The need to develop securities market has, following the recent international financial crises, increasingly attracted the attention of national and international policy makers. Never before have developed and developing countries shared such a strong interest in ensuring the stable growth of the international capital flows. And yet, the question for policymakers is how to channel these gains into investments that promote development, sustainable poverty reduction and social equity. Using the African scenario, this paper argued that although many of the institutions needed for strong income growth and asset accumulation are equally important in fostering social assets, the institutional underpinnings of sustainable development are somewhat broader. They rest on greater access to information and knowledge and the ability to form broader partnerships. Without these additional institutional elements, society risks fragmentation that imperil both income growth and wellbeing. Nothing that market exchange plays a larger role in africa, we also argued that the presence of transactions costs naturally leads market participants to enter in long-term trading relationships(and these relationships form business networks that shape market outcomes) with minimum risks. However,when societies become more equitable in ways that lead to greater opportunites for all,the poor stand to benefit from a 'double dividend'.
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Paper provided by EconWPA in its series Finance with number
0512019.
Find related papers by JEL classification: G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data) G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions G12 - Financial Economics - - General Financial Markets - - - Asset Pricing G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage G30 - Financial Economics - - Corporate Finance and Governance - - - General F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
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