Stock Market Development in Sub-Saharan Africa Critical Issues and Challenges

This paper examines the economic importance of stock markets in Africa. It discusses policy options for promoting the development of the stock market in Africa. The results of the paper show that the stock markets have contributed to the financing of the growth of large corporations in certain Afric...

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Bibliographic Details
Main Author: Adjasi, Charles Komla
Other Authors: Yartey, Charles Amo
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2007
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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100 1 |a Adjasi, Charles Komla 
245 0 0 |a Stock Market Development in Sub-Saharan Africa  |b Critical Issues and Challenges  |c Charles Komla Adjasi, Charles Amo Yartey 
260 |a Washington, D.C.  |b International Monetary Fund  |c 2007 
300 |a 33 pages 
651 4 |a South Africa 
653 |a Institutional Investors 
653 |a Economics 
653 |a Stock exchanges 
653 |a Stocks 
653 |a Pension Funds 
653 |a Finance 
653 |a Market capitalization 
653 |a Financial Instruments 
653 |a General Financial Markets: General (includes Measurement and Data) 
653 |a Liquidity 
653 |a Non-bank Financial Institutions 
653 |a Emerging and frontier financial markets 
653 |a Stock markets 
653 |a Investments: Stocks 
653 |a Financial Markets and the Macroeconomy 
653 |a Financial services industry 
653 |a Investment & securities 
653 |a Portfolio Choice 
653 |a Finance: General 
653 |a Investment Decisions 
700 1 |a Yartey, Charles Amo 
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520 |a This paper examines the economic importance of stock markets in Africa. It discusses policy options for promoting the development of the stock market in Africa. The results of the paper show that the stock markets have contributed to the financing of the growth of large corporations in certain African countries. An econometric investigation of the impact of stock markets on growth in selected African countries, however, finds inconclusive evidence even though stock market value traded seem to be positively and significantly associated with growth. African stock exchanges now face the challenge of integration and need better technical and institutional development to address the problem of low liquidity. Preconditions for successful regional approaches include the harmonization of legislations such as bankruptcy and accounting laws and a liberalized trade regime. Robust electronic trading systems and central depository systems will be important. Further domestic financial liberalization such as steps to improve the legal and accounting framework, private sector credit evaluation capabilities, and public sector regulatory oversight would also be beneficial