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Investor Protections, Capital Markets, and Economic Growth: The African Experience

In: International Corporate Governance

Author

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  • Bill B. Francis
  • Iftekhar Hasan
  • Eric Ofori

Abstract

This paper investigates the impact of the development of capital markets on economic growth in Africa and reports a significant increase in real GDP per capita after stock exchanges are established. This paper also reveals that there are significant improvements in the level of private investments in the post stock market launch era. The results also indicate that stock markets play a complementary role to the banking sector by contributing to the availability of private credit. Although African capital markets are relatively less advanced when compared to capital markets on other continents (particularly in terms of technology, structure, and liquidity), we find that their establishment has been crucial in helping African countries catch up with the rest of the world.

Suggested Citation

  • Bill B. Francis & Iftekhar Hasan & Eric Ofori, 2015. "Investor Protections, Capital Markets, and Economic Growth: The African Experience," Advances in Financial Economics, in: International Corporate Governance, volume 18, pages 239-272, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:afeczz:s1569-373220150000018008
    DOI: 10.1108/S1569-373220150000018008
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    More about this item

    Keywords

    Africa; capital markets; trading volume; economic growth; private investment; G10; G15; G18; O16; O40;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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