Lending Institutions, Healthcare And Human Capital In Algeria

1390 words - 6 pages

Lending Institutions, Healthcare and Human Capital in Algeria

Lending Institutions, Healthcare and Human Capital in Algeria
The central bank gives the system its overall consistency and provides resources to other bodies. In addition, laws and regulations underpinning bank supervision may not be formally deficient. However, the extensive state ownership of banks severely undermines regulatory governance (IMF, 2004). Many uncertainties also surround the preconditions for effective banking supervision and sustainable macroeconomic policies. These uncertainties also hinders well-developed public infrastructure, effective market discipline, efficient resolution of banking problems and ...view middle of the document...

Development of Algerian private banking sector is still modest. Due to its size, it continues to suffer a number of shortcomings. For example, some banks are a family business whose operations and accounts lack transparency. This is a great weakness in emerging private sector, which can be overcome by dutifully adhering to the strict application of the principles of proper supervision, particularly regarding licensing and imposing sanctions on institutions that fail to observe prudential regulations (IMF, 2004).
Certainly, the structural adjustment programs (SAPs) initiated jointly by IMF and world bank have done little to foster the social, political and economic conditions that could contribute to the development of stable sate society in Algeria (Senghor & Poku, 2007). For example, the promotion of export for debt repayment and cutting of public expenditure on welfare in a region where majority of people are undernourished is tantamount to scandal.
The primary aim of the adjustment policies has been to give more incentive to production in the rural economy. In Algeria, most poverty is located in the countryside; therefore, through SAPs it was argued that the rising world market prices for tradable agricultural goods by reducing taxes and the devaluing currency would increase rural incomes (Senghor & Poku, 2007). However, the reality has been different, the Algerians in rural production areas have not been able to expand the production of tradable goods due to lack of necessary infrastructure like roads and storage facilities and to access the market (Senghor & Poku, 2007). In this respect, the adjustment policies have had the opposite effect because it cuts in government expenditures and are often the main reason why infrastructure is dilapidated. Moreover, the shift to tradable non-food goods in response to the policy stimulus has declined food production with potential serious consequences for nutritional outcomes (Senghor & Poku, 2007).
Human capital
Human capital is computed using employment data provided by the Algerian National Statistics Office and adjusted by the quality of labor using the Total Economy Database (TED). IMF (2007) and TED (2012) assume a constant capital share of 0.5 percent. The employment rate grew on average by 3.6% a year reflecting a growing labor force and stable labour participation rate (IMF, 2013).
On the other hand, capital barely grew until the start of 2000. Low investments in the 1990s were not enough to offset capital depreciation. Labor quality growth was slow but stable. The accumulation of human capital has consistently provided the most important contribution to real GDP, with growth in labor quantity playing a dominant role. However, the accumulation of physical capital contributed negatively to real growth in 1990s (IMF, 2013).
Significant strides have been made in increasing resources dedicated to health services over the past decade. Between 2002 and 2007,...

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