Banking on the State
Banking on the State

Author: Hicham Safieddine

Publisher: Stanford University Press

Published: 2019-07-02

Total Pages: 332

ISBN-13: 1503609685

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In 1943, Lebanon gained its formal political independence from France; only after two more decades did the country finally establish a national central bank. Inaugurated on April 1, 1964, the Banque du Liban (BDL) was billed by Lebanese authorities as the nation's primary symbol of economic sovereignty and as the last step towards full independence. In the local press, it was described as a means of projecting state power and enhancing national pride. Yet the history of its founding—stretching from its Ottoman origins in mid-nineteenth century up until the mid-twentieth—tells a different, more complex story. Banking on the State reveals how the financial foundations of Lebanon were shaped by the history of the standardization of economic practices and financial regimes within the decolonizing world. The system of central banking that emerged was the product of a complex interaction of war, economic policies, international financial regimes, post-colonial state-building, global currents of technocratic knowledge, and private business interests. It served rather than challenged the interests of an oligarchy of local bankers. As Hicham Safieddine shows, the set of arrangements that governed the central bank thus was dictated by dynamics of political power and financial profit more than market forces, national interest or economic sovereignty.

A Central Bank for the Economic Development of Lebanon
A Central Bank for the Economic Development of Lebanon

Author: Antoine Edouard Asseily

Publisher:

Published: 1966

Total Pages: 0

ISBN-13:

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This study is an analysis and appraisal of the newly established central bank in Lebanon. The Charter granting the privately owned Banque de Syrie et du Liban the privilege of note issue in Lebanon expired on 31st March 1964 and was not renewed, A state owned institution, the Bank of Lebanon, was created to take over the functions of the Issuing Department of the Banque de Syrie et du Liban and was given central banking powers. This was the most important development in Lebanese banking history since the Banking Secrecy Law of 1956. When a central bank is newly established in a developing country, there is always the danger that it will be dominated by traditional notions of central banking, and insufficient regard paid to the particular characteristics of the economy in which it is to operate. The result may well be the establishment of an ineffective central bank. The problem considered here is whether in Lebanon there was a need for a change from the old system, that is whether or not the Banque de Syrie et du Liban was adequate for the requirements of the country, and if not what sort of a change was required. The development and working of the Lebanese banking system is analysed with special reference to the role that might be required of a central bank. Particular emphasis is placed on the significance of the foreign banks and the very active money market which traditionally provided an effective lender of last resort. The problems of economic development in the Lebanon are outlined and in the light of these problems, of the nature of the economy and of the Government's economic plans, the important functions that could well be served by a central bank are discussed. It is concluded that the Beque de Syrie et du Liban, essentially an Issuing Bank, was not adequate for the requirements of the economic development of the country, and that a central bank was needed. But the Bank of Lebanon, as actually constituted will only marginally help in the economic development of the country.

The Development of Central Banking in Lebanon and Its Role in Supervising the Banking Sector
The Development of Central Banking in Lebanon and Its Role in Supervising the Banking Sector

Author: Humam Kamel Sha'ar

Publisher:

Published: 1987

Total Pages: 372

ISBN-13:

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The term 'Central Bank' is comparatively modern, and the domain of the theory of Central Banking is an unmapped land. But there existed certain banking institutions (such as the Bank of England) which by virtue of their history, have acquired preponderating influence. These institutions are today operating as Central Banks, and the theory on which they actually operate is supposed to exemplify the principles of Central Banking. It is the purpose of the following pages to expose the principles and functions of Central Banking in general and particularly in Lebanon, through a systematic process of analysis. The study will examine cases of particular supervisory institutions in a number of countries. The study begins with a description of the evolution of Central Banking through the practices of the Bank of England in the nineteenth century. Then it proceeds to a theoretical exposion of the functions and objectives of Central Banks. It also deals with the monetary and banking developments during the period 1920-1964, which led to the establishment of the Bank of Lebanon. Furthermore, it analytically discusses the reasons and proposals for the establishment of the Bank of Lebanon as well as the func¬tions and structure of the latter. The last chapter, tackles the issues and approaches of bank supervision in a selected number of developed countries and in Lebanon. The conclusion, provides a set of recommendations aimed at improving bank supervision in Lebanon.

Monetary Policy and Central Banking in the Middle East and North Africa
Monetary Policy and Central Banking in the Middle East and North Africa

Author: David Cobham

Publisher: Routledge

Published: 2009-01-13

Total Pages: 287

ISBN-13: 1134023766

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This book examines monetary policy, central banking and exchange rate regimes in the Middle East and North Africa. Part I covers central banking and monetary policy, while Part II covers monetary policy and exchange rate regimes. Some chapters focus on the monetary frameworks of particular countries, including Lebanon, Algeria, Syria, Tunisia, Morocco, and Turkey, outlining the different systems operated in each case, considering their successes and failures, and discussing important issues such as government policy, macroeconomic performance, inflation and inflation targeting, central bank independence and the impact of broader political economic developments on the conduct of monetary policy. Other chapters cover thematic issues across the whole region, including: central bank independence, operations of debtor central banks, the effect of exchange rates on inflation, and the effect on countries’ trade of alternative exchange rate regimes. Drawing on the insights of scholars and policy-makers, this book is a vital resource for anyone wanting to understand the economies of the Middle East and North Africa.

The role of the banking sector in the economic process of Lebanon before and after the civil war
The role of the banking sector in the economic process of Lebanon before and after the civil war

Author: Marco Rettig

Publisher: GRIN Verlag

Published: 2007-10-27

Total Pages: 43

ISBN-13: 3638839680

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Examination Thesis from the year 2004 in the subject Business economics - Economic and Social History, grade: 70% / Distinction, School of Oriental and African Studies, University of London (School of Oriental and African Studies (SOAS)/ Economics Department), course: Abschlussarbeit zur Erlangung eines MSc Development Economics, language: English, abstract: This dissertation assesses the role of the banking sector in the Lebanese economy throughout the country’s history with respect to its linkages with the real sector. I thereby focus on the credit market. It is shown that various external and internal factors have led to a credit market development on the supply-side that is not conducive to real sector growth. In particular, the period before the Lebanese civil war is characterised by funds flowing in from other Arab countries, which were not channelled into domestic long term investment but accrued to the trade and services sector or went abroad. Throughout the war and afterwards the share of the private sector in total credit declined substantially as the government crowded out private demand. It is concluded that only a shift of policy with a clear focus on the real sector’s needs can bring about the required economic development.