O Papel do processo de liberalização financeira na mobilização da poupança financeira em Moçambique

Abstract

The orthodox perspective of financial liberalization, developed by McKinnon-Shaw (1973), postulates that financial liberalization can, on the one hand, increase savings and on the other hand improve investment efficiency, through the elimination of interest rate controls, limits on credit and direct credit allocation. In Mozambique, with the achievement of independence and adoption of the centrally planned management system, a series of reforms were implemented in the financial system, in which it ceased to perform its functions par excellence, to assume an important role as an instrument of the State in centralization. and distribution of the country's financial resources and its control leading to what has been called a policy of financial repression. The results of this policy were not satisfactory. Between the second half of the 1980s and the mid-1990s, Mozambique implemented the liberalization program with an effort to improve the mobilization of domestic resources and the quality of investment, in which it can be divided into three phases: Ia) period of repression financial, 1975-1992; 2nd) period of financial reforms, 1993-1996 and 3rd) period of financial liberalization. The analysis of the relationship between the liberalization of TJ's and Financial Savings in Mozambique shows that the effect of financial liberalization on the mobilization of financial savings has been limited and ambiguous. Financial savings in Mozambique are determined by the economic situation.(TRADUÇÃO NOSSA)