金融学英语毕业论文范文 [6]
论文作者:英语论文论文属性:本科毕业论文 Thesis登出时间:2014-09-15编辑:yangcheng点击率:17676
论文字数:5428论文编号:org201409132210379027语种:英语 English地区:加拿大价格:免费论文
关键词:金融部门金融系统发展问题Economics EssayFinancial Sector
摘要:本文研究的是金融部门的发展问题,是一篇留学生金融学论文,金融部门是一套机构、工具、市场机制,同时还包括允许通过信贷扩展交易的法律和监管框架。当金融工具、市场和中介机构相互配合减少了信息,执法和交易成本时,部门就会得到发展。
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Open Market Operation (OMO)
OMO has generally been used by countries as one of the main instruments for the development of money markets. Trading in these instruments liquefies the financial system in particular and the national economy in general and increases financial intermediation among market participants. To develop market-based monetary instruments in underdeveloped financial market the first step would be primary issues of treasury bills and central bank bills. In light of this, the NBE will use open market operations (sale and purchase of government securities) as one of its monetary policy instruments (Gazena Erchafo, 2001).
In Ethiopia, bi-monthly treasury bills auction market is introduced in 1994/95 with the intention of financing government budget deficit from non-bank sources, to create a base for the establishment and development of secondary market and to boost the NBE’s controlling power on money stock as well as interest rate. However, as a result of low interest rate in the treasury bills market which is lower than the deposit rate, the market failed to attract private bidders. Besides, except providing fund for government, the treasury bills market is not serving most of its objectives because of NBE has allowed inter-bank money market, more than half of the treasury bills are purchased by commercial banks (ibid).
Reserve requirement
Reserve requirement in Ethiopia is computed by netting out uncleared checks paid and uncleared effect foreign from the total deposits. The requirement is currently 5 percent of the net deposit and failing to comply with this requirement will be penalized. The NBE uses this instrument to control the liquidity of banks by varying the rate according with the targeted level. The higher Reserve Requirement contracts the liquidity as well as credit expansion power of commercial banks and the opposite will increase liquidity and credit expansion power of banks (Gazena Erchafo, 2001).
4.3. Banking and Non-banking financial sector
The major financial institutions operating in Ethiopia are banks, insurance companies and micro-finance institutions. Currently, there are 17 banks, 14 insurance companies and 31 micro-finance institutions operating in the country. As result the bank to people ratio reached to 82,474 in 2011.
The private banks had 487 branches and paid-up capital of 7.231 billion Birr, compared to 483 branches and a paid-up capital of 8.718 billion Birr of the three public banks. The total capital of the banking system reached Birr 15.949 billion in 2010/2011, of which private banks together possesses 45.3%. Commercial Bank of Ethiopia, the biggest state owned bank, accounted for 39.3% of the total capital of the banking system, implying high but slowly declining concentration in market share (NBE 2010/11 annual report).
4.4. Developments in Financial Markets
Treasury Bills Market
Treasury bills market is the only regular market where securities are transacted on a fortnightly basis. Three types of T-bills with a maturity period 28 days, 91 days and 182 days are supplied to the market. There is no secondary market for the security. Government bonds are occasionally issued to finance government expenditures and to absorb excess liquidity in the banking system.
The dominance of commercial banks in the T-bill
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