Reforma financeira versus dependência financeira: impacto da liberalização financeira na redução da dependência financeira de Moçambique

Abstract

This study aims to assess whether or not the liberalization of the Mozambican financial system brought about by the Financial Reform Program has led economic agents to a greater accumulation of domestic savings, tending to reduce Mozambique's financial dependence. The Financial Liberalization policy advocated by many economists and by international monetary institutions (IMF and World Bank), as effective in eliminating distortions in the financial markets, in promoting savings and in reducing financial dependence, is empirically based on the experiences of Developed Countries and New Industrialized Countries, especially the Asian Block countries (Indonesia, Japan, Taiwan). In the case of Least Developed Countries (LDCs), Nigeria provides an example that supports the effectiveness of this policy, given that despite the low level of economic development and the prevalence of high levels of financial market imperfection (which characterizes most LDCs), Financial Liberalization has proven effective in promoting savings and economic development. The analysis of the effectiveness of Financial Liberalization for the Mozambican case was done using the results of regressions of short and long-run private household savings models. The study concluded that despite the fact that Mozambique has a dual Financial System, with a development confined in urban areas, and with rigid private domestic savings, the Financial Liberalization policy proved to be effective in promoting savings. In this sense, Financial Reform based on the Liberalization of the Financial System is a vehicle that LDC's have to reduce financial dependence This study drew attention to the need to undertake actions in the economic and social area for the expansion of savings. Among other actions, encouraging communities to develop saving habits was seen as a path in the right direction.(TRADUÇÃO NOSSA)