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Title: The role of the central bank of Libya in the era of globalisation
Author: Aboasnina, A. A. A.
ISNI:       0000 0004 5358 8581
Awarding Body: Nottingham Trent University
Current Institution: Nottingham Trent University
Date of Award: 2014
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After 30 years of acting as a socialist country, political chaos, and nearly three decades of central planning control, Libya remains in the early stages of its financial liberalisation and reform. In 2003, Libya made a strategic move in order to cope with emerging challenges in the era of globalisation. This move involved the reformation of the role of the central bank in order to promote its effectiveness in managing monetary policy for economic growth and development. The broad aim of this thesis was to develop a conceptual framework and a research model that relate to the role of the central bank in Libya’s economic reform programme between 2003 and 2010. This research aims to identify the most applicable prototype for the role of CBL and to evaluate a suitable approach to carry out an effective process that will ensure Libya’s economic growth and integration into the increasingly globalised community. As such, this study contributes extensively into the subject of Libyan economic development by examining the data required to assess the effectiveness of the economic reform packages and the country’s preparedness to finalise its switch to a market-based economy. The Libyan case is extremely significant for a number of reasons. One of these key reasons is that the economic reform programmes have been considered as one of the government’s top priorities since 2003 following the lifted UN and US sanctions. Another reason relates to the fact that the CBL has been keen on developing its policies. Finally, the Libyan experience could provide new insights into the debate on the role of CBL and effectiveness of economic reform programmes and the underlying conditions for success. This empirical study investigates the determinants of economic reform and central bank performance within the Libyan economy by utilising data from a range of primary and secondary sources and employing a multi-method analytical approach. Self-administered questionnaires were distributed to the target population in the Libyan central bank and a number of Libyan specialists possessing knowledge of banking decision-making processes. A total of 135 questionnaires were distributed and of these, 106 were returned completed and usable (a response a rate of 78%). Twelve semi-structured interviews were held with managers in the CBL and IMF and members of the Libyan General National Congress, see (Table 4.4:2). The third method of data collection used economic data covering the 2003-2010 period. This data was analysed to examine whether best central banking practices is transferable from other states to the Libyan context. As a result, this study offers some generalizable knowledge that can also be applied to other developing countries, particularly those with a similar economic structure. The primary contribution of this study is that it highlights the implications of globalisation for central banks in the process of financial sector surveillance, monetary management, and macroeconomic stabilisation. The key findings are (1) the economic reform programme variables have an impact upon various features of the Libyan Central Bank’s (CBL) performance variables within a correlation model; (2) the CBL has a significant effect on Libyan economic growth and this effect remains strong even after controlling the banking sector and other control variables; (3) the evidence supports the view that the relationship between the CBL’s development and economic activity in emerging economies is bi-directional. Given that it is the first attempt to empirically investigate the impact of an economic reform programme on central bank performance in Libya as an emerging economy, this study makes an original contribution to knowledge. This study is also the first of its kind within this topic area to utilise a mixed-method approach. This research project provides an important introduction to this area and has attempted to explore its significance. This research adds to the existing body of literature regarding the development and application of a series of models of economic reform, central bank performance, and economic growth in a developing country. Brief recommendations regarding potential useful directions for future research are offered towards the end of the thesis. These recommendations form a strategic framework for the improvement of the CBL as it plays an active role in meeting the developmental and reform challenges facing the Libyan economy.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available