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Duquesne University Duquesne Scholarship Collection Electronic Theses and Dissertations Summer 2005 Financial System in Economic Development: The Nature and Role of a Robust Financial System in the Economic Transformation of Uganda Frederick Leo Nkwasibwe Follow this and additional works at: https://dsc.duq.edu/etd Recommended Citation Nkwasibwe, F. (2005). Financial System in Economic Development: The aN ture and Role of a Robust Financial System in the Economic Transformation of Uganda (Master's thesis, Duquesne University). Retrieved from https://dsc.duq.edu/etd/983 This Immediate Access is brought to you for free and open access by Duquesne Scholarship Collection. It has been accepted for inclusion in Electronic Theses and Dissertations by an authorized administrator of Duquesne Scholarship Collection. For more information, please contact [email protected]. FINANCIAL SYSTEM IN ECONOMIC DEVELOPMENT: THE NATURE AND ROLE OF A ROBUST FINANCIAL SYSTEM IN THE ECONOMIC TRANSFORMATION OF UGANDA A Thesis Submitted to John F. Donahue Graduate School of Business Duquesne University By Frederick Leo Nkwasibwe, A.J Summer 2005 THESIS TOPIC AND COMMITTEE APPROVAL SHEET DUQUESNE UNIVERSITY JOHN F. DONAHUE GRADUATE SCHOOL OF BUSINESS Thesis Topic and Committee Approval Name of Student: Frederick Leo Nkwasibwe Proposed Thesis Topic: Financial system in Economic Development: The Nature and Role of a Robust Financial system in the Economic Transformation of Uganda. I hereby agree to serve as reader for this thesis. (Signed):_________________________________________ Faculty Member Date_______________________________________ I hereby agree to serve on the committee for this thesis. (Signed):__________________________________________ Faculty Member Date_______________________________________ (Signed):____________________________________________ Faculty Member Date_________________________________________ APPROVED:____________________________________________________ Director, Graduate Program Date Approved :__________________________ i APPROVAL SHEET Approved: _____________________________________ Professor Burnham, James, Ph.D. Professor of Finance and Global Competitiveness First Reader and Chairman of the Committee _____________________________________ Professor Davies, Anthony, Ph. D. Assistant Professor of Economics Second Reader and Member of the Committee _____________________________________ Professor Vashishta, Bhaskar, A.B.D. Assistant Professor of Finance and Investment Third Reader and Member of the Committee ___________________________________ Professor Presutti, William, Jr., Ph.D. Associate Professor of Supply Chain Management Associate Dean and Director, MBA Program _____________________________________ Stalder, James, Ph. D. Dean, School of Business and Administration Date Approved:__________________________________ ii ABSTRACT Financial System in Economic Development: The Nature and Role of Robust Financial System in the Economic Transformation of Uganda is a thesis that treats the nature and role of the massive network of efficient as opposed to dysfunctional financial institutions and functions in the mobilization and allocation of financial resources for creative investment and economic transformation of Uganda. The thesis suggests that a market-focused robust financial system utilizing a Rural Reach Refocus Financial Model (the 3-R Financial Model), spurs the entrepreneurial revolution, offers debt and equity financing, and enhances economic transformation. It also highlights the basic conditions for the success of the 3-R Financial Model, which are awareness and attitude change, information efficacy, competition candor and government friendly intervention. iii Copyright @ Summer 2005 By Rev. Fr. Frederick Leo Nkwasibwe, A.J, Dip. Phil., B. TH, MBA All Rights Reserved. iv DEDICATION I dedicate this academic work to those who have had greater impact on my vocation and profession and those who have supported and encouraged me, principally 1. My Family Members , Relatives , and Friends, 2. The Religious and Missionary Institute of the Apostles of Jesus, 3. St. Bede Parish Community, Point Breeze, Pittsburgh, PA, USA, and 4. Members of Kyerero-Italia Solidale, Uganda, East Africa. v ACKNOWLEDGMENT Although I bear the principal responsibility for this thesis, there are many helpful and supportive hearts, spirits, minds and hands that have made it possible. This thesis is a work of many processes, ideas, sources, and efforts. Had it not been for the financial, editorial, and moral support extended to me by many people, the work would not have been completed. Wholeheartedly, I acknowledge and appreciate the magnitude of the time, commitment, personal efforts, emotional sacrifices and resources donated by many individuals. The list below is not exhaustive but represents those who supported me in the research and writing of this work. 1. I thank and praise the Almighty and Triune God for the grace of health, aptitude and strength to study and comprehend, and write. 