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World Bank Document 'iN 1 A' A' I -' Nt *1' ½ Public Disclosure Authorized *1 * II .7----- --*1 Er ) -. I. V I. - -A *-> - . ½ -<.7 - * (N I - '.. I .. -- . - I. I Public Disclosure Authorized 'I, - *.-- . A '-N '-A I -- * . -N -A A I ¾ Ft . A / i - Public Disclosure Authorized A ' A N '- - V I - - A - 2 I. a *-' Public Disclosure Authorized A W O RL D B A N K C O U NT RY STU D Y Madagascar Financial Policies forDiversified Growth The World Banm Washinglon, D.C Copyright © 1993 The IniternationalBankk for Reconstruction and Development/THEwoRLD BANK 1818H Street, N.W. Washington, D.C.20433, U.S.A. All rights reserved Manufactured in the United States of America First printing July 1993 World Bank Country Studie are among the many reports originallyprepared for internal use as part of the continuing analysis by the Bankof the economicand related conditions of its developing member countries and of its dialogueswith the governments. Someof the reports are published in this series with the least possibledelay for the use of governmentsand the academic,business and financial, and development communities.The typescriptof this paper thereforehas not been prepared in ac-cordanicewith the procedures appropriate to fornal printed texts, and the World Bankaccepts no responsib3ilityfor errors. The World Bank does not guarantee the accuracyof the data included in this publicatio and acceptsno responsibilitywhatsoever for any conLsequenceof thei use. Any maps that accompany the text have been prepared soley for:the convenienceof readers; the designationisand presentation of materialin them do not imnplythe expressionof any opinion whatsoeve on the part of the World Bank,its affiliates, or its Boardor member countries concerningthe legal status of any country, territory, city, or-area or of the authoritiesthereof or concerningthe delimitation of its boundaries or its national affiliation.. The materia in this pDublicationis copyrighted.Requests for permisson to reproduce portions of it should be sent to the Officeof the Publisherat the address shown in the copyright notice above. The World Ban-kencourages dissemination of its work and wfl normaily give permission promptly and, whenithe reproduction is for ncomrilpurposes, without asking a fee. Permissionto copy portions for classroomuse is granted through the CopyrightClearance Center, 27 iCongressStreet, Salemi, Massachusetts 01970, U.S.A The complete backlist of publicationsfr-om t.he World Banikis shown in the annual Indexof Publication,which contains an alphabeticaltitle list (with full ordering infomation) and indexes of suibjects,authors, and coumntresand regmmIosThelatest edition is availablefiree of charge fr-om the DistributionUrnit, Office of the Publisher,The World Bank, 1818H Street, N W, Wasbington, D.C 20433,U SA., or from Publications,The World Bank,66, avenue d'Ina, 75116Paris, France. ISSN:0253-212 Library of Congress Cataloging-in-PublicationData Madagascar : financialpolicies for diversifiedgrowth / [issued by] the World Bank. p. cm. - (WorldBank country study, ISSN0253-2123) ISBN0-8213-2473-X -1. Finance--Madagascar. 2. MonetarypoUlicy-M.adagascar. L Internatonal Bank for Reconstructton. IL Series. H0187.5.&M28 1993 336.691--dc2O 93-8403 OIP liil This stdy is the product of clos ll betorn the World Bank and the Govrent of Madrsca to fonrmu a stat for Uiedvdopmmt ofthe countr's finacial sector. The anais in hs sdy is based on two misio to Madasc led by Govan Nair (tas manage) and comprsing: L Karngl ad P. Pbpid (AFTEP), Band Bdkmhol LO), and Bernard Count (consutm) in Jaumy/Pebruy 1991; a wel a A. Op de Beme(M). P. Berglundand L. Lindro (consultas) in May 1991. e coupietd studyw dicussed with th Governm ein anry 1992. The support of . Govamine of MadaCar is grtifullY ackwledged. Te Buk misin exrs their tak speciay to the any staff mmbers of 4h Centra Bnk of Madagasa ad the Trasuy wbo colaoated in ths study. Notwisanding te collaboratie nature of this study, db uions are utimately the responsbilityof te Bak team In aIion to Govdn Nir, pdui4l atowr of the study,and the membersof boh missions.the owing indivia is Bankpved subtntial advice, comments ad iqput:Mdual Sa, Philipp Ls Houero Geard Capio, ad Legardo BariaraL The concusion ae also eresu of cose lab of the DIF. Ms. Judite Femandes pwvided secar and p The sudy hs not bem updd sine is compleio in October 1991. Hower, in recogntion of the useuns of the stuyo aoingthinkWin on fiona l secr refims in Madagcar, the Governmt bas requese itspuiatdi in its presS fowmwih a view to its wider disemination. nr CURClW BOALE Cmu.y Unit - Malag fy.fc (PF1G) US$*1 1800 UG (ad 1991) Mabic Itratiml Sbtad Syata I (me) 3.3 fet 1 ect, (ha) = 2.47 acres 1 klobmer (k) 0.62 male I qkliomen = 0.39 sqmile (uqmi) I kilopm (kg) 2.2poud (lb) lilor (1) = 0.26 US pl (gl) I eic t (mtn) = 2, 204 lb UrOFBRKflAU AON Appal d'Offns Ndgptives AOP Appal d'Offra Positive. APB Asaciaion Pmfouomell des B BA = Bank Accptnces BCEAGO BUique Catrle ds flas do rAfuique de ICO*mut BCRM Baque Cahule de Madagsa B Z Baty UP=ado y Vart DMO1 = Baquis Malgachede 1'Oc&nidim EMM Bmkmgn'yhndosria BTA Ban du Tro par Adjudication BTC Ban du Trsor C _ BTM B"yTnn pakt CCBEF = do ContrOl.des BEques at dtabhlihments Fina CCP - Cobt des aidquesPostaux CD = Cificates of depost CEM = Caise d'Epa de Madagascar MNAPS = Caie Natinale do Pdvoyanco Social. CM = Carer, Price KIne ECGS Export Credit Guate Scheme EPZ Expot Procsig Zoe FLARO F Pmoici ARO IFG F-m Ma%w NGO N<&gvzm qnmi rAPTA rential Tnin A_mmt m S Pos and Timseve SA Sod&Aaci p SARL SodakRqsbfiLmM SELI - Sys& d%qmb&m U169W SME S ad M Janay 1 to December31 V GLOSSARYOP FINANCIALTERM Aeynge Cost or Funds: A weightedaverage of the interestcost of a bank's depositsand own fumds, based on the composidonof its depositsat a point in time. IWtalMarket The marketin whichlong-term financial instuments, suchas equitiesand bonds, are issued and traded. Clearin In the contextof the paymentssystem, refers to the transfer and recording of payment instructionsmade by a payor to a financialinstitution. Clearing can be done on a gross basis i.e. transactionby transactionor, if channelled.trough a specializedcleaing organizationsuch as a clearinghouse,on a net basis wheretotal receipts of one institutionare offsetagainst payments to be made by that instiutin. Cmnmffm Falls: Mort-termdebt insames that are used mainlyto financetrade. Examplesare promissorynotes, by whichdebtors commit themse[ves to pay to creditorsor to their order a statedsum * a specifieddate, and bills of exchange,which are drawn up by creditorsand acceptedby debtors. Commercialbills that are also accpted by banks are knownas bank accepances. Promissorynotes issuedby large corporationsto meet their generalfinancial needs are knownas commercialpaper. Conlractual &Jo titom Occupationalpension funds, natona providentfunds, life insurance plans, and similarinsttutions that collectfiancial savingson the basis of long-termfinancial contracts. DRirectimuments n connectionwith monetary policy, refrs to actionsaffecting monetary conditions which direcelyforce bans into portfoliopositions they wouldnot voluntarilyaccept such as aggregate and indiidal bankcredit ceilings,interest rate cotrols and directedcredit policies. Dhmunt: A reductionfrom the face valueof a financialcontract. Disintermediado: Usualy it refers to the removalof funds from interest-bearingtime acounts in savings institutionsand commercialbanks for the purposeof reinvestingthe funds at higher rates in market instume. In other cases, ordinarysight and saving deposits are removedto increasethe demandfor durable (e.g., land, gold) or consumptiongoods, or to be lent direcdy by surplus agents (nouseholds)to enteises, bypassingfmancial intermediaries. Equits Finanoe: Theprovision of financein a formthat entitlesits ownerto sharein the profits and net worthof the erise. EMdLinlh DTheextent to whichsavings an economyis channelledthrough the financialsystem. Usuallymeasured as the ratio of broadmoney (MU) to GDP. Da resstr:Usually refers to the sharpdeterioration of a groupof fiacl indicatorsresuling in changesin the behaviorof the agentbefore its restrucuring or bankruptcy.; When such distress reaches crisisproportions and is widespread,it usuallyleads to a rush out of real or financialassets into csh. FVinancalinhtatm lhe frameworkof laws, regulationsand wounting pracdtes goveming financi transactionsand the logics and practicesof the paymentssystem. vi Pinnuddatw The suc of em in economywhich facilitates the conductand growth of real economictransaction though the ou of mony for paymet, saving and investmet his structure of n Ieiclude money and egulatoy policies, inrastructure, institutions, instuments and marketswhich arwela to enabe dte tranifer of finacial resourceswith minimal possibledsk and cost from payes to recipi of fds and fom sves to borrowers. E4ninal E:w. The inins, inments nd marketsin the fimcia sector. The portionof totl walithheld in theform of financialsse. Fisal eidt: Definedon a cash basi as the diffierewebetween total Govenmentcash oulays, indudig interest outlaysbut excludingamortzion paymat on the outing stock of public debt, andtota casihrecpts, inluding tax san nonta revenuend gas but excudingbornowg proceeds. Girobat An institutionfor handlng ffinanialpayments ad asfers. It receivespayments from individualpayers which eaverl paymentobligation (eg. utility and taxbms) or frm a fim or public entity makng payroll transfers. The girobak the- aI these payments by individualpayes who receivea lump s-u settlementfrom the
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