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Recent Developments in African Financial Markets: Agenda for Further Research

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  • Ernest Aryeetey

Abstract

Despite the massive expansion in global financial markets in the 1990s, this development was felt only marginally in Africa. The lack of comparable expansion and impact in the African financial markets was observed after several years of financial sector reforms in many countries. Following these developments, several questions can be raised about what the most appropriate reforms should be. It is obvious that while the taking over of the financial markets by the state, as happened before reforms, cannot be the best means to make finance respond to the developmental needs of poor economies, outright liberalisation of markets with significant institutional and structural inadequacies also cannot lead to the desired outcomes. This is clearly shown by the African experience of the 1980s and 1990s. Are there alternatives to these two approaches of managing financial systems and markets? Clearly, greater research needs to be undertaken into what the peculiar policy and institutional needs of these financial markets are, taking into account the structures of economies, and learning from recent developments in theory. Copyright 2003, Oxford University Press.

Suggested Citation

  • Ernest Aryeetey, 2003. "Recent Developments in African Financial Markets: Agenda for Further Research," Journal of African Economies, Centre for the Study of African Economies, vol. 12(Supplemen), pages 111-152, September.
    • Handle: RePEc:oup:jafrec:v:12:y:2003:i:supp2:p:111-152
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    Cited by:

    1. Epstein, Gerald., 2009. "Rethinking monetary and financial policy : practical suggestions for monitoring financial stability while generating employment and poverty reduction," ILO Working Papers 994344393402676, International Labour Organization.
    2. Ademola Abimbola. O & Ben-Caleb Egbide & Adegboyegun Adekunle. E & Eluyela Damilola. F & Falaye Adebanjo. J & Ajayi Abiodun. S., 2020. "Rotating and Savings Credit Association (ROSCAs): A Veritable Tool for Enhancing the Performance of Micro and Small Enterprises in Nigeria," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 10(2), pages 189-199, February.
    3. repec:ilo:ilowps:455446 is not listed on IDEAS
    4. Biruk B. Ashenafi & Dong Yan, 2023. "Financial intermediation, inclusion, Fintech, and income inequality in Africa: Robust evidence from the supply and demand side data," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 52(2), July.
    5. Gerald Epstein, 2009. "Rethinking Monetary and Financial Policy: Practical suggestions for monitoring financial stability while generating employment and poverty reduction," Published Studies ilo_epstein11_09, Political Economy Research Institute, University of Massachusetts at Amherst.
    6. Gerald Epstein & James Heintz & Léonce Ndikumana & Grace Chang, 2011. "Employment, Poverty and Economic Development in Madagascar," Published Studies ndikumana_ilo2010, Political Economy Research Institute, University of Massachusetts at Amherst.
    7. Raymond K. DZIWORNU & Dadson AWUNYO-VITOR, 2013. "Stock Exchange Performance and Economic Growth in Ghana: Is There A Causal Link?," Asian Journal of Empirical Research, Asian Economic and Social Society, vol. 3(9), pages 1152-1165, September.
    8. James Heintz & Gerald Epstein, 2006. "Monetary Policy and Financial Sector Reform For Employment Creation and Poverty Reduction in Ghana," Working Papers wp113, Political Economy Research Institute, University of Massachusetts at Amherst.
    9. Biruk Birhanu Ashenafi & Yan Dong, 2024. "Decomposing the impact of financial openness on finance and income inequality: principle vs. outcome-based approaches from Africa," Economic Change and Restructuring, Springer, vol. 57(2), pages 1-32, April.
    10. Gerald Epstein & James Heintz, 2006. "Monetary Policy and Financial Sector Reform for Employment Creation and Poverty Reduction in Ghana," Research Report 2, International Policy Centre for Inclusive Growth.
    11. repec:ilo:ilowps:434439 is not listed on IDEAS
    12. Epstein, Gerald. & Heintz, James. & Ndikumana, Léonce. & Chang, Grace., 2010. "Employment, poverty and economic development in Madagascar : a macroeconomic framework," ILO Working Papers 994554463402676, International Labour Organization.
    13. ADEUSI, Stephen Oluwafemi & OGUNMAKIN, Adeduro Adesola, 2014. "Informal Capital Market and Environmental Factors in Nigeria," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 4(2), pages 126-136, February.

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