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A healthy financial sector allows financial resources to be allocated toward activities with high rates of records return; allows efficient intermediation, which implies lower resource costs; and yields better information processing, which allows innovative investments to be identified. 2 Gibson and Tsakalotos (1994) emphasize how crucial the organisation of the financial sector is and add that.
Financial liberalisation which leads to higher interest rates can increase lendable funds by attracting more household savings to bank deposits. This in turn leads to greater investment and faster economic growth. Financial liberalisation in their view will lead to higher economic growth, because: 1.Higher interest rates will increase total credit intermediation through banks. 2.Higher interest rates will increase the allocative efficiency of credit by shifting funds from inefficient investments (through self-finance or rudimentary informal credit markets) to more efficient investments through organised allocators (banks). 7 Gibson and Tsakalotos (1994) conclude: "There is a clear need for reform of the financial systems of many developing countries, both to increase the efficiency of existing financial markets and to develop new markets to enable the financial system to serve better the needs of the real economy. Only through liberalisation will the needs of the real eco.
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6 Shaw (1973) takes a debt intermediation view. Financial liberalisation in his view leads to an increased role for financial intermediaries. Since they are able to reduce the costs associated with intermediation between savers and investors through economies of scale, risk diversification, and other methods described in Appendix 1, they can offer more attractive deposit.