Should Africa Promote Stock Market Capitalism?
AbstractAbstract In a recent paper exploring the relationship between a country's financial system, industrialisation and economic development, I concluded that stock markets are potent symbols of capitalism but paradoxically capitalism flourishes better without them (Singh 1997). It will be argued in this paper that contrary to the international financial institutions (IFIs) who are encouraging and assisting Sub-Saharan African (SSA) countries in establishing stock markets, this conclusion is particularly applicable to economies in that region in their present circumstances. For many SSA countries stock market development would be a costly irrelevance which they can ill afford; for a number of others such an evolution is likely to do more harm than good.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 51846.
Date of creation: 23 Feb 1998
Date of revision:
Publication status: Published in The Journal of International Development 3.11(1999): pp. 343-367
International financial institutions; Sub-Saharan Africa; stock markets;
Other versions of this item:
- F0 - International Economics - - General
- G1 - Financial Economics - - General Financial Markets
- G2 - Financial Economics - - Financial Institutions and Services
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