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Two Generations of Tanzania Financial Sector Reforms from 1991

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Two Generations of Tanzania Financial Sector Reforms from 1991 Two Generations of Tanzania Financial Sector Reforms from 1991: From Washington Consensus to Institutional Economics. Dissertation zur Erlangung des Grades eines Doktors der Wirtschaftswissenschaft der Rechts – und Wirtschaftswissenschaftlichen Fakultät der Universität Bayreuth Submitted by Venance Lazaro Ndalichako born in Kasulu - Tanzania Dekan Prof. Dr. Knut Werner Lange Erstberichterstatter Prof. Dr. Martin Leschke Zweitberichterstatter Prof. Dr. Bernhard Herz Tag der mündlichen Prüfung 20.10.2014 Dedication To my mother, Mary, for her love, support, character formation and inspiration! In loving memory of my father - Lazarus, and my sisters - Beatrice and Deodatha! To His Excellency Archbishop Paul Ruzoka, my teacher, mentor and spiritual leader. i Table of Contents Dedication ............................................................................................................. i Table of Contents ................................................................................................ii Acknowledgement ........................................................................................... viii List of Figures ...................................................................................................... x List of Tables ...................................................................................................... xi List of Abbreviations ........................................................................................xii Abstract ............................................................................................................. xiv Chapter 1.............................................................................................................. 1 Introduction ......................................................................................................... 1 1.0 Background to the Problem ........................................................................................... 1 1.1 Statement of the Problem ............................................................................................... 4 1.2. Objective of the Study .................................................................................................... 7 1.3 Research Questions ......................................................................................................... 7 1.4. Methodology ................................................................................................................... 7 1.5 Data Collection and Analysis ......................................................................................... 8 1.6 Organisation of the Research Report .......................................................................... 10 Chapter 2............................................................................................................ 12 Conceptual and Theoretical Frameworks, Key Concepts ............................ 12 2.1 Introduction ................................................................................................................... 12 2.2 New Institutional Economics ........................................................................................ 12 2.2.1 What are Institutions?................................................................................................ 13 2.2.1.1 Institutions and Organisations ................................................................................ 14 2.2.1.2 Link between Institutions and Organisations ...................................................... 14 2.2.2 Levels of Institutional Organisation .......................................................................... 14 2.2.2.1 Embeddedness ..................................................................................................... 16 2.2.2.2 Formal and Informal Institutions ......................................................................... 16 2.2.3 Scope and Function of Institutions ............................................................................ 17 ii 2.2.3.1 Imperfect Information ......................................................................................... 18 2.2.3.2 Transaction Cost Economics ............................................................................... 21 2.2.3.3 Property Rights .................................................................................................... 23 2.3 Financial Access Frontier ............................................................................................. 25 2.3.1 The Conceptual Framework ...................................................................................... 25 2.3.1.1 Fixed Costs .......................................................................................................... 26 2.3.1.2 Risk ...................................................................................................................... 26 2.3.2 Isoprofit Curves ......................................................................................................... 27 2.3.3 Introducing the Frontier ............................................................................................ 29 2.3.3.1 Potential demand Curve ...................................................................................... 29 2.3.3.2 Actual Demand Curve ......................................................................................... 30 2.3.3.3 Supply Curve ....................................................................................................... 31 2.3.3.4 The Access Possibilities Frontier ........................................................................ 31 2.3.4 Policies to Promote access to Financial Services ...................................................... 33 2.3.4.1 Market Developing Policies ................................................................................ 33 2.3.4.2 Market Enabling Policies .................................................................................... 34 2.3.4.3 Market Harnessing Policies ................................................................................. 35 2.4 Application of Theoretical Framework in this Study ................................................ 35 2.5 Conclusion ...................................................................................................................... 36 Chapter 3............................................................................................................ 37 The History of the Reforms in the Financial Sector in Tanzania ................ 37 3.0 Introduction ................................................................................................................... 37 3.1 The Financial Sector in Colonial Tanganyika ............................................................ 37 3.1.1 Financial Sector under the German Rule .................................................................. 37 3.1.1.2 Banking in Tanganyika under German Colonial Rule ........................................ 38 3.1.2 Financial Institutions during the British Rule ........................................................... 38 3.1.2.1 Central Banking during the British Rule ............................................................. 39 3.1.2.2 Commercial Banking during the British Colonial rule ....................................... 40 3.1.2.3 The Introduction of Regulation of Commercial Banking ................................... 42 3.1.3 Conclusion ................................................................................................................. 43 3.2 Financial Sector after Independence ........................................................................... 43 3.2.1 Phase I: 1961-1967 Continuation of the Inherited Structure..................................... 44 3.2.2 Phase II: 1968 – 1991 Market Replacement Policies ................................................ 44 iii 3.3 Conclusion ...................................................................................................................... 45 Chapter 4............................................................................................................ 46 The First Generation of Financial Sector Reforms ....................................... 46 4.1 Problems of the State Dominated Tanzanian Financial Sector ................................ 46 4.2 First Generation Financial Sector Reforms ................................................................ 47 4.2.1 Removal of Rigid Controls ....................................................................................... 48 4.2.2 Creation of Competitive Environment ...................................................................... 49 4.2.3 Strengthening of the Supervisory Capacity of the BOT ........................................... 49 4.2.4 New Approach to Monetary Policy ........................................................................... 50 4.2.5 Restructuring and Privatization of State Owned Banks and Financial Institutions .. 51 4.2.5.1 The Role of the Loan and Assets Realisation Trust (LART) .............................. 51 4.2.5.2 Restructuring of NBC and Privatization of NBC (1997) Ltd. and NMB ............ 52 4.2.5.3 Privatization of NMB .......................................................................................... 53 4.2.5.4 Restructuring of CRDB ....................................................................................... 55 4.2.6 Government Redefining its Role ..............................................................................
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