Regional Financial Integration In Africa Cross Listings As A Form Of Regional Financial Integration

Author : Moses Wisdom Chisadza
Publisher : diplom.de
Page : 112 pages
File Size : 55,9 Mb
Release : 2014-02-01
Category : Business & Economics
ISBN : 9783954897216

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Regional financial Integration in Africa: Cross-listings as a form of regional financial integration by Moses Wisdom Chisadza Pdf

This book looks at contemporary issues facing financial markets in Southern Africa. It has been established that African stock markets are confronted with a multitude of problems which include inadequate liquidity, low capitalisation, few market participants, a small number of listed companies and low trading volumes. As a result, their broader economic impact has so far been limited. The Southern Africa Development Community (‘SADC’) stock markets, with the exception of South Africa, are small both in terms of the number of listed companies and market capitalisation, and they display considerable illiquidity. In general, the SADC region has shallow and underdeveloped financial markets. Their development has been hampered by a number of factors which include; political and economic uncertainty, fiscal dominance, weak judicial institutions, limited investment opportunities in the private sector, technological constraints, and the shortage of skilled personnel with expertise in banking and finance.

Author : United Nations Economic Commission for Africa
Publisher : United Nations
Page : 310 pages
File Size : 47,7 Mb
Release : 2009-01-27
Category : Political Science
ISBN : 9789210598804

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Assessing Regional Integration in Africa III by United Nations Economic Commission for Africa Pdf

This report finds that although there are some successes, African countries are still experiencing enormous difficulties in achieving the macroeconomic convergence criteria set by their RECs, such as targets on inflation, debt-to-GDP ratio, and deficit-to-GDP ratio. The assessment also indicates that despite some financial developments, African financial market activities remain shallow, with capital markets characterized by low capitalization and liquidity. The report also provides policymakers with recommendations on how to deepen monetary and financial integration on the continent and create an enabling macroeconomic environment for the continent.

Author : Raphael A. Espinoza,Goohoon Kwon
Publisher : International Monetary Fund
Page : 38 pages
File Size : 53,6 Mb
Release : 2009-07
Category : Business & Economics
ISBN : IND:30000111481770

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Regional Financial Integration in the Caribbean: Evidence from Financial and Macroeconomic Data by Raphael A. Espinoza,Goohoon Kwon Pdf

This paper assesses the extent of regional financial integration in the Caribbean Community (CARICOM) by analyzing equity prices in the region and rigidity of external financing constraints. The results are presented in a cross-regional perspective. The Caribbean stock markets are not as well integrated as one would expect from the extent of cross-listing and importance of regional banking groups: price differentials of cross-listed stocks reach an average of 5 percent. Auto-Regressive models suggest that these price differentials are only slowly arbitraged away, with half-lives exceeding 7 worked days, even when looking only at large arbitrage opportunities (using a Threshold Auto-Regressive model). A speculative methodology using macroeconomic data seems to confirm these findings. A strong mean reversion of the current account (respectively regional trade imbalances) is interpreted, following Obstfeld and Taylor (2004), as a lack of ways to finance current account deficits, i.e. a lack of global (respectively regional) financial integration. The region appears to be much less integrated than the EU15 or the ASEAN+3 groups, although it fares well compared to other LDCs.

Author : Moses Wisdom Chisadza
Publisher : GRIN Verlag
Page : 124 pages
File Size : 55,6 Mb
Release : 2014-01-17
Category : Business & Economics
ISBN : 9783656576471

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The role of cross-listings in establishing a Southern African Development Community regional stock exchange by Moses Wisdom Chisadza Pdf

Master's Thesis from the year 2013 in the subject Economics - Case Scenarios, , course: LLM in International Trade, Investment and Business Law in Africa, language: English, abstract: It has been established that African stock markets are confronted with a multitude of problems which include, inadequate liquidity, low capitalisation, few market participants, a small number of listed companies and low trading volumes. As a result, their broader economic impact has so far been limited. The Southern Africa Development Community (SADC) stock markets with the exception of South Africa are small, both in terms of the number of listed companies and market capitalisation, and they display considerable illiquidity. In general, the SADC region has shallow and underdeveloped financial markets. Their development has been hampered by a number of factors which include; political and economic uncertainty, fiscal dominance, weak judicial institutions, limited investment opportunities in the private sector, technological constraints, and the shortage of skilled personnel with expertise in banking and finance. It is contended that all these problems could be eased through regional financial integration. The integration of African stock markets and the introduction of regional stock exchanges will promote cross-border listings and thus stimulate increased liquidity across markets. Thus, it is suggested that the integration of SADC’s stock markets and the creation of a regional stock exchange is one of the panaceas to overcome Africa’s stock market problems. A regional stock exchange has the potential for tremendous benefits for both local and foreign investors, as well as for business enterprises in the region

