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Financial Research on Africa: A Financial Theory Perspective


  • Anthony Saunders

    (New York University)

  • Lemma W. Senbet

    (University of Maryland)


This paper overviews the major problems confronting African Financial systems and sketches a wide range of issues for future research. The framework of modern financial theory is utilized in analyzing the characteristics of African financial systems. The framework begins with an idealized market system as a benchmark and introduces various classes of market imperfections and agency problems arising from conflicting interests among stakeholders in a financial economy, including the public sector. Implications are drawn, and illustrations provided, for the design of incentive contracts, corporate taxation, deposit insurance contracts, privatization of public enterprises, and the securities and banking systems.

Suggested Citation

  • Anthony Saunders & Lemma W. Senbet, 1992. "Financial Research on Africa: A Financial Theory Perspective," Journal of African Development, African Finance and Economic Association, vol. 1(1), pages 1-24.
  • Handle: RePEc:afe:journl:v:1:y:1992:i:1:p:1-24

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