Finance and Development: Can Stock Markets Matter in Africa?

Todd Moss

Chapter 4 in Adventure Capitalism, 2003, pp 71-102 from Palgrave Macmillan

Abstract: Abstract It is now clear that stock markets have been established in Africa for a host of varying reasons – some economic and some largely political or symbolic. Yet, the linkages between financial systems and broader economic development remain hotly contested. If stock markets are to be seen in Africa as developmentally desirable – that is, that they will make a positive contribution to the national economy and help to raise average incomes – then these connections need to be more fully explored. Banking has of course frequently been seen as a developmental issue and, more recently, microfinance has become trendy in development circles. But finance in general has traditionally not received as much attention as a possible engine (or, alternatively, inadequate financial systems as an impediment) to development. Indeed, Chandavarkar concludes that “finance still remains very much the poor relation of mainstream development economics” (Chandavarkar, 1992, p. 134)

Keywords: Stock Market; Corporate Governance; Central Bank; Banking Sector; Private Equity (search for similar items in EconPapers)
Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-55478-8_5

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DOI: 10.1057/9780230554788_5

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