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A W O RL D B A N K C O U NT RY STU D Y
Madagascar
Financial Policies
forDiversified GrowthThe World Banm
Washinglon, D.C
Copyright © 1993
The Initernational Bankk for Reconstruction
and Development/THE woRLD BANK1818 H Street, N.W.
Washington, D.C. 20433, U.S.A.
All rights reserved
Manufactured in the United States of America
First printing July 1993
World Bank Country Studie are among the many reports originally prepared for internal use as part of the continuing analysis by the Bank of the economic and related conditions of its developing member countries and of its dialogues with the governments. Some of the reports are published in this series with the least possible delay for the use of governments and the academic, business and financial, and development communities. The typescript of this paper therefore has not been prepared in ac-cordanice with the procedures appropriate to fornal printed texts, and the World Bank accepts no responsib3ility for errors. The World Bank does not guarantee the accuracy of the data included in this publicatio and accepts no responsibility whatsoever for any conLsequence of thei use. Any maps that accompany the text have been prepared soley for: the convenience of readers; the designationis and presentation of material in them do not imnply the expression of any opinion whatsoeve on the part of the World Bank, its affiliates, or its Board or member countries concerning the legal statusof any country, territory, city, or-area or of the authorities thereof or concerning the delimitation
of its boundaries or its national affiliation.. The materia in this pDublication is copyrighted. Requests for permisson to reproduce portions of it should be sent to the Office of the Publisher at the address shown in the copyright notice above. The World Ban-k encourages dissemination of its work and wfl normaily give permission promptly and, wheni the reproduction is for ncomrilpurposes, without asking a fee. Permission to copy portions for classroom use is granted through the Copyright Clearance Center, 27 iCongress Street, Salemi, Massachusetts 01970, U.S.A The complete backlist of publications fr-om t.he World Banik is shown in the annual Index of Publication, which contains an alphabetical title list (with full ordering infomation) and indexesof suibjects, authors, and coumntres and regmmIosThe latest edition is available firee of charge fr-om
the Distribution Urnit, Office of the Publisher, The World Bank, 1818 H Street, N W, Wasbington, D.C 20433, U SA., or from Publications, The World Bank, 66, avenue d'Ina, 75116 Paris, France.ISSN: 0253-212
Library of Congress Cataloging-in-Publication Data Madagascar : financial policies for diversified growth / [issued by] the World Bank. p. cm. -(World Bank country study, ISSN 0253-2123)ISBN 0-8213-2473-X
-1. Finance--Madagascar. 2. Monetary poUlicy-M.adagascar. L Internatonal Bank for Reconstructton. IL Series.H0187.5.&M28 1993
336.691--dc2O 93-8403
OIP liil This stdy is the product of clos ll betorn the World Bank and the Govrent of Madrsca to fonrmu a stat for Uie dvdopmmt ofthe countr's finacial sector. The anais in hs sdy is based on two misio to Madasc led by Govan Nair (tas manage) and comprsing: L Karngl ad P. Pbpid (AFTEP), Band Bdkmhol LO), and Bernard Count (consutm) in Jaumy/Pebruy 1991; a wel a A. Op de Beme (M). P. Berglund and L. Lindro (consultas) in May 1991. e coupietd study w dicussed with th Governm e in anry 1992. The support of .Govamine of MadaCar is grtifullY ackwledged. Te Buk misin exrs their tak speciay to the any staff mmbers of4h Centra Bnk of Madagasa ad the Trasuy wbo colaoated in ths study.
Notwisanding te collaboratie nature of this study, db uions are utimately the responsbility of te Bak team In aIion to Govdn Nir, pdui4l atowr of the study, and the members of boh missions. the owing indivia is Bank pved subtntial advice, comments ad iqput:Mdual Sa, Philipp Ls Houero Geard Capio, ad Legardo BariaraL The concusion ae also eresu of cose lab of the DIF. Ms. JuditeFemandes pwvided secar and p
The sudy hs not bem updd sine is compleio in October 1991. Hower, in recogntion of the useuns of the stuyo aoingthinkWin on fiona l secr refims in Madagcar, the Governmt bas requese its puiatdi in its presS fowm wih a view to its wider disemination. nrCURClW BOALE
Cmu.y Unit -Malag fy .fc (PF1G)
US$*1 1800 UG (ad 1991)
Mabic Itratiml Sbtad Syata
I (me) 3.3 fet
1 ect, (ha) = 2.47 acres
1 klobmer (k) 0.62 male
I qkliomen = 0.39 sq mile (uq mi)
I kilopm (kg) 2.2poud (lb)
lilor (1) = 0.26 US pl (gl)I eic t (m tn) = 2, 204 lb
UrOF BRKflAU
AON Appal d'Offns Ndgptives
AOP Appal d'Offra Positive.
