메뉴 건너뛰기




Volumn 26, Issue 5, 1998, Pages 829-843

Stock markets in Africa: emerging lions or white elephants?

Author keywords

[No Author keywords available]

Indexed keywords

ECONOMIC GROWTH; NATIONAL TRADE; POLITICAL ECONOMY; STOCK MARKET;

EID: 0032079162     PISSN: 0305750X     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0305-750X(98)00019-9     Document Type: Article
Times cited : (58)

References (96)
  • 10
    • 0002955324 scopus 로고
    • Financial liberalisation and economic development: A critical disposition
    • ed. P. Arestis. St Martin's, New York
    • Arestis, P. and Demetriades, P. (1993) Financial liberalisation and economic development: a critical disposition. In Money and Banking: Issues for the Twenty-First Century ed. P. Arestis, pp. 287-303. St Martin's, New York.
    • (1993) Money and Banking: Issues for the Twenty-First Century , pp. 287-303
    • Arestis, P.1    Demetriades, P.2
  • 11
    • 0002943409 scopus 로고
    • Market integration and investment barriers in emerging equity markets
    • World Bank Discussion Paper No. 228, eds. S. Claessens and S. Gooptu. World Bank, Washington, DC
    • Bekaert, G. (1993) Market integration and investment barriers in emerging equity markets. In Portfolio Investment in Developing Countries, World Bank Discussion Paper No. 228, eds. S. Claessens and S. Gooptu, pp. 221-251. World Bank, Washington, DC.
    • (1993) Portfolio Investment in Developing Countries , pp. 221-251
    • Bekaert, G.1
  • 14
    • 0010445377 scopus 로고    scopus 로고
    • Working notes. Mimeo, London, April
    • Blakeney Management (1996) Working notes. Mimeo, London, April.
    • (1996)
  • 15
    • 0000378995 scopus 로고
    • Emerging stock markets and international asset pricing
    • World Bank Discussion Paper No. 228, eds. S. Claessens and S. Gooptu. World Bank, Washington, DC
    • Buckberg, E. (1993) Emerging stock markets and international asset pricing. In Portfolio Investment in Developing Countries, World Bank Discussion Paper No. 228, eds. S. Claessens and S. Gooptu, pp. 169-199. World Bank, Washington, DC.
    • (1993) Portfolio Investment in Developing Countries , pp. 169-199
    • Buckberg, E.1
  • 16
  • 17
    • 0004249330 scopus 로고    scopus 로고
    • January 1
    • Business Africa (1996a) January 1.
    • (1996) Business Africa
  • 18
  • 19
    • 0042538828 scopus 로고    scopus 로고
    • Mexico's balance of payments crisis: A chronicle of a death foretold
    • Calvo, G. and Mendoza, E. (1996) Mexico's balance of payments crisis: a chronicle of a death foretold. Journal of International Economics 41, 235-264.
    • (1996) Journal of International Economics , vol.41 , pp. 235-264
    • Calvo, G.1    Mendoza, E.2
  • 20
    • 0030404495 scopus 로고    scopus 로고
    • Mexican meltdown: States, markets, and post-NAFTA financial turmoil
    • Cameron, M. and Aggarmal, V. (1996) Mexican meltdown: states, markets, and post-NAFTA financial turmoil. Third World Quarterly 17,(5), 975-987.
    • (1996) Third World Quarterly , vol.17 , Issue.5 , pp. 975-987
    • Cameron, M.1    Aggarmal, V.2
  • 22
    • 0009479825 scopus 로고    scopus 로고
    • Banking on financial reform? A case of sensitive dependence on initial conditions
    • eds. G. Caprio, I. Atiyas and J. Hanson. Cambridge University Press, Cambridge, 1996
    • Caprio, G. (1996) Banking on financial reform? A case of sensitive dependence on initial conditions. In Financial Reform: Theory and Experience, eds. G. Caprio, I. Atiyas and J. Hanson, pp. 49-63. Cambridge University Press, Cambridge, 1996.
    • (1996) Financial Reform: Theory and Experience , pp. 49-63
    • Caprio, G.1
  • 24
    • 84937274872 scopus 로고    scopus 로고
    • Mexico's circle of misery
    • Castaneda, J. (1996) Mexico's circle of misery. Foreign Affairs 75(4), 92-105.
    • (1996) Foreign Affairs , vol.75 , Issue.4 , pp. 92-105
    • Castaneda, J.1
  • 26
