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References: Stock Market Development in Sub-Saharan Africa

 
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References: Stock Market Development in Sub-Saharan Africa
   

Adjasi, K. Charles and Nicholas Biekpe, 2006, “Stock Market Development and Economic Growth: The Case of Selected African Countries,” African Development Review, Vol.18 (1) pp. 144-161 Akhtar, Shamshad, 2002 “Demutualization of Asian Stock Exchanges-Critical Issues and Challenges,” in Shamshad Akhtar ed. Demutualization of Stock Exchanges, Solutions and Case Studies, Manila: Asian Development Bank Arellano, Manuel and Stephen. Bond, 1991“Some Tests of Specification for Panel Data:

Monte Carlo Evidence and an Application to Employment Equations,” Review of Economic Studies, Vol. 58. pp. 277-97.

Asea, Patrick, 2003 “Promoting Regional Financial Market Integration,” Presented at the African Capital Markets Development Workshop, Johannesburg, South Africa, October 27.

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The World Economy, Vol. 21(1) pp. 63-77 Beck, Thorsten, Asli Demirguc-Kunt, and Ross Levine, 1999, “A New Database on Financial Development and Structure,” World Bank Working Paper 2146, Washington: The World Bank Bekaert, Gaert, 1996, Market Integration and Investment Barriers in Emerging Equity Markets,” The World Bank Economic Review, Vol. 9, pp. 75-107 Bekaert, Geert, Campbell Harvey and Christian Lundblad, 2001, “Emerging Equity Markets and Economic Development,” Journal of Development Economics, Vol. 66, pp. 465-504.

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30

Claessens Stijn, Daniela, Klingebiel and Sergio C. Schmukler, 2002, “Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centers,” World Bank Working Paper No. 2816, Washington: The World Bank Corbett, Jenny and Tim Jenkinson, 1994, “The Financing of Industry, 1970-89: An International Comparison,” Journal of Japanese and International Economies, Vol.

10, pp. 71-96 Cosh, D. Andy, Alan Hughes, and Ajit Singh, 1992), “Openness, Financial Innovation, Changing Patterns of Ownership and the Changing Structure of Financial Markets,”

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Working Paper 267, Prague: Charles University Friedman, B. Felice and Claire Grose, 2006, “Promoting Access to Primary Equity Markets:

A Legal and Regulatory Approach,” Policy Research Working Paper No. 3892 Washington: The World Bank Garcia, F. Valeriano and Lin Liu, 1999, “Macroeconomic Determinants of Stock Market Development,” Journal of Applied Economics, Vol. 2 (1), pp. 29-59.

31 Glen, Jack and Ajit Singh, 2003, “Capital Structures, Rates of Return and Financing Corporate Growth: Comparing Developed and Emerging Markets, 1994-2000,” in Litan et al (eds), The Future of Developed Capital Markets in Developing Countries, Washington: Brookings Institution.

Henry, B. Peter, 2000, “Do Stock Market Liberalizations Cause Investment Booms?

Journal of Financial Economics, Vol. 58(1-2) pp. 301-334 IOSCO, 2005 “Exchange Demutualization in Emerging Markets,” Emerging Markets Committee of the International Organization of Securities Commission IOSCO, April 2005 International Monetary Fund, 2003, “International Financial Statistics” CD-ROM Version, Washington: International Monetary Fund Irving, Jacqueline, 2005 “Regional Integration of Stock Exchanges in Eastern and Southern Africa: Progress and Prospects,” IMF Working Paper WP/05/122, Washington:

International Monetary Fund.

Kenny, Charles, and Todd D. Moss, 1998, “Stock Markets in Africa: Emerging Lions or White Elephants?” World Development, Vol. 26, pp. 829-43.

Khan, Moshin. S. and Abdelhak S. Senhadji, 2000 “Financial Development and Economic Growth: An Overview,” IMF Working Paper WP/00/209, Washington: International Monetary Fund Kumar, S. Mamohan, 1984, Growth, Acquisition, and Investment, Cambridge: Cambridge University Press.