APB Asaciaion Pmfouomell des B
BA = Bank Accptnces
BCEAGO BUique Catrle ds flas do rAfuique de ICO*mutBCRM Baque Cahule de Madagsa
B Z Baty UP=ado y Vart
DMO1 = Baquis Malgache de 1'Oc&n idim
EMM Bmkmgn'y hndosria
BTA Ban du Tro par Adjudication
BTC Ban du Trsor C _
BTM B"yTnn pakt
CCBEF = do ContrOl. des BEques at dtabhlihments FinaCCP -bt Co des aidques Postaux
CD = Cificates of depost
CEM = Caise d'Epa de Madagascar
MNAPS = Caie Natinale do Pdvoyanco Social.
CM = Carer, Price KIne
ECGS Export Credit Guate Scheme
EPZ Expot Procsig Zoe
FLARO F Pmoici ARO
IFG F-m Ma%w
NGO N<&gvzm qnmi
rAPTA rential Tnin A_mmt m S Pos and TimseveSA Sod&Aaci p
SARL SodakRqsbfiLmM
SELI -Sys& d%qmb&m U169W
SME S ad M
Janay 1 to December 31
VGLOSSARY OP FINANCIAL TERM
Aeynge Cost or Funds: A weighted average of the interest cost of a bank's deposits and own fumds, based on the composidon of its deposits at a point in time. IWtal Market The market in which long-term financial instuments, such as equities and bonds, are issued and traded. Clearin In the context of the payments system, refers to the transfer and recording of payment instructions made by a payor to a financial institution. Clearing can be done on a gross basis i.e. transaction by transaction or, if channelled.trough a specialized cleaing organization such as aclearinghouse, on a net basis where total receipts of one institution are offset against payments to be made
by that instiutin. Cmnmffm Falls: Mort-term debt insames that are used mainly to finance trade. Examples arepromissory notes, by which debtors commit themse[ves to pay to creditors or to their order a stated sum
* a specified date, and bills of exchange, which are drawn up by creditors and accepted by debtors. Commercial bills that are also accpted by banks are known as bank accepances. Promissory notes issued by large corporations to meet their general financial needs are known as commercial paper. Conlractual &Jo titom Occupational pension funds, natona provident funds, life insuranceplans, and similar insttutions that collect fiancial savings on the basis of long-term financial contracts.
DRirect imuments n connection with monetary policy, refrs to actions affecting monetary conditionswhich direcely force bans into portfolio positions they would not voluntarily accept such as aggregate
and indiidal bank credit ceilings, interest rate cotrols and directed credit policies. Dhmunt: A reduction from the face value of a financial contract. Disintermediado: Usualy it refers to the removal of funds from interest-bearing time acounts insavings institutions and commercial banks for the purpose of reinvesting the funds at higher rates in
market instume. In other cases, ordinary sight and saving deposits are removed to increase the demand for durable (e.g., land, gold) or consumption goods, or to be lent direcdy by surplus agents (nouseholds) to enteises, bypassing fmancial intermediaries.Equits Finanoe: The provision of finance in a form that entitles its owner to share in the profits and net
worth of the erise. EMdLinlh DThe extent to which savings an economy is channelled through the financial system. Usually measured as the ratio of broad money (MU) to GDP. Da resstr: Usually refers to the sharp deterioration of a group of fiacl indicators resuling in changes in the behavior of the agent before its restrucuring or bankruptcy.; When such distressreaches crisis proportions and is widespread, it usually leads to a rush out of real or financial assets into
csh. FVinancal inhtatm lhe framework of laws, regulations and wounting pracdtes goveming financi transactions and the logics and practices of the payments system. vi Pinnuddatw The suc of em in economy which facilitates the conduct and growth of real economic transaction though the ou of mony for paymet, saving and investmet his structure of Ie n iclude money and egulatoy policies, inrastructure, institutions, instuments and markets which arwe la to enabe dte tranifer of finacial resources with minimal possible dsk and cost from payes to recipi of fds and fom sves to borrowers. E4ninal E:w. The inins, inments nd markets in the fimcia sector. The portion of totl walith held in the form of