    • 0001703218 scopus 로고
    • Inefficiencies from financial liberalization in the absence of well-functioning equity markets
    • Cho, Y. (1986) Inefficiencies from financial liberalization in the absence of well-functioning equity markets. Journal of Money, Credit and Banking 18(2), 191-199.
    • (1986) Journal of Money, Credit and Banking , vol.18 , Issue.2 , pp. 191-199
    • Cho, Y.1
  • 28
    • 0010521506 scopus 로고
    • Foreign direct investment
    • eds. I. Husain and J. Underwood. World Bank, Washington, DC
    • Cockroft, L. and Riddell, R. (1991) Foreign direct investment. In African External Finance in the 1990s, eds. I. Husain and J. Underwood. World Bank, Washington, DC.
    • (1991) African External Finance in the 1990s
    • Cockroft, L.1    Riddell, R.2
  • 29
    • 0000843042 scopus 로고    scopus 로고
    • A self-fulfilling model of Mexico's 1994-95 debt crisis
    • Cole, H. and Kehoe, T. (1996) A self-fulfilling model of Mexico's 1994-95 debt crisis. Journal of International Economics 41, 309-330.
    • (1996) Journal of International Economics , vol.41 , pp. 309-330
    • Cole, H.1    Kehoe, T.2
  • 31
    • 0030531231 scopus 로고    scopus 로고
    • Mexico: Financial fragility or structural crisis?
    • Cypher, J. (1996) Mexico: financial fragility or structural crisis? Journal of Economic Issues XXX,(2), 451-461.
    • (1996) Journal of Economic Issues , vol.30 , Issue.2 , pp. 451-461
    • Cypher, J.1
  • 33
    • 0001033880 scopus 로고    scopus 로고
    • Stock markets, corporate finance and economic growth: Overview
    • Demirguc-Kunt, A. and Levine, R. (1996) Stock markets, corporate finance and economic growth: overview. World Bank Economic Review 10(2), 223-240.
    • (1996) World Bank Economic Review , vol.10 , Issue.2 , pp. 223-240
    • Demirguc-Kunt, A.1    Levine, R.2
  • 36
    • 0003888420 scopus 로고    scopus 로고
    • August 24
    • Economist (1996) August 24.
    • (1996) Economist
  • 37
    • 0010450048 scopus 로고
    • June
    • Euromoney (1995) June.
    • (1995) Euromoney
  • 38
    • 0030460245 scopus 로고    scopus 로고
    • The surge in capital inflows to developing countries: An analytical overview
    • Fernandez-Arias, E. and Montiel, P. (1996) The surge in capital inflows to developing countries: an analytical overview. The World Bank Economic Review 10(1), 51-77.
    • (1996) The World Bank Economic Review , vol.10 , Issue.1 , pp. 51-77
    • Fernandez-Arias, E.1    Montiel, P.2
  • 39
    • 0003913554 scopus 로고    scopus 로고
    • October 24
    • Financial Times (1996a) October 24.
    • (1996) Financial Times
  • 40
    • 0003913554 scopus 로고    scopus 로고
    • November 5
    • Financial Times (1996b) November 5.
    • (1996) Financial Times
  • 41
    • 0003913554 scopus 로고    scopus 로고
    • November 11
    • Financial Times (1996c) November 11.
    • (1996) Financial Times
  • 42
    • 0029486423 scopus 로고
    • Foreign portfolio equity investment in emerging markets: A panacea for economic development?
    • Fischer, B. (1995) Foreign portfolio equity investment in emerging markets: a panacea for economic development? Savings and Development XIX(2), 149-173.
    • (1995) Savings and Development , vol.19 , Issue.2 , pp. 149-173
    • Fischer, B.1
  • 43
    • 0010486875 scopus 로고    scopus 로고
    • February 19
    • Fortune (1996) February 19.
    • (1996) Fortune
  • 44
    • 0001460179 scopus 로고
    • Capital markets and corporate control: A study of France, Germany and the U.K.
    • April
    • Franks, J. and Mayer, C. (1990) Capital markets and corporate control: a study of France, Germany and the U.K. Economic Policy (April), 191-231.
    • (1990) Economic Policy , pp. 191-231
    • Franks, J.1    Mayer, C.2
  • 45
    • 0012895602 scopus 로고    scopus 로고
    • Reforming finance: Approaches and importance
    • eds G. Caprio, I. Atiyas and J. Hanson. Cambridge University Press, Cambridge
