Understanding the Growth of African Financial Markets / / Mihasonirina Andrianaivo, Charles Amo Yartey

• Record Nr.: UNINA9910827474803321
• Autore: Andrianaivo Mihasonirina
• Pubbl/distr/stampa: Washington, D.C. : , : International Monetary Fund, , 2009
• ISBN: 1-4623-8704-7; 1-4527-1575-0; 9786612843921; 1-4518-7329-8; 1-282-84392-3
• Edizione: [1st ed.]
• Descrizione fisica: 1 online resource (42 p.)
• Collana: IMF Working Papers
• Altri autori (Persone): YarteyCharles Amo
• Disciplina: 336.54
• Soggetti: Banks and banking - Africa; Stock exchanges - Africa; Banks and Banking; Exports and Imports; Finance: General; Industries: Financial Services; General Financial Markets: General (includes Measurement and Data); Banks; Depository Institutions; Micro Finance Institutions; Mortgages; Financial Markets and the Macroeconomy; Current Account Adjustment; Short-term Capital Movements; Financial Institutions and Services: General; Finance; Banking; International economics; Stock markets; Commercial banks; Financial sector development; Capital account liberalization; Multilateral development institutions; Stock exchanges; Banks and banking; Financial services industry; Balance of payments; Development banks; South Africa
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: "August 2009."
• Nota di contenuto: Contents; I. Introduction; II. The Growth of African Financial Markets; A. Banking in Africa; Figures; 1. Africa: Banking Sector Development; B. Stock Markets in Africa; 2. The Growth of African Stock Markets; C. The Private Equity Market; 3. Private Equity Fundraising; D. The Bond Market in Africa; 4. Bond Markets in Africa; III.The Literature on Determinants of Financial Market Development; IV. Methodology; A. Modeling Banking Sector Development; B. Modelling the Determinants of Stock Market Development; V. Empirical Results; A. Banking Sector Development; B. Determinants of Stock Market Development VI. Summary and Conclusion; References; Appendices; Tables; 1a. Explanatory Variables used for Banking Sector Regression; 1b. Explanatory Variables used for Stock Market Regression; 2. Determinants for Banking Sector Development (System GMM Estimation/Credit); 3. Determinants of Banking Sector Development (System GMM Estimation/Bank Assets).; 4. Determinants of Stock Markets Development (Panel Data Estimation); 5. Determinants of Stock Markets Development (GMM Estimation)
• Sommario/riassunto: This paper examines empirically the determinants of financial market development in Africa with an emphasis on banking systems and stock markets. The results show that income level, creditor rights protection, financial repression, and political risk are the main determinants of banking sector development in Africa, and that stock market liquidity, domestic savings, banking sector development, and political risk are the main determinants of stock market development. We also find that liberalizing the capital account promotes financial market development only in countries with high incomes, well- developed institutions, or both. The powerful impacts of political risk on both banking sector and stock market development suggest that resolution of political risk may be important to the development of African financial markets.