Author : United Nations. Economic Commission for Africa,African Union
Publisher : UN
Page : 314 pages
File Size : 47,9 Mb
Release : 2008
Category : Business & Economics
ISBN : UOM:39015084119364

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Assessing Regional Integration in Africa 2008 by United Nations. Economic Commission for Africa,African Union Pdf

This report finds that although there are some successes, African countries are still experiencing enormous difficulties in achieving the macroeconomic convergence criteria set by their RECs, such as targets on inflation, debt-to-GDP ratio, and deficit-to-GDP ratio. The assessment also indicates that despite some financial developments, African financial market activities remain shallow, with capital markets characterized by low capitalization and liquidity. The report also provides policymakers with recommendations on how to deepen monetary and financial integration on the continent and create an enabling macroeconomic environment for the continent.

Author : Iwa Salami
Publisher : Routledge
Page : 177 pages
File Size : 40,8 Mb
Release : 2016-04-15
Category : Law
ISBN : 9781317135128

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Financial Regulation in Africa by Iwa Salami Pdf

In the wake of the global financial crisis, there has been a worldwide search for alternative investment opportunities, away from advanced markets. The African continent is now one of the fastest-growing economic regions in the world and represents a viable destination for foreign direct and portfolio investment. This book, which is the first comprehensive analysis of financial integration and regulation in Africa, fills a huge gap in the literature on financial regulation and would constitute an invaluable source of information to policy makers, investors, researchers and students of financial regulation from an emerging and frontier markets perspective. It considers how financial integration can facilitate African financial markets to achieve their full potential and provides a comparative study with the EU framework for financial integration and regulation. It assesses the implementation of effective and regional domestic infrastructures and how these can be adapted to suit the African context. The book also provides an assessment of government policies towards the integration of financial regulation in keeping with the regional agenda of the African Union (AU) and the African Economic Community (AEC).

Author : Mr.Paulo Drummond,Mr.S. K Wajid,Mr.Oral Williams
Publisher : International Monetary Fund
Page : 308 pages
File Size : 41,7 Mb
Release : 2015-01-12
Category : Business & Economics
ISBN : 9781498322959

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The Quest for Regional Integration in the East African Community by Mr.Paulo Drummond,Mr.S. K Wajid,Mr.Oral Williams Pdf

The countries in the East African Community (EAC) are among the fastest growing economies in sub-Saharan Africa. The EAC countries are making significant progress toward financial integration, including harmonization of supervisory arrangements and practices and the modernization of monetary policy frameworks. This book focuses on regional integration in the EAC and argues that the establishment of a time table for the eliminating the sensitive-products list and establishing a supranational legal framework for resolving trade disputes are important reforms that should foster regional integration.

Author : Mr.Emre Alper,Ms.Wenjie Chen,Mr.Jemma Dridi,Mr.Herve Joly,Mr.Fan Yang
Publisher : International Monetary Fund
Page : 77 pages
File Size : 42,9 Mb
Release : 2017-01-13
Category : Business & Economics
ISBN : 9781475560350

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A Work in Progress by Mr.Emre Alper,Ms.Wenjie Chen,Mr.Jemma Dridi,Mr.Herve Joly,Mr.Fan Yang Pdf

This paper assesses the extent of economic and financial integration among the East African Community (EAC) along a number of dimensions and, where possible, whether integration has increased in the wake of the major regional integration policy milestones.

Author : Faezeh Foroutan
Publisher : World Bank Publications
Page : 48 pages
File Size : 44,5 Mb
Release : 1992
Category : Africa
ISBN : 8210379456XXX

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Regional Integration in Sub-Saharan Africa by Faezeh Foroutan Pdf

The emphasis of regional integration in Sub-Saharan Africa should shift from the integration of goods markets to the regional coordination of macroeconnmic and microeconomic policies, the harmonization of administrative rules and regulations, and the joint provision of public goods. Such steps are likely to make Sub-Saharan African markets more attractive to domestic and foreign investors and to improve economic growth.

