2008 XXXII 2

Exchange rate and equity prices relationship: an empirical evidence from Pakistani financial markets

Khalid Mustafa and Mohammed Nishat
Savings and Development Vol. 32(2008), No. 2, pp. 127-149

The relationship between stock prices and exchange rate in Pakistan has been examined by using monthly data from July 1981 to June 2004. The cointegration and error-correction model and Granger trivariate causality techniques are used to test the [...]

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Interest rate reforms, financial depth and savings in Tanzania: a dynamic linkage

Nicholas M. Odhiambo
Savings and Development Vol. 32(2008), No. 2, pp. 141-158

In this paper, the impact of interest rate reforms on financial deepening and savings in Tanzania is examined using two models, namely the financial deepening model and the savings model. Using cointegration and error-correction techniques, the [...]

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The role of community banks in economic development: a Nigerian case study

O. Felix Ayadi, Ladelle M. Hyman and Johnnie Williams
Savings and Development Vol. 32(2008), No. 2, pp. 159-173

The Decree 46 of 1992 created the National Board for Community Banks which was granted the power to license community banks. Community banks were created to: (1) promote rural development through provision of banking and financial services, (2) [...]

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A monetary union for selected Caribbean countries: empirical evidence based on time varying parameters

Carlton Augustine and Kenrick Hunte
Savings and Development Vol. 32(2008), No. 2, pp. 175-190

This paper examines the case for a monetary union in selected Caribbean countries. We examine two scenarios: The enlargement of the Eastern Caribbean Monetary Union and the formation of a new union, centered on Trinidad and Tobago. The Kalman Filter [...]

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The monetary policy transmission from official rate to unofficial rate under liquidity adjustment facility in India

Purna Chandra Padhan
Savings and Development Vol. 32(2008), No. 2, pp. 191-207

This paper empirically examines the dynamic relationship between two short-term interest rates namely, repo rate (official) and call money rate (unofficial) during the full-fledged working of the liquidity adjustment facility in India. Using daily [...]

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