financialsse. Fisal eidt: Defined on a cash basi as the diffierewe between total Govenment cash oulays, indudig interest outlays but excluding amortzion paymat on the outing stock of public debt, and tota casih recpts, inluding tax san nonta revenue nd gas but excuding bornowg proceeds. Girobat An institution for handlng ffinanial payments ad asfers. It receives payments from individual payers which e averl payment obligation (eg. utility and tax bms) or frm a fim or public entity makng payroll transfers. The girobak the- aI these payments byindividual payes who receive a lump s-u settlement from the girobank for obligafions due from a group
of a group of cients (eg. the utility,company). Hg*ftng: Te acuision of a finacia contract designed to pro the purchser or the seler agaist a future change in the price of a commodiy or secuity in which te purchaer or the seller has am interest. J[ndexdon: A mechanismfr periodicaly adjusting tie nominal value of conacu in line with moements in a specified price index. IndireLat lrstnmens:In connectio with monetary policy, refrs to policy actions affectng monetary conditons such as interest rates ad -nlceels throug us of market forces and financfil markets. Luidd liabifltes: Money plus hi_bly liquid money s ust, mca a saving deposits. LI;iditMnm n In coection with mnetar policy, refers to actions taken by a centr bank to ensure that the banking system can flexibly prvide in the short-rnm fr the cash and payment needs of society. Monebr= poli: Refesm to acto take by central bas to Set monetary and other financia condidons in puut of the brader objectives of susaina grwth of red output, high employment and price stability. D u d fom fiscal poliy whih affects these brader objectives through Govemment expndiur and taxes (s. dfree hInms ad ndit). MK2: Currency and other liquid asst. Narow definitin such a MI refer to money used as a medium of ehage. Broader definiton such u DO or M3 add tD MI money used as a store of value. MoniM marker: Markets i which flaciaU with a tem oaone year or less are issued amd h-aded. These insmmmm usually inchude eterpris bl commercial pae, bakers,Treasuy bils, ad negale cate, of depost.
A loan on which contual oblan (for example, Interest or amrtization payet) are ot beiq .- vii Qn market tm dos: A tool of monetary policy trough which a cetal bank can affect resrve money through purchas or sale of sewrities. PllgNts system: The systm of logsdcs and practices invofved in settling economic obligations and transferring resourc tigh financial payments. Cleaing and setement are the two major steps in the payments process. The inutiona elements of this process include, for example, the system of checks, cl e ,girbm and automatic deposit and payment orders executed by fimancial instiion including the postal system. (see cleaing grbank, and setanit) wrodendal RcgWadm: Refers to the set of laws, rles and regulatons which are designed to miniize the risks banks assume ad to ense the safety and soundness of both individual institutions and the system as a whole. Examples include lending limits, mmum capital adequacy guidelines, liquidity ratios, -etc.Ou :si-riscal Activides: Refes to activites undertaken by the central bank that are outside the strict
ambit of monetary policy and which are nomally undertaken by the Government these activties caffect the profit and lass accout of the cetal bank or initially show up only as a change in compostn
of central bank assets.Ouasi-fiscal Deridt: Refes to the losses of the cencral bank that arise from activities not specifically
related to monetary policy and hat would be normaly undetk by the Government (see fiscal defcit, quasi-fiscal actities, menry polcy). Reserve Mg= Curny i circulationn plus deposits (of bank and other residents but not theGovermen) with the monetay authorities.
urites: Fmancial insrumen which can be readily tansferred through sale from one owner to anotr either directly or trmgh the intrmediary of specialized istitutions and markes.sThe term generally refers to ihares amd bonds speficay. Sewwiffzdtion:The process of confering the uradeable dcaacri cs of secrities to a financial instrument.Seii = MwThe net revenue deved frommoney issue.