Author : Mr.Masafumi Yabara
Publisher : International Monetary Fund
Page : 31 pages
File Size : 51,7 Mb
Release : 2012-01-01
Category : Business & Economics
ISBN : 9781463971823

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Capital Market Integration by Mr.Masafumi Yabara Pdf

Capital markets in the East African Community (EAC) face common challenges of low capitalization and liquidity, but to different degrees. EAC member countries have made noticeable progress in developing domestic capital markets through a regional approach, removing constraints on capital transactions and harmonizing market infrastructure. Nevertheless, empirical analysis suggests capital market integration has not deepened during the past few years in the EAC, although convergence of investment returns is taking place to some extent. Learning from the experience of the West African Economic and Monetary Union and the Association of Southeast Asian Nations, EAC countries would benefit from four actions to accelerate financial market integration: (i) further harmonize market infrastructure; (ii) strengthen regional surveillance mechanisms; (iii) encourage local currency bond issuance by multilateral financial institutions; and (iv) build the capacity of the existing regional institutions.

Author : Ms.Jacqueline Irving
Publisher : INTERNATIONAL MONETARY FUND
Page : 0 pages
File Size : 47,8 Mb
Release : 2005-06-01
Category : Business & Economics
ISBN : 1451861419

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Regional Integration of Stock Exchanges in Eastern and Southern Africa by Ms.Jacqueline Irving Pdf

This paper assesses whether regional cooperation and integration of stock exchanges in eastern and southern Africa could offer a way of overcoming impediments to the exchanges' development. The paper concludes that regional cooperation and, at a later stage, integration, if carried out at the right pace and in a pragmatic way, could improve the liquidity, efficiency, and competitiveness of these exchanges. Further progress in developing national financial markets must precede any actual moves to integrate securities markets. These exchanges could meanwhile benefit from closer cooperation, including by encouraging more crossborder listings and information/technology sharing.

Author : Mugerwa, Paul
Publisher : Asante Capital Hub
Page : 513 pages
File Size : 42,9 Mb
Release : 2017-07-20
Category : Business & Economics
ISBN : 9789970532018

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The East Africa Financial System by Mugerwa, Paul Pdf

In this century, regional integration is taking a new shape in Africa. This book provides a deeper analysis of the: EAC Financial Institutions; the Commodity & Financial Markets the EAC Financial assets; a break-down of EAC Financial Infrastructure, Risks & Intermediation; and an exploration of EAC financial system players. Finally, the writer proposes an efficient and Integrated Financial System model that would work for the EAC economies to achieve regional and global competitiveness.

Author : Mr.Raphael A. Espinoza,Ananthakrishnan Prasad,Mr.Oral Williams
Publisher : International Monetary Fund
Page : 35 pages
File Size : 55,5 Mb
Release : 2010-04-01
Category : Business & Economics
ISBN : 9781451982589

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Regional Financial Integration in the GCC by Mr.Raphael A. Espinoza,Ananthakrishnan Prasad,Mr.Oral Williams Pdf

We investigate the extent of regional financial integration in the member countries of the Gulf Cooperation Council. The limited volume data available suggests that regional integration is non-negligible. Bahrain and Kuwait investments especially are oriented towards the region. The development of stock markets in the region will also improve the extent of financial integration. Interest rate data shows that convergence exists and that interest rate differentials are relatively short-lived-especially compared to the ECCU, another emerging market region sharing a common currency. Equities data using cross-listed stocks confirms that stock markets are fairly integrated compared to other emerging market regions, although financial integration is hampered by market illiquidity.

Author : Anonim
Publisher : Unknown
Page : 310 pages
File Size : 43,8 Mb
Release : 2024-07-02
Category : Africa, Eastern
ISBN : OCLC:904293295

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The Quest for Regional Integration in the East African Community by Anonim Pdf

Author : African Development Bank
Publisher : Unknown
Page : 424 pages
File Size : 41,8 Mb
Release : 1993
Category : Africa, Southern
ISBN : IND:30000041992334

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Economic Integration in Southern Africa by African Development Bank Pdf