Description
Most capital markets that have been established in developing economies like Africa have struggled to make progress over two decades down the line. Development of African Capital Markets explores why these markets have remained underdeveloped and discusses a possible development theory that can be used in designing and implementing legal and institutional reforms to reinvigorate capital markets in African and other developing countries.
Boniface Chimpango analyses the weaknesses of capital markets in developing countries, and argues that legal and institutional framework for capital markets in developing countries should be tailored to the unique informal rules prevalent in each country rather than being transplanted from developed countries.
This book will be of interest to scholars, students and policy makers in the fields of economic development, African Studies, law, development and regulatory policy.
Table of Contents
1. Introduction
2. In Search of a Capital Market Development Theory
3. North’s Framework of Economic Change
4. North’s Framework and Capital Market Development Theory
5. Building Capital Markets: A Practical Perspective
6. Regulation of Capital Markets in Developed Economies and Selected African Countries - A Comparative Analysis.
7. The Mechanics of Institutional Change and Capital Market Development Reform.
8. Possible Implementation of North’s Framework through Institutional and Legal Reform
