The Development of African Capital Markets : A Legal and Institutional Approach.

Cover -- Title -- Copyright -- Contents -- Preface -- Table of cases -- Abbreviations -- 1 Introduction -- The increasing appetite for capital markets in developing economies -- The role of capital markets -- Capital markets and African economic growth -- Aims of the research -- Research design and methodology -- 2 In search of a capital market development theory -- Introduction -- Legal anthropology -- Law and economics -- Comparative law -- Legal transplants and law reform -- Law and development and the "Washington Consensus" theories -- Theories of legal change -- New institutional economics -- Conclusion -- 3 North's framework of economic change -- Introducton -- Uncertainty -- Non-ergodicty -- Risk, uncertainty and non-ergodicity -- Path dependency -- Belief system and institutional change -- Essential characteristics of institutional change -- Institutions and incentive structures -- Designing an institutional framework for economic change -- North's theory compared with other theories -- 4 North's framework and capital market development theory -- Introduction -- Formal institutions of capital markets -- Informal institutions of capital markets -- Formal and informal constraints likely to affect capital market development in SADC countries -- Conclusion -- 5 Building capital markets: a practical perspective -- Introduction -- The structural challenge to successful capital markets -- Local enforcement (effective regulators, prosecutors and courts) -- Reputational intermediaries -- Disclosure of information -- Insider dealing liability -- Market transparency -- The culture of the market: insiders, outsiders, intermediaries and regulatory bodies (state and SRO) -- Necessary and "merely nice" institutions -- Black's analysis of transferability of core institutions from one jurisdiction to another -- Conclusion.

6 Regulation of capital markets in developed economies and selected African countries - a comparative analysis -- Introduction -- United Kingdom capital market regulatory framework -- Capital markets in South Africa -- Capital market in Malawi -- Analysis of the case studies -- Comparison of informal rules in United Kingdom, South Africa and Malawi -- The significance of informal rules to the reform process -- The uniqueness of the capital market in South Africa -- Conclusion -- 7 The mechanics of institutional change and capital market development reform -- Introduction -- The process of institutional change - North's framework -- Changes of formal rules -- Changes of informal rules -- Interaction between formal rules and informal rules -- The interaction thesis -- The theory of efficiency-friendly institutional change -- Institutional characteristics conducive to efficient institutional change -- Practical examples of institutional change -- Theory of legal reforms -- Conclusion -- 8 Possible implementation of North's framework through institutional and legal reform -- Introduction -- Policy reform within North's framework -- Suggested policy priorities for the African countries -- Legal reform for capital market development -- Structural reforms: dispersed share ownership -- Self-regulation and economic change -- The self-enforcing model of corporate law -- Conclusion -- Reading list -- Index.

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.

Description based on publisher supplied metadata and other sources.

Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.