| Affiliation: | Professor of Banking and Finance and Donald Gordon Chair, University of the Witwatersrand, Johannesburg, South Africa, and Professor Emeritus, The Ohio State University, respectively. Paper presented at the Bank of Namibia Banker's Conference, Windhoek, Namibia, October, 1999. The first draft of this paper was written during our visit to the Namibia Economic Policy Research Unit (NEPRU) in Windhoek, Namibia in July, 1999. We wish to thank NEPRU and the Africa Capacity Building Foundation (ACBF) for their hospitality and financial support. We also wish to thank Colin van Zyl of Lexus Securities (Pty) Ltd and Annelize Potgieter of the Namibia Micro Lenders' Association of Namibia for providing us with information. |
