Should Africa promote stock market capitalism?

Ajit Singh

MPRA Paper from University Library of Munich, Germany

Abstract: This paper considers the pros and cons of establishing stock markets in Sub-Saharan African economies at the present stage of their development. It provides theoretical analysis and empirical evidence from both developing and advanced countries to argue that for many African countries such a development would be a costly irrelevance which they can ill afford; for a number of others, it is likely to do more harm than good. The African countries would do better to use their scarce human, material, and institutional resources to improve their banking systems than to promote stock markets.

Keywords: Sub-Saharan Africa; banking systems; stock markets; empirical evidence; theory (search for similar items in EconPapers)
JEL-codes: E5 G2 O16 (search for similar items in EconPapers)
Date: 1999-01-24
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Citations: View citations in EconPapers (34)

Published in The Journal of International Development 3.11(1999): pp. 343-367

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Related works:
Journal Article: Should Africa promote stock market capitalism? (1999)
Working Paper: Should Africa Promote Stock Market Capitalism? (1998)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:54291

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