This book examines the effects of financial liberalization on development, with a particular focus on Sub-Saharan Africa and includes studies of Ghana, Malawi, Nigeria and Tanzania.

List of tables, List of illustrations, Foreword, Acknowledgements, 1 Introduction, 2 Analytical framework on the sources of fragmentation, research hypotheses and overview of financial systems, 3 Characteristics and structure of financial systems, 4 Performance of formal financial systems and macroeconomic analysis of flow of funds, 5 A micro-analysis of market specialization and fragmentation, 6 Information, transaction costs and risk management among different institutions, 7 Linkages between segments of the financial market and gaps in financial services, 8 Conclusions and policy implications: towards greater financial integration, References, Index

Ernest Aryeetey, Machiko Nissanke