Understanding the Growth of African Financial Markets
By Mihasonirina Andrianaivo, Charles Amo Yartey. Social Science Research Network, 2009
180 citations recorded by the source corpus.
: 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.
Subfields: Accounting, Finance, Information Systems
View Paper: https://www.semanticscholar.org/paper/9336f741981f5b962acc6dc0b074f9d3f4d36a38
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Citations in the corpus
- The institutional and macroeconomic determinants of stock market development in emerging economies (2010, background): “Domestic financial liberalization, macroeconomic stability and private capital flows have been the key drivers of emerging stock market growth (Andrianaivo and Yartey, 2009 ).”
- Inflation and financial development: evidence from Brazil (2007, background): “Finally, Zoli (2007), and Andrianaivo and Yartey (2009) report that in panels of emerging European countries between 1995 and 2006 and African countries between 1990 and 2006, inflation presents detrimental effects to financial development.”