Lallchand, Jawaharlal., 2001, “Capital Markets Development in Sub-Saharan Africa: A Case Study of Mauritius,” PhD Thesis, Cambridge: University of Cambridge.

La Porta, Rafael, Florencio Lopez-de-Silanes, and Andrei Shleifer, 2003, “What Works in Securities Laws?” NBER Working Paper No. 9882, Boston: National Bureau of Economic Research Levine, Ross and Sara Zervos, 1996 “Stock Market Development and Long-Run Growth”

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32 American Economic Review, Vol. 88, pp. 537-58.

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Policy Research Working Paper No. 3405, Washington: The World Bank Mayer, Colin, 1988, “New Issues in Corporate Finance,” European Economic Review, Vol.

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Moss, Todd, 2003 “Adventure Capitalism: Globalization and the Political Economy of Stock Markets in Africa,” London: Palgrave Macmillan Mutenheri E., and Christopher, J. Green, 2003, “Financial Reform and Financing Decisions of Listed Firms in Zimbabwe,” Journal of African Business, Vol. 4 (2), pp. 155-170.

Okeahalam, Charles, C., 2001, “Strategic Alliances and Mergers of Financial Exchanges:

The Case of the SADC,” presented at the fourth Annual Conference of the Centre for the Study of African Economies, Oxford University, March 19-31 Perotti, Enrico and Peter van Oijen, 1999, “Privatization, Political Risk and Stock Market Development in Emerging Economies University of Amsterdam. CEPR Discussion Paper 2243, London: Centre for Economic Policy Research.

Pirrong, Craig 2000 “A Theory of Financial Exchange Organization,” Journal of Law and Economics 43 pp. 437-471 Ryden, Bengt, 1995, “The Reform of the Stockholm Stock Exchange,” Stockholm Stock Exchange, November.

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Singh, Ajit, 1971, Takeovers: Their Relevance to the Stock Market and the Theory of the Firm, Cambridge: Cambridge University Press.

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33 Singh, Ajit, 1999, “Should Africa Promote Stock Market Capitalism?” Journal of International Development, Vol.11 pp. 343-365 Singh, Ajit and J. Hamid, 1992, “Corporate Financial Structures in Developing Countries,” IFC Technical Paper, No. 1, Washington DC: International Finance Corporation.

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CBR Working Paper No. 250, Cambridge: ESRC Center for Business Research Steil, Benn, 2001, “Creating Securities Markets in Developing Countries: A New Approach for the Age of Automated Trading,” International Finance 4(2) pp. 257-278 Vittas, Dimitri, 1998, “Institutional Investors and Securities Markets: Which Comes First?”

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Yartey, Charles Amo, 2005, Stock Market Development, Corporate Finance and Economic Growth in Africa. PhD Thesis, Cambridge: Faculty of Economics.

____________ 2006, “The Stock Market and the Financing of Corporate Growth in Africa: The case of Ghana,” IMF Working Paper WP/06/201 International Monetary Fund Washington D.C ___________ (2007), “The Institutional and Macroeconomic Determinants of Stock Market Development in Africa,” in Okpara, John, ed., “Management and Economic Development in Sub-Saharan Africa: Theoretical and Applied Perspectives,” London:

Adonis and Abbey.

____________(2007b), “Well Developed Financial Intermediary Sector Promotes Stock Market Development: Evidence from Africa,” Journal of Emerging Market Finance Forthcoming To learn more about this author, visit International Monetary Fund's Website.

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The IMF is an international organization of 185 member countries. It was established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries to help ease balance of payments adjustment. Since the IMF was established its purposes have remained unchanged but its operations—which involve surveillance, financial assistance, and technical assistance—have developed to meet the changing needs of its member countries in an evolving world economy.
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