In the early 1990s many Southern African economies embarked on financial liberalisation. Although it is too soon to carry out sophisticated econometric analysis of this change in policy, the available empirical evidence may be inspected to see whether it lends support to advocates of financial...

In the early 1990s, many Southern African economies embarked on financial liberalisation. Although it is too soon to carry out sophisticated econometric analysis of this change in policy, the available empirical evidence may be inspected to see whether it lends support to advocates of financial...

This paper discusses the challenging question of whether central banks should use treasury bills or central bank bills for draining excess liquidity in the banking system. While recognizing that there are practical reasons for using central bank bills, the paper argues that treasury bills are...

This paper discusses the challenging question of whether central banks should use treasury bills or central bank bills for draining excess liquidity in the banking system. While recognizing that there are practical reasons for using central bank bills, the paper argues that treasury bills are...