2. I thank my family and relatives and friends who supported and encouraged me through various forms of communication including phone calls, faxes, e-mails, post-cards and letters. 3. I thank the family of the Institute of the Apostles of Jesus Religious and Missionaries to which I belong. They not only formed me but also the Third General Council offered me a challenging opportunity to study Business Administration. Particularly, I thank Rev. Dr. Sylvester Arinaitwe, A.J, then Superior General and Rev. Dr. Paul O. Gaggawala, A.J, USA Regional Superior, for their thoughtfulness and countless supportive words and actions. I too thank the Rev. Augustine Njuu, A.J., Superior General and the Fourth General Council for their blessings and encouragement. I appreciate Rev. Peter Mushi’s support. vi 4. I specially thank Rev. Fr. Edward Bryce, Pastor of St. Bede Parish, Diocese of Pittsburgh, PA, USA and St. Bede Parish Community for the indispensable role of monetary, spiritual, moral, psychological and physical support. I thank the Administration of Duquesne University for part of the financial-tuition support obtained through the student clergy-religious discount. 5. I thank my thesis committee comprising Professor Burnham, James, Ph D, Professor Davies, Anthony, Ph D, and Professor Vashishta, Bhaskar, A.B.D. This trio has supported, assisted, guided and counseled me during its preparation and production. Step by step, and with enviable critical evaluations and suggestions, which at times required specific improvements and corrections in organization, form, content, and expression, they demonstrated responsibility. Even when, at the beginning of Spring Semester 2005, Professor Burnham, James, Ph D left Duquesne University for Istanbul, Turkey, we maintained contact while the rest of the committee members physically kept the regular pace of the project. 6. I thank Professor Presutti, William, Jr., Ph.D., C.P.M. Associate Dean and Director, Graduate Program John F. Donahue Graduate School of Business, Duquesne University, PA who together with the thesis committee approved my thesis proposal. I thank the staff of the School of Leadership and Professional Advancement for the opportunity to register for MBA prerequisite courses. 7. I thank the Academic Community and Faculty of John F. Donahue Graduate School of Business for enormous contribution to knowledge of business administration leading to a successful writing of this thesis. Some of the faculty members became my professors and taught me core and elective courses vii including finance, marketing, management, business communication, business law, business statistics, entrepreneurship and accounting among others. The duo academic advisors: Patricia Moore and Linda Scott are greatly appreciated. 8. I thank classmates and schoolmates – individually and collectively, voluntarily or through compulsory group projects – who contributed valuably to my knowledge of hitherto “impossible” studies, concepts and computer programs. 9. I thank other friends and people of good will outside Duquesne University who contributed editorial, moral, spiritual and intellectual support to the production of this scholarly work. In particular, I owe great gratitude to Dr. Karen Kelly and Ms. Donna O’Connor Wetzel for the major editorial support. I thank Mrs. Cindy Kozak, Ms. Becky Baverso, and Mr. Kurt Riedel, the English Teachers of St. Bede Elementary School for reading and correcting my work. I thank Mary Jo Breen for the academic support behind the scene. 10. I thank the authors of the works and sources I have read and cited in this thesis. In the same vein, I thank you for reading this work and deepening and sharing knowledge. I appreciate all those who realize that reading is to the intellect what doing exercise is to the body and that studying prevents injury to the intellect by keeping the emaciated part of the human brain dynamic. viii TABLE OF CONTENTS TABLE OF CONTENTS ................................................................................................ ix CHAPTER ONE ............................................................................................................... 1 1 GENERAL INTRODUCTION................................................................................ 1 1.1 Prologue ............................................................................................................. 1 1.2 Topic..................................................................................................................

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