Should Africa promote stock market capitalism?
AbstractThis paper considers the pros and cons of establishing stock markets in Sub-Saharan African economies at the present stage of their development. It provides theoretical analysis and empirical evidence from both developing and advanced countries to argue that for many African countries such a development would be a costly irrelevance which they can ill afford; for a number of others, it is likely to do more harm than good. The African countries would do better to use their scarce human, material, and institutional resources to improve their banking systems than to promote stock markets.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 54291.
Date of creation: 24 Jan 1999
Date of revision:
Publication status: Published in The Journal of International Development 3.11(1999): pp. 343-367
Sub-Saharan Africa; banking systems; stock markets; empirical evidence; theory;
Other versions of this item:
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
- G2 - Financial Economics - - Financial Institutions and Services
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
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