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Investor Protections, Capital Markets, and Economic Growth: The African Experience

Bill B. Francis, Iftekhar Hasan () and Eric Ofori

A chapter in International Corporate Governance, 2015, vol. 18, pp 239-272 from Emerald Publishing Ltd

Abstract: Abstract This paper investigates the impact of the development of capital markets on economic growth in Africa and reports a significant increase in real GDP per capita after stock exchanges are established. This paper also reveals that there are significant improvements in the level of private investments in the post stock market launch era. The results also indicate that stock markets play a complementary role to the banking sector by contributing to the availability of private credit. Although African capital markets are relatively less advanced when compared to capital markets on other continents (particularly in terms of technology, structure, and liquidity), we find that their establishment has been crucial in helping African countries catch up with the rest of the world.

Keywords: Africa; capital markets; trading volume; economic growth; private investment; G10; G15; G18; O16; O40 (search for similar items in EconPapers)
Date: 2015
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