&ttlemIent: In the contt of the payments system, refers to the actual waDsfer of value based on payments instruction trogh the use of acwunt balances at a financial institution which can be bat balances or on the bools of the central bank. Tenn ilnance: Equit or medium- ad ong-term debt f inn WritQfs: The act of removing an et fom the books of a company or bank, acknowledg and charging the loss against loan-los provisions or capial. ixCQNThNTh
CHAPrTER 1: FINANCE I 1wW CHANGING NALAAGASO I
Objectives and Organization of the Report 1
Economic Growth and Recent Policy Developments 2
Extemal Sector Developments, 197G-1990 5
Future Challenges in Resource Mobilization and Allocation 10Overview of the Malagasy Finacial Sector 16
CLAPTER 2: SJREtLGTHENING MONEI ARY MANAGEMENr OF
THE CENTRAL BANK 25
Government Finance: Fiscal Deficit and Quasi-Fisca Operations 25 Monetary Developments and Sources of Money Creation 32Recent Trends in Monetary Management 39
The Future Role of BCRM 45
CHAPER 3:
SYSTEM DEVELOPMENT 49
Legal Framework for Financial Transactions 49
Accounting, Auditing, and Financial Disclosure 57
The Domestic Payments System 60
The Exteral Payments System 65
CHAPTER 4: PROMOTING THE EFFC IENCY OF BANKING INS'TUTIOI'S 67Banidng Developments Since 1975 67
Main Operating Features of the Baning System Since 1987 73Overall Banking Performance Since 1989 77
Future Challenges of the Banking System SD
Regulation and Prudential Supervision in
the New Economic Environment 82CHAFR 5: ISSUES IN TEM 1NANCE: CCtN1CTUAL SAVINGS
AND IOUSINflNAG KE 37
The Malagasy Insurance Market 92
The Malagasy Social Security System 97
Future of Contactual Savings in Madagascar 102
Problems of Housing Finance 103
KCHAPTER 6: FR
E3CONOI Nature of Small-Scale Finance 105
Key Areas of Government Policy 108
Revitalizing the Postal Savings System 113
The Role of Venture Capital 117
CHAPTER 7: FlNhNCIAL lNNO&A OR I ON,
ENMEMMIPSOMOTTON, AND} EmiNANCu NAIta
119
Developing International and Domestic Trade Finance 119 Enhancing Regional Trade and Cross-Border Trade in Fncial Services 124 Accelerating Domestic Investment Through Leasing 127 Promoting Financial Market Development 128
CHIAFTER 8: TOWARDS A F-INANCIAL SECTOR 135
Strengths and Wealmesses of the Malagasy Financial Sector 135 The Agenda for Financial Sector Development 136
Sequencig Policies for Financial Sector Development 139 Complementary Policies for Financal Sector Development 148 Anno 1.1 Survey of Financial Needs of Malagasy Enteprbes 151
2.1 Direct versus Indirect Monetary Controls 159
2.2 Aspects of Central Bank Independence 163
3.1 Overview of the Domestic Payments System in Madagascar 166
3.2 Costs of Existing Delays in Payments and Transfer System 172
3.3 A Decentralized Regional Cleaing System 174
3.4 Towards an Inproved System of Checks in Madagascar 177
3.5 Concept and Functions of a Girobank System and Applicability to Madagascar 181
3.6 Overview of the External Payment System in Madagascar 185
4.1 The Cost of Intermediation I88
5.1 Contactual Savings in a Worldwide Perspective: Applications to Madagascar 189
6.1 Postal Savings Banks in Africa: Lessons for Madagascar 195
7.1 The Foreign Exchange Retention Scheme in Mauitius 197
7.2 Capital Market Development in Mauritius: Lessons and Pifls 199
xi 1.1 Summary hiternal Accun, 1931-1990 7
1.2 Financial Depth ad Finacal Price Indicators, 1985-1988 Average 18
1.3 Prposed Fiancid Sector Strategy 23
2.1 Cer Government Budget Deficit and Financing, 1981-1990 27
2.2 Sources of Exmsion of the Monetary Base, 1935-1990 33
2.3 Quasi Fiscal Deficit and its Financig, 1984-1983 36
2.4 Seipng and Infltion Tlax, 1981-1990 38
4.1 Deterio ion the Quality of Commercial Bank LoA Portfolios, 1984-1986 69
