The development of African capital markets: a legal and institutional approach

The role and place of capital markets in economic development have received increased attention in recent times. Consequently, establishment of capital markets has become part of the prescription offered to developing countries in order to realise economic growth. However the precise legal and institutional framework that would induce rapid and sustainable growth of the newly established capital markets in developing countries appears to continue eluding policy makers and their advisers. As a result, most capital markets currently existing in most developing countries remain undeveloped and sluggish. This study seeks to explore optimal legal and institutional framework that can support and sustain capital market growth in developing countries. It is believed that once policy makers become aware of such a framework, they will be able to forge targeted legal and policy reforms that will help ignite emergence of vibrant capital markets in developing countries. The point of departure of this study is an observation that capital markets in most developing countries were established and continue to be operated on inappropriate legal and institutional underpinnings. This study looks at a number of theories and approaches that have formed and informed the legal and institutional framework for capital markets in developing countries, including law and economics, law and development and the Washington Consensus approaches and explains how they have contributed to weak capital markets in developing countries.

Name dc:type.qualificationname

phd

Level dc:type.qualificationlevel

doctoral

Grantor dc:publisher.institution

Nottingham Trent University

Year dc:date.issued

2014

Author dc:creator

• Chimpango, BK

Language dc:language

en