06148oam 22013214 450 991096984680332120251116163700.0978661284392197814623870451462387047978145271575914527157509781451873290145187329897812828439291282843923(CKB)3170000000055329(EBL)1608414(SSID)ssj0000939962(PQKBManifestationID)11528460(PQKBTitleCode)TC0000939962(PQKBWorkID)10945929(PQKB)10035782(OCoLC)649434598(IMF)WPIEE2009182(MiAaPQ)EBC1608414(IMF)WPIEA2009182WPIEA2009182(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."9781451917543 1451917546 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 exchangesAfricaBalance of paymentsimfBankingimfBanks and BankingimfBanks and bankingimfBanksimfCapital account liberalizationimfCommercial banksimfCurrent Account AdjustmentimfDepository InstitutionsimfDevelopment banksimfExports and ImportsimfFinanceimfFinance: GeneralimfFinancial Institutions and Services: GeneralimfFinancial Markets and the MacroeconomyimfFinancial sector developmentimfFinancial services industryimfGeneral Financial Markets: General (includes Measurement and Data)imfIndustries: Financial ServicesimfInternational economicsimfMicro Finance InstitutionsimfMortgagesimfMultilateral development institutionsimfShort-term Capital MovementsimfStock exchangesimfStock marketsimfSouth AfricaimfBanks and bankingStock exchangesBalance of paymentsBankingBanks and BankingBanks and bankingBanksCapital account liberalizationCommercial banksCurrent Account AdjustmentDepository InstitutionsDevelopment banksExports and ImportsFinanceFinance: GeneralFinancial Institutions and Services: GeneralFinancial Markets and the MacroeconomyFinancial sector developmentFinancial services industryGeneral Financial Markets: General (includes Measurement and Data)Industries: Financial ServicesInternational economicsMicro Finance InstitutionsMortgagesMultilateral development institutionsShort-term Capital MovementsStock exchangesStock markets336.54Andrianaivo Mihasonirina1816174Amo-Yartey Charles1864296International Monetary Fund.African Department.DcWaIMFBOOK9910969846803321Understanding the Growth of African Financial Markets4476187UNINA