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Understanding the Growth of African Financial Markets

Understanding the Growth of African Financial Markets by Mihasonirina Andrianaivo
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This paper examines empirically the determinants of financial market development in Africa with an emphasis on banking systems and stock markets. The results show that income level, creditor rights protection, financial repression, and political risk are the main determinants of banking sector development in Africa, and that stock market liquidity, domestic savings, banking sector development, and political risk are the main determinants of stock market development. We also find that liberalizing the capital account promotes financial market development only in countries with high incomes, well- developed institutions, or both. The powerful impacts of political risk on both banking sector and stock market development suggest that resolution of political risk may be important to the development of African financial markets.
International Monetary Fund; August 2009
40 pages; ISBN 9781452715759
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Title: Understanding the Growth of African Financial Markets
Author: Mihasonirina Andrianaivo; Charles Amo Yartey
 
ISBNs
1451917546
9781451873290
9781451917543
9781452715759