Tweet

References: Stock Market Development in Sub-Saharan Africa

Written by: International Monetary Fund

Article Overview: References

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.
Asiedu, Elizabeth, 2006 “Foreign Direct Investment in Africa: The Role of Natural
Resources, Market Size, Government Policy, Institutions and Political Instability,”
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.
_________, 2004, “Does Financial Liberalization Spur Growth?” Journal of Financial
Economics Article in Press.
Bhide, Amar, 1993, “The Hidden Costs of Stock Market Liquidity,” Journal of Financial
Economics, Vol. 34, pp.31-51.
Binswanger, Mathias, 1999, Stock Markets, Speculative Bubbles and Economic Growth,
Cheltenham: Edward Elgar Publishing.
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,”
in Banuri, T. and Schor, J.B., (eds.), Financial Openness and National Autonomy,
Oxford: Clarendon Press.
Databank, 2004, “African Stock Markets Consolidate Gains,” Databank Research, Accra:
Databank.
Demirguc-Kunt, Asli and Ross. Levine, 1996, “Stock Market Development and Financial
Intermediaries: Stylized Facts,” The World Bank Economic Review, Vol. 10 (2), pp.
291- 232.
Demirguc-Kunt Asli and Vovislav Maksimovic, 1996, “Stock Market Development and
Financing Choices of Firms, ” The World Bank Economic Review Vol. 10 (2) 341-69.
De Santis Giorgio and Selahattin Imrohoroglu, 1997, “Stock Returns and Volatility in
Emerging Financial Markets,” Journal of International Money and Finance, Vol. 16,
pp. 561-579
Erb B. Claude, Campbell R. Harvey, and Tadase E. Viskanta, 1996a, “Expected Returns and
Volatility in 135 Countries,” Journal of Portfolio Management, Spring, pp. 32-48
Filer, K. Randall, Jan Hanousek and Nauro F. Campos, 1999, “Do Stock Markets Promote
Growth?” The Center for Economic Research and Graduate Education (CERGE)
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”
World Bank Economic Review, Vol.10 (2) pp. 323-340.
Levine, Ross and Sara Zervos, 1998, “Stock Markets Banks and Economic Growth”
32
American Economic Review, Vol. 88, pp. 537-58.
Lopez-de-Silanes, Florencio, 2004 “A Survey of Securities Laws and Enforcement,”
Policy Research Working Paper No. 3405, Washington: The World Bank
Mayer, Colin, 1988, “New Issues in Corporate Finance,” European Economic Review, Vol.
32, pp.1167-1188.
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.
Shleifer, Andrei and Robert W. Vishny 1986 “Large Shareholders and Corporate Control”
Journal of Political Economy, Vol. pp. 94 461-88.
Singh, Ajit, 1971, Takeovers: Their Relevance to the Stock Market and the Theory of the
Firm, Cambridge: Cambridge University Press.
Singh, Ajit, 1995, “Corporate Financing Patterns in Industrializing Economies: A
Comparative International Study,” IFC Technical Paper, No. 2 (Washington:
International Finance Corporation).
Singh, Ajit, 1997, “Financial Liberalization, Stock Markets, and Economic Development,”
The Economic Journal, Vol. 107, pp. 771-782.
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.
Singh Ajit and Bruce Weisse, 2002, “Corporate Governance, Competition, the new
International Financial Architecture and Large Corporations in Emerging Markets,”
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?”
World Bank Working paper 2032, Washington: The World Bank.
UNECA, 2006, Capital Flows and Development Financing in Africa, Economic Report on
Africa 2006, Addis Ababa: United Nations Economic Commission for Africa.
Whittington Geoffrey, Victoria Saporta, and Ajit Singh, 1997, “The Effect of Hyperinflation
in Accounting Ratios: Financing Corporate Growth in Industrializing Countries,” IFC
Technical Paper 3, Washington: The World Bank.
World Bank, 2004, World Development Indicators. World Bank, Washington.
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

Related Articles
  VI. B. Banking Sector Development: WHAT DETERMINES STOCK MARKET DEVELOPMENT IN AFRICA?
  VI. A. Macroeconomic Stability: WHAT DETERMINES STOCK MARKET DEVELOPMENT IN AFRICA?
  VII G. Strengthen Education: PROMOTING STOCK MARKET DEVELOPMENT IN AFRICA
  VI. C. Institutional Quality: WHAT DETERMINES STOCK MARKET DEVELOPMENT IN AFRICA?
  Local Entrepreneurship in Southeast Asia and Subsaharan Africa: Networks and Linkages to the Global Economy

Article Tags: african capital markets, asian development bank, asian stock exchanges, campbell harvey, capital markets development, edward elgar publishing, financial liberalization, financial market integration, foreign direct investment in africa, investment barriers, johannesburg south africa, review of economic studies, ross levine, shamshad akhtar, speculative bubbles, stephen bond, stock market development, stock market liquidity, structure world, world bank economic



Related Forum Posts
Re: Do Women Play the Stock Market? - I also play Stock Market.....
Re: need advice - Africa is a pretty big place I think it is a question of where in Africa you would like to open a call centre. South Africa for example actually has plenty of call centres already operating, so it would very much depend on what part of Africa you are considering. MichelleJ
Re: what position to request? - Hi Michael, Great suggestion from David, or you could try something around a design consultancy, How about Website Design Consultant, Design and Development Manager, Website Support and Development Manager or maybe Internet Business Development Consultant. Ultimately whatever you are comfortable with and good luck for the future, Mal.
Re: Do Women Play the Stock Market? - Thankfully, I do the finances in our household so there will be no surprises here! I cannot imagine not knowing what is going on. (In case you're wondering, my husband and I do consult with each other about major purchases though.) Until recently, I've only played a little in my RRSP's. I can't say I made any huge gains. I've done much better in real estate. My sister has done really well trading her RRSP's in penny stocks and if I remember correctly, she recently doubled her money in only a year. I'm hoping to change my own Stock Market record though! I got in on the ground level of a new green energy company in BC. It began as a private offering at 50 cents a share and now is offered at $1 a share only 3 months later. It's selling like hot cakes and will be closed to sales by the end of April (if there are any shares left). It was just evaluated by an independent company at around $6 a share. The company plans to be on the TSX this year and I expect to make a good return. Wish me well!
Re: Newbie from Africa - Hello Biiyke Welcome to the forum. Which part of Africa are you from it is quite a big continent? I live in South Africa. MichelleJ


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

2011 Global Brand Trends Letter

Why Use an Advertising Agency

How To Improve Your CTA (Call To Action)

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.