LIBERALISATION FINANCIERE ET OFFRE DE CREDITS A L’ECONOMIE AU SENEGAL
Keywords:
Sénégal, Libéralisation Financière, Crédits à l’économie, taux d’intérêtSynopsis
Senegal, with UEMOA’s others countries, has been undertaking reforms of its financial sector as part of broader macroeconomic adjustment program and structural reform since the end of 1980s. Reforms of this kind have cleaned up some countries’ financial system, whereas in other economies the financial sector have experienced serious crisis. This paper investigates the impact of interest rates’ financial liberalization on credit supply mechanisms in Senegal. We investigate the question whether financial liberalization has real impact in credit supply mechanisms. From theories and recent surveys on the theme, we explore this question, using direct evidence on factors sensitive to influence supply of loans in Senegal between years 1970 and 2001. The research employs an error correction mechanism and two periods estimation (before and after FL) to show interest rate changes effects on supply of credits. Hence, our results show that interest rate’s chocks can be antagonistic on loans’ supply. The findings reveal that the most significant driver of credit supply function is collaterals, interest rates and margin spread. Another one important effect of financial liberalization is the reduction of liquidity constraints.
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Published
June 27, 2023
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