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Should Africa promote stock market capitalism?

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  • Singh, Ajit

Abstract

This 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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File URL: http://mpra.ub.uni-muenchen.de/54291/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 54291.

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Date of creation: 24 Jan 1999
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Publication status: Published in The Journal of International Development 3.11(1999): pp. 343-367
Handle: RePEc:pra:mprapa:54291

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Keywords: Sub-Saharan Africa; banking systems; stock markets; empirical evidence; theory;

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  1. Singh, A., 1995. "Corporate Financial Patterns in Industrializing Economies. A Coparative International Study," Papers, World Bank - International Finance Corporation 2, World Bank - International Finance Corporation.
  2. Stiglitz, Joseph E, 1985. "Credit Markets and the Control of Capital," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 17(2), pages 133-52, May.
  3. Camerer, Colin, 1989. " Bubbles and Fads in Asset Prices," Journal of Economic Surveys, Wiley Blackwell, Wiley Blackwell, vol. 3(1), pages 3-41.
  4. Singh, Ajit, 1997. "Financial Liberalisation, Stockmarkets and Economic Development," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 107(442), pages 771-82, May.
  5. Singh, A. & Weisse, B. A., 1998. "Emerging Stock Markets, Portfolio Capital Flows and Long-term Economic Growth: Micro and Macroeconomic Perspectives," Accounting and Finance Discussion Papers, Faculty of Economics, University of Cambridge 98-af40, Faculty of Economics, University of Cambridge.
  6. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, American Economic Association, vol. 71(3), pages 393-410, June.
  7. Arestis, Philip & Demetriades, Panicos O, 1997. "Financial Development and Economic Growth: Assessing the Evidence," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 107(442), pages 783-99, May.
  8. Harris, Richard D. F., 1997. "Stock markets and development: A re-assessment," European Economic Review, Elsevier, Elsevier, vol. 41(1), pages 139-146, January.
  9. Singh, A., 1990. "The institution of a stockmarket in a socialist economy: Notes on the Chinese economic reform program," MPRA Paper, University Library of Munich, Germany 24324, University Library of Munich, Germany.
  10. Jean Tirole, 1991. "Privatization in Eastern Europe: Incentives and the Economics of Transition," NBER Chapters, National Bureau of Economic Research, Inc, in: NBER Macroeconomics Annual 1991, Volume 6, pages 221-268 National Bureau of Economic Research, Inc.
  11. Sushil Bikhchandani & David Hirshleifer & Ivo Welch, 2010. "A theory of Fads, Fashion, Custom and cultural change as informational Cascades," Levine's Working Paper Archive, David K. Levine 1193, David K. Levine.
  12. Singh, A. & Hamid, J., 1992. "Corporate Financial Structure in Developing Countries," Papers, World Bank - International Finance Corporation 1, World Bank - International Finance Corporation.
  13. Ajit Singh, 1998. "Savings, investment and the corporation in the East Asian miracle," Journal of Development Studies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 34(6), pages 112-137.
  14. Atje, Raymond & Jovanovic, Boyan, 1993. "Stock markets and development," European Economic Review, Elsevier, Elsevier, vol. 37(2-3), pages 632-640, April.
  15. Cho, Yoon Je, 1986. "Inefficiencies from Financial Liberalization in the Absence of Well-Functioning Equity Markets," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 18(2), pages 191-99, May.
  16. Mohamed A. El-Erian & Manmohan S. Kumar, 1995. "Emerging Equity Markets in Middle Eastern Countries," IMF Staff Papers, Palgrave Macmillan, Palgrave Macmillan, vol. 42(2), pages 313-343, June.
  17. Singh, A., 1991. "Corporate Takeovers: A Review," Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge 9206, Faculty of Economics, University of Cambridge.
  18. Banerjee, Abhijit V, 1992. "A Simple Model of Herd Behavior," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 107(3), pages 797-817, August.
  19. Martin BROWNBRIDGE, 1998. "The Causes Of Financial Distress In Local Banks In Africa And Implications For Prudential Policy," UNCTAD Discussion Papers, United Nations Conference on Trade and Development 132, United Nations Conference on Trade and Development.
  20. Singh, Ajit, 1998. "Financial crisis in East Asia: "The end of the Asian model"?," MPRA Paper, University Library of Munich, Germany 53539, University Library of Munich, Germany.
  21. Allen, Franklin & Gale, Douglas, 1995. "A welfare comparison of intermediaries and financial markets in Germany and the US," European Economic Review, Elsevier, Elsevier, vol. 39(2), pages 179-209, February.
  22. Singh, Ajit, 1998. "Liberalisation, the stock market and the market for corporate control: a bridge too far for the Indian economy?," MPRA Paper, University Library of Munich, Germany 54929, University Library of Munich, Germany.
  23. Corbett, Jennifer & Jenkinson, Tim, 1994. "The Financing of Industry, 1970-89: An International Comparison," CEPR Discussion Papers, C.E.P.R. Discussion Papers 948, C.E.P.R. Discussion Papers.
  24. Fernandez-Arias, Eduardo & Montiel, Peter J, 1996. "The Surge in Capital Inflows to Developing Countries: An Analytical Overview," World Bank Economic Review, World Bank Group, World Bank Group, vol. 10(1), pages 51-77, January.
  25. Mayer, Colin, 1989. "Myths of the West : lessons from developed countries for development finance," Policy Research Working Paper Series, The World Bank 301, The World Bank.
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