发展。
nals about the success of financial reform and its implication for real activity.
According to Noureen Adnan, financial development can be measured by a number of factors including the depth, size, access, and soundness of financial system. It can also be measured by examining the performance and activities of the financial markets, banks, bond markets and financial institutions.
Gelbard and et al (1999), conclude that bank credit to the private sector is the most appropriate indicator of financial development in their study of financial sector development in sub-Saharan African countries.
But the widely accepted measures of financial development were developed by World Bank includes ratio of financial institutions’ assets to GDP, ratio of liquid liabilities to GDP, ratio of deposits to GDP and Private Sector Credit to GDP.
6.2. Comparative analysis of Ethiopian financial sector development
The major financial institutions working in Ethiopia are banks, insurance companies and micro-finance institutions. According to NBE (2011), the number of banks operating in the country reached 17. In terms of ownership, fourteen were private commercial banks and the remaining three state-owned. As the recent data of NBE indicates, the share of private banks branch network went down to 49 percent at the end of 2010/11 from 60 percent of the previous year due to the aggressive branch expansion by CBE. This clearly shows that Ethiopia’s financial sector is dominated by state-owned banks, mainly the Commercial Bank of Ethiopia (CBE). Currently public banks account for 67% of total deposits and 55% of loans and advances. Due to the expansion of new bank branches, the bank to people ratio reached to 82,474 (NBE, 2011).
Since private banks don’t operate in the rural side of the country due to high transaction costs, taking commercial bank to people ratio is good indicator for financial sector accessibility. This visibly indicates that access of the population to financial services is limited. This actual bank coverage stands at about 120,755 people per commercial bank branch, making Ethiopia one of the most under-banked countries in sub-Saharan Africa (ibid).
According to kiyota (2007), credit issued to the private sector in Ethiopia in 2004 was 19.1 percent of GDP (the 2nd highest in East Africa and the 5th in SSA), and liquid liabilities were 44.6 percent of GDP (the largest in East Africa and the fourth in SSA).This may lead to a wrong conclusion that the financial sector of Ethiopia is very developed compared to other SSA countries. However, on closer inspection, with respect to private credit to GDP, he argued that Ethiopia’s GDP is relatively low, so this does not necessarily mean then that intermediation is stronger in Ethiopia on this dimension.
Note also that Ethiopia’s gross domestic saving rate is the lowest in East Africa. This implies that much of the population does not have ready access to banking services, and it may also be the case that the infrastructure for banking in rural areas is especially poor. It should also be noted that liquid liabilities (i.e., M3) can be increased by worker remittances rather than domestic saving. Hence, the credit issued and liquidity indicators noted may not reflect depth in Ethiopia’s financial system (ibid).
As of June 2011, the private credit to GDP ratio for Ethiopia was
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