4.2 Revaluations of Fixed Assets of Commercia Ban 69
4.3 Cleaning-up of the Commecial Bak Loan Portfolios 70
4.4 Effects of the Cleaning-up of the Loan Portfolios 71
4.5 Branch Newrk, Staff and Market Shares of Mal Banks in 1990 72
4.6 Govemment Net Creditor Position with Banks, 1987-1990 73
4.7 Commercial Bank: Ratio of Loans to Deposits, 1987-1990 74
4.3 Commeiral Banks: Relative Increase in Term Loans and rune Deposits, 1987-1990 75
4.9 Commercial Bank: Sectoa Breakdown of Gross Loans, 1987-1990 75
4.10 Commercia Banks: Agregate Profit and Loss Account, 1988-1989 78
4.11 Elements of the Costs of Inte n 79
4.12 Ratio of dte Mals Banking System 84
5.1 Compnare Share of Term D ost in Total Bk DeWsis 1987-1t9T 89
5.2 Life Iwur e emiums in Develping Countries, 193" 93
5.3 Life Inance Funds in Industrial Countries, i96-1988 94
5.4 Malagasy nsuanc Sector Findia Result, 1987-1989 96
5.5 Malaa Inuance Copany Investmen, 1987-1989 98
5.6 Social Pension huance Systems Contrbuon Rates 100
5.7 CNAPS: Evoludtonf Resrves, 1985-1988 101
5.8 Assets of Life Insurance companies and Pension Funds, 1987 103
8.1 Near-term Financial Policy Measures 141
8.2 Medium- and Long-tem Financial Policy Measures 44
1.1 Madagascar. Inflation Rate 1980-1990 4
1.2 Madagasa Merandise Terms of Trade and Price Indices of Traditional
Exports, 1985-1990 8
13 Extal Debt by Type of Crditors, 1988-1989 9
1A. Compaative Gross Domestic nvstment Rate, 1984-1989 12
1.5 Compara Grmss Domestic Saving Rates, 1984-1990 13
1.6 Madagascar The Resorce Gap, 19841989 16
1.7 Entreprners' Ranig of the Mai Co ins t Growth 20
2.1 Fial Expmire, Reveue and Deficit, 19841990 26
2.2 BCRM Advances to Tresury and Statutory Limi 28
2.3 Evolution of BCRM Balance Sheet 29
2.4 BCRM Annul Oprting Loses, 1980-1990 31
2.5 Madagascar Major Sources of Changes in Monetay Base, 1988-1990 34
2.6 Evolutio of Govenment Counrpr Fund Deposits with te Central Bank 36
xii 3.1 Flows of Goods, Senices, and Money in the Domestic Payments System 61
4.1 Effects of Portfblio Clean-up, 1986-1989 71
4.2 Sectora Breakdown of Gross Loans, 1987-1990 76
4.3 Elements of the Coat of Intermediation, 1988-1989 80
5.1 Share of Term Deposits In Total Bank Deposits, 1987-1989 88
5.2 Comparative Share of Term Deposits in Total Bank Deposits, 1987-1989 88
5.3 Comparadve Share of Tam Lending in Total Bank Lending, 1987-1989 90
5.4 Relative Shares of Commercial Banks and Contractual
Savig Ihstiutions In Total Financial Resources 91
5.5 Contractual Savings Contibution to Commercial Bank Term Deposits
Breakdown of nsurance Prmiums, 1987-1989 92
5.6 Breakdown of surance Premiums, 1987-1989 96
5.7 Investment of Lnsurance bdustry Resources, 1987-1989 98
quotesdbs_dbs35.pdfusesText_40
Nature of Small-Scale Finance 105
Key Areas of Government Policy 108
Revitalizing the Postal Savings System 113
The Role of Venture Capital 117
CHAPTER 7: FlNhNCIAL lNNO&A OR I ON,
ENMEMMIPSOMOTTON, AND} EmiNANCu NAIta
119Developing International and Domestic Trade Finance 119 Enhancing Regional Trade and Cross-Border Trade in Fncial Services 124 Accelerating Domestic Investment Through Leasing 127
Promoting Financial Market Development 128
CHIAFTER 8: TOWARDS A F-INANCIAL SECTOR 135
Strengths and Wealmesses of the Malagasy Financial Sector 135The Agenda for Financial Sector Development 136
Sequencig Policies for Financial Sector Development 139 Complementary Policies for Financal Sector Development 148 Anno1.1 Survey of Financial Needs of Malagasy Enteprbes 151
2.1 Direct versus Indirect Monetary Controls 159
2.2 Aspects of Central Bank Independence 163
3.1 Overview of the Domestic Payments System in Madagascar 166
3.2 Costs of Existing Delays in Payments and Transfer System 172
