Makachia, Peter A2015-05-202015-05-202015Working Paper Series Centre for Research on Financial Markets and Policyhttp://hdl.handle.net/123456789/1011The Centre for Research on Financial Markets and Policy was established by the Kenya Bankers Association in 2012 to offer an array of research, commentary, and dialogue regarding critical policy matters that impact on financial markets in Kenya. The Centre sponsors original research, provides thoughtful commentary, and hosts dialogues and conferences involving scholars and practitioners on key financial market issues. Through these activities, the Centre acts as a platform for intellectual engagement and dialogue between financial market experts, the banking sector and the policy makers in Kenya. It therefore contributes to an informed discussion that influences critical financial market debates and policies. The Kenya Bankers Association (KBA) Working Papers Series disseminates research findings of studies conducted by the KBA Centre for Research on Financial Markets and Policy. The Working Papers constitute “work in progress” and are published to stimulate discussion and contribute to the advancement of the banking industry’s knowledge of matters of markets, economic outcomes and policy. Constructive feedback on the Working Papers is welcome. The Working Papers are published in the names of the author(s). Therefore their views do not necessarily represent those of the KBA.enWorking Paper