LEADER 05943oam 22012374 450 001 9910827474803321 005 20240402051508.0 010 $a1-4623-8704-7 010 $a1-4527-1575-0 010 $a9786612843921 010 $a1-4518-7329-8 010 $a1-282-84392-3 035 $a(CKB)3170000000055329 035 $a(EBL)1608414 035 $a(SSID)ssj0000939962 035 $a(PQKBManifestationID)11528460 035 $a(PQKBTitleCode)TC0000939962 035 $a(PQKBWorkID)10945929 035 $a(PQKB)10035782 035 $a(OCoLC)649434598 035 $a(IMF)WPIEE2009182 035 $a(MiAaPQ)EBC1608414 035 $a(EXLCZ)993170000000055329 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aUnderstanding the Growth of African Financial Markets /$fMihasonirina Andrianaivo, Charles Amo Yartey 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (42 p.) 225 1 $aIMF Working Papers 300 $a"August 2009." 311 $a1-4519-1754-6 327 $aContents; 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 327 $aB. 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) 330 3 $aThis paper examines empirically the determinants of financial market development in Africa with an emphasis on banking systems and stock markets. The results show that income level, creditor rights protection, financial repression, and political risk are the main determinants of banking sector development in Africa, and that stock market liquidity, domestic savings, banking sector development, and political risk are the main determinants of stock market development. We also find that liberalizing the capital account promotes financial market development only in countries with high incomes, well- developed institutions, or both. The powerful impacts of political risk on both banking sector and stock market development suggest that resolution of political risk may be important to the development of African financial markets. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/182 606 $aBanks and banking$zAfrica 606 $aStock exchanges$zAfrica 606 $aBanks and Banking$2imf 606 $aExports and Imports$2imf 606 $aFinance: General$2imf 606 $aIndustries: Financial Services$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aFinancial Institutions and Services: General$2imf 606 $aFinance$2imf 606 $aBanking$2imf 606 $aInternational economics$2imf 606 $aStock markets$2imf 606 $aCommercial banks$2imf 606 $aFinancial sector development$2imf 606 $aCapital account liberalization$2imf 606 $aMultilateral development institutions$2imf 606 $aStock exchanges$2imf 606 $aBanks and banking$2imf 606 $aFinancial services industry$2imf 606 $aBalance of payments$2imf 606 $aDevelopment banks$2imf 607 $aSouth Africa$2imf 615 0$aBanks and banking 615 0$aStock exchanges 615 7$aBanks and Banking 615 7$aExports and Imports 615 7$aFinance: General 615 7$aIndustries: Financial Services 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aFinancial Markets and the Macroeconomy 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aFinancial Institutions and Services: General 615 7$aFinance 615 7$aBanking 615 7$aInternational economics 615 7$aStock markets 615 7$aCommercial banks 615 7$aFinancial sector development 615 7$aCapital account liberalization 615 7$aMultilateral development institutions 615 7$aStock exchanges 615 7$aBanks and banking 615 7$aFinancial services industry 615 7$aBalance of payments 615 7$aDevelopment banks 676 $a336.54 700 $aAndrianaivo$b Mihasonirina$01681908 701 $aYartey$b Charles Amo$01593231 712 02$aInternational Monetary Fund.$bAfrican Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910827474803321 996 $aUnderstanding the Growth of African Financial Markets$94051652 997 $aUNINA