Search Results

You are looking at 1 - 10 of 90 items for :

  • "liberalized trade regime" x
Clear All
Charles Komla Adjasi and Charles Amo Yartey
This paper examines the economic importance of stock markets in Africa. It discusses policy options for promoting the development of the stock market in Africa. The results of the paper show that the stock markets have contributed to the financing of the growth of large corporations in certain African countries. An econometric investigation of the impact of stock markets on growth in selected African countries, however, finds inconclusive evidence even though stock market value traded seem to be positively and significantly associated with growth. African stock exchanges now face the challenge of integration and need better technical and institutional development to address the problem of low liquidity. Preconditions for successful regional approaches include the harmonization of legislations such as bankruptcy and accounting laws and a liberalized trade regime. Robust electronic trading systems and central depository systems will be important. Further domestic financial liberalization such as steps to improve the legal and accounting framework, private sector credit evaluation capabilities, and public sector regulatory oversight would also be beneficial.
Charles Komla Adjasi and Charles Amo Yartey

market. The Nairobi Stock Exchange and the Kenya Capital Markets Authority are together fostering the promotion of a regional exchange, by first harmonizing rules and regulations. Already, the Ugandan Securities Exchange has harmonized its listing rules with that of the Nairobi Stock Exchange. Source: Irving (2005) . There are important preconditions for successful regional approaches such as the legal harmonization (trading laws and accounting standards) and a liberalized trade regime. Integration requires that there are harmonized legislation, rules, listings