03519nam 2200613Ia 450 991046399550332120181115205611.01-4623-8704-71-4527-1575-097866128439211-4518-7329-81-282-84392-3(CKB)3170000000055329(EBL)1608414(SSID)ssj0000939962(PQKBManifestationID)11528460(PQKBTitleCode)TC0000939962(PQKBWorkID)10945929(PQKB)10035782(OCoLC)649434598(MiAaPQ)EBC1608414(EXLCZ)99317000000005532920100526d2009 uf 0engurcn|||||||||txtccrUnderstanding the growth of African financial markets[electronic resource] /prepared by Mihasonirina Andrianaivo and Charles Amo Yartey[Washington, D.C.] International Monetary Fund, African Dept.20091 online resource (42 p.)IMF working paper ;WP/09/182"August 2009."1-4519-1754-6 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 DevelopmentB. 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)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 incomesIMF working paper ;WP/09/182.Banks and bankingAfricaStock exchangesAfricaElectronic books.Banks and bankingStock exchanges336.54Andrianaivo Mihasonirina937133Yartey Charles Amo898424International Monetary Fund.African Dept.MiAaPQMiAaPQMiAaPQBOOK9910463995503321Understanding the growth of African financial markets2110729UNINA