3.3 A Decentralized Regional Cleaing System 174
3.4 Towards an Inproved System of Checks in Madagascar 177
3.5 Concept and Functions of a Girobank System and Applicability to Madagascar 181
3.6 Overview of the External Payment System in Madagascar 185
4.1 The Cost of Intermediation I88
5.1 Contactual Savings in a Worldwide Perspective: Applications to Madagascar 189
6.1 Postal Savings Banks in Africa: Lessons for Madagascar 195
7.1 The Foreign Exchange Retention Scheme in Mauitius 197
7.2 Capital Market Development in Mauritius: Lessons and Pifls 199
xi1.1 Summary hiternal Accun, 1931-1990 7
1.2 Financial Depth ad Finacal Price Indicators, 1985-1988 Average 18
1.3 Prposed Fiancid Sector Strategy 23
2.1 Cer Government Budget Deficit and Financing, 1981-1990 27
2.2 Sources of Exmsion of the Monetary Base, 1935-1990 33
2.3 Quasi Fiscal Deficit and its Financig, 1984-1983 36
2.4 Seipng and Infltion Tlax, 1981-1990 38
4.1 Deterio ion the Quality of Commercial Bank LoA Portfolios, 1984-1986 69
4.2 Revaluations of Fixed Assets of Commercia Ban 69
4.3 Cleaning-up of the Commecial Bak Loan Portfolios 70
4.4 Effects of the Cleaning-up of the Loan Portfolios 71
4.5 Branch Newrk, Staff and Market Shares of Mal Banks in 1990 72
4.6 Govemment Net Creditor Position with Banks, 1987-1990 73
4.7 Commercial Bank: Ratio of Loans to Deposits, 1987-1990 74
4.3 Commeiral Banks: Relative Increase in Term Loans and rune Deposits, 1987-1990 75
4.9 Commercial Bank: Sectoa Breakdown of Gross Loans, 1987-1990 75
4.10 Commercia Banks: Agregate Profit and Loss Account, 1988-1989 78
4.11 Elements of the Costs of Inte n 79
4.12 Ratio of dte Mals Banking System 84
5.1 Compnare Share of Term D ost in Total Bk DeWsis 1987-1t9T 89
5.2 Life Iwur e emiums in Develping Countries, 193" 93
5.3 Life Inance Funds in Industrial Countries, i96-1988 94
5.4 Malagasy nsuanc Sector Findia Result, 1987-1989 96
5.5 Malaa Inuance Copany Investmen, 1987-1989 98
5.6 Social Pension huance Systems Contrbuon Rates 100
5.7 CNAPS: Evoludtonf Resrves, 1985-1988 101
5.8 Assets of Life Insurance companies and Pension Funds, 1987 103
8.1 Near-term Financial Policy Measures 141
8.2 Medium- and Long-tem Financial Policy Measures 44
1.1 Madagascar. Inflation Rate 1980-1990 4
1.2 Madagasa Merandise Terms of Trade and Price Indices of Traditional
Exports, 1985-1990 8
13 Extal Debt by Type of Crditors, 1988-1989 9
1A. Compaative Gross Domestic nvstment Rate, 1984-1989 12
1.5 Compara Grmss Domestic Saving Rates, 1984-1990 13
1.6 Madagascar The Resorce Gap, 19841989 16
1.7 Entreprners' Ranig of the Mai Co ins t Growth 20
2.1 Fial Expmire, Reveue and Deficit, 19841990 26
2.2 BCRM Advances to Tresury and Statutory Limi 28
2.3 Evolution of BCRM Balance Sheet 29
2.4 BCRM Annul Oprting Loses, 1980-1990 31
2.5 Madagascar Major Sources of Changes in Monetay Base, 1988-1990 34
2.6 Evolutio of Govenment Counrpr Fund Deposits with te Central Bank 36
xii3.1 Flows of Goods, Senices, and Money in the Domestic Payments System 61
4.1 Effects of Portfblio Clean-up, 1986-1989 71
4.2 Sectora Breakdown of Gross Loans, 1987-1990 76
4.3 Elements of the Coat of Intermediation, 1988-1989 80
5.1 Share of Term Deposits In Total Bank Deposits, 1987-1989 88
5.2 Comparative Share of Term Deposits in Total Bank Deposits, 1987-1989 88
5.3 Comparadve Share of Tam Lending in Total Bank Lending, 1987-1989 90
5.4 Relative Shares of Commercial Banks and Contractual
Savig Ihstiutions In Total Financial Resources 91
5.5 Contractual Savings Contibution to Commercial Bank Term Deposits
Breakdown of nsurance Prmiums, 1987-1989 92
5.6 Breakdown of surance Premiums, 1987-1989 96
5.7 Investment of Lnsurance bdustry Resources, 1987-1989 98
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