05943oam 22012374 450 991082747480332120240402051508.01-4623-8704-71-4527-1575-097866128439211-4518-7329-81-282-84392-3(CKB)3170000000055329(EBL)1608414(SSID)ssj0000939962(PQKBManifestationID)11528460(PQKBTitleCode)TC0000939962(PQKBWorkID)10945929(PQKB)10035782(OCoLC)649434598(IMF)WPIEE2009182(MiAaPQ)EBC1608414(EXLCZ)99317000000005532920020129d2009 uf 0engurcn|||||||||txtccrUnderstanding the Growth of African Financial Markets /Mihasonirina Andrianaivo, Charles Amo Yartey1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (42 p.)IMF Working Papers"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 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.IMF Working Papers; Working Paper ;No. 2009/182Banks and bankingAfricaStock exchangesAfricaBanks and BankingimfExports and ImportsimfFinance: GeneralimfIndustries: Financial ServicesimfGeneral Financial Markets: General (includes Measurement and Data)imfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfFinancial Markets and the MacroeconomyimfCurrent Account AdjustmentimfShort-term Capital MovementsimfFinancial Institutions and Services: GeneralimfFinanceimfBankingimfInternational economicsimfStock marketsimfCommercial banksimfFinancial sector developmentimfCapital account liberalizationimfMultilateral development institutionsimfStock exchangesimfBanks and bankingimfFinancial services industryimfBalance of paymentsimfDevelopment banksimfSouth AfricaimfBanks and bankingStock exchangesBanks and BankingExports and ImportsFinance: GeneralIndustries: Financial ServicesGeneral Financial Markets: General (includes Measurement and Data)BanksDepository InstitutionsMicro Finance InstitutionsMortgagesFinancial Markets and the MacroeconomyCurrent Account AdjustmentShort-term Capital MovementsFinancial Institutions and Services: GeneralFinanceBankingInternational economicsStock marketsCommercial banksFinancial sector developmentCapital account liberalizationMultilateral development institutionsStock exchangesBanks and bankingFinancial services industryBalance of paymentsDevelopment banks336.54Andrianaivo Mihasonirina1681908Yartey Charles Amo1593231International Monetary Fund.African Dept.DcWaIMFBOOK9910827474803321Understanding the Growth of African Financial Markets4051652UNINA