Financial Market Fragmentation and Reforms in Ghana, Malawi, Nigeria, and Tanzania

This article reports the findings from surveys of formal andinformal institutions and their clients in Ghana, Malawi, Nigeria,and Tanzania. It investigates the hypothesis that reformingfinancially repressive policies would not be sufficient to overcomefragmentation of financial markets because of structural andinstitutional barriers to interactions across different marketsegments. The four countries have substantially fragmented financialmarkets, with weak linkages between formal and informal segmentsand interest rate differentials that cannot be adequately explainedby differences in costs and risks. Nevertheless, the relativelylow transaction costs and loan losses of informal institutionsindicate that they provide a reasonably efficient solution toinformation, transaction cost, and enforcement problems thatexclude their clients from access to formal banking services.The findings imply that financial liberalization and bank restructuringin the African context should be accompanied by complementarymeasures to address institutional and structural problems, suchas contract enforcement and information availability, and toimprove the integration of informal and formal financial markets.     

中国"以电子政务拉动信息产业发展"政策的再评估

电子政务是中国信息化战略的重中之重,但其实际发展与预期间存在着明显差距。本文以中国“以电子政务拉动信息产业发展”政策为研究重点,把这一政策放在中国信息化历史中加以考察,分析中国信息化新阶段ICT市场的新变化和新挑战,针对电子政务实践与预期间的差距,对该政策提出我们的看法。     

Book review

New Technologies and Work: Capitalist and Socialist Perspectives A. Francis & P. Grootings (Eds) London, Routledge, 1989, 335 pp.

New Technology and Manufacturing Management: Strategic Choices for Flexible Production Systems M. Warner, W. Wobbe & P. Brodner (Eds) Chichester, Wiley, 1990, 265 pp.

The Single European Market and the Information and Communication Technologies Gareth Locksley (Ed.) London and New York, Belhaven Press, 1990, 290 pp., £27.50.

Technology and Competition in the International Telecommunications Industry David Charles, Peter Monk & Ed Sciberras London and New York, Pinter Publishers, 1989, 170 pp., £35.00.

Organising for Manufacturing Innovation: The Case of Flexible Manufacturing Systems Harry Boer Enschede, Febodruk, 1990, 253 pp.

Future Work: Seven Critical Forces Reshaping Work and the Work Force in North America Joseph F. Coates, Jennifer Jarratt & John B. Mahaffie Sun Francisco, CA, Jossey-Bass, 1990, 2 vols, 445 pp. & 120 pp., $49.50.

Science, Technology and Reparations: Exploitation and Plunder in Postwar Germany John Gimbel Stanford, CA, Stanford University Press, 1990, 280 pp., £29.50 (hbk).