First published in 1967, this is a unique study of the establishment of the Bank of Rhodesia and Nyasland – a central bank and London-type money market in a financially externally dependent economy.
The book deals with the adaptation and initiation of financial institutions in a developing country previously completely dependent on external financial centres and externally controlled financial institutions. Dr Sowelem’s authoritative and detailed study provides valuable information on the inter-related questions of central bank control and the development of specialist money markets in developing countries.
Part I 1. Political and Economic Background 2. The Monetary Authority 3. The Commercial Banking System 4. The Money Market 5. The Capital Market 6. Non-Bank Financial Intermediaries Part II 7. Incomes, Employment, Prices and the Balance of Payments, 1952-63 8. The Scope for Monetary Policy in an Expatriate Banking System 9. The Impact of the Establishment of a Central Bank 10. The Impact of the Establishment of a Central Bank (Continued) 12. The Role of Non-Bank Financial Intermediaries