    • Gertler, M. and Rose, A. (1996) Reforming finance: approaches and importance. In Financial Reform: Theory and Experience, eds G. Caprio, I. Atiyas and J. Hanson, pp. 13-48. Cambridge University Press, Cambridge.
    • (1996) Financial Reform: Theory and Experience , pp. 13-48
    • Gertler, M.1    Rose, A.2
  • 46
    • 0010447887 scopus 로고
    • Euromoney Publications, London
    • Global Investor (1995) Global Custory Yearbook. Euromoney Publications, London.
    • (1995) Global Custory Yearbook
  • 47
    • 8744302000 scopus 로고    scopus 로고
    • Stock markets, rentier interest, and the current Mexican crisis
    • Grabel, I. (1996) Stock Markets, Rentier Interest, and the Current Mexican Crisis. Journal of Economic Issues XXX(2), 443-449.
    • (1996) Journal of Economic Issues , vol.30 , Issue.2 , pp. 443-449
    • Grabel, I.1
  • 48
    • 0030436586 scopus 로고    scopus 로고
    • Marketing the third world: The contradictions of portfolio investment in the global economy
    • Grabel, I. (1996) Marketing the Third World: the contradictions of portfolio investment in the global economy. World Development 24(11), 1761-1776.
    • (1996) World Development , vol.24 , Issue.11 , pp. 1761-1776
    • Grabel, I.1
  • 53
    • 0002848276 scopus 로고
    • Regulatory revenge: The politics of free-market financial reforms
    • eds S. Haggard, C. Lee and S. Maxfield. Cornell University Press, Ithaca, NY
    • Hastings, L. (1993) Regulatory revenge: the politics of free-market financial reforms. In The Politics of Finance in Developing Countries, eds S. Haggard, C. Lee and S. Maxfield, pp. 201-229. Cornell University Press, Ithaca, NY.
    • (1993) The Politics of Finance in Developing Countries , pp. 201-229
    • Hastings, L.1
  • 54
    • 0010485826 scopus 로고
    • Selective squander: The politics of preferential credit allocation in the Philippines reforms
    • eds. S. Haggard, C. Lee and S. Maxfield. Cornell University Press, Ithaca, NY
    • Hutchcroft, P. (1993) Selective squander: the politics of preferential credit allocation in the Philippines reforms. In The Politics of Finance in Developing Countries, eds. S. Haggard, C. Lee and S. Maxfield, pp. 165-200. Cornell University Press, Ithaca, NY.
    • (1993) The Politics of Finance in Developing Countries , pp. 165-200
    • Hutchcroft, P.1
  • 55
    • 0003426437 scopus 로고    scopus 로고
    • World Bank, Washington, DC
    • International Finance Corporation (1996a) Emerging Stock Markets Factbook 1996. World Bank, Washington, DC.
    • (1996) Emerging Stock Markets Factbook 1996
  • 57
    • 0031391748 scopus 로고    scopus 로고
    • World Bank, Washington, DC
    • International Finance Corporation (1997) Emerging Stock Markets Factbook 1997. World Bank, Washington, DC.
    • (1997) Emerging Stock Markets Factbook 1997
  • 59
    • 0029482865 scopus 로고
    • The Botswana market share and its role in financial and economic development
    • Jefferis, K. (1995) The Botswana market share and its role in financial and economic development. World Development 23(4), 663-678.
    • (1995) World Development , vol.23 , Issue.4 , pp. 663-678
    • Jefferis, K.1
  • 61
    • 0010451526 scopus 로고    scopus 로고
    • Monetary policy in the end-game to exchange-rate based stabilizations: The case of Mexico
    • Kamin, S. and Rogers, J. (1996) Monetary policy in the end-game to exchange-rate based stabilizations: the case of Mexico. Journal of International Economics 41, 285-307.
    • (1996) Journal of International Economics , vol.41 , pp. 285-307
    • Kamin, S.1    Rogers, J.2
  • 62
    • 0004178955 scopus 로고
    • Institute for International Economics. Washington, DC
    • Kenen, P. (1994) Managing the World Economy. Institute for International Economics. Washington, DC.
    • (1994) Managing the World Economy
    • Kenen, P.1
  • 63
    • 0031783946 scopus 로고    scopus 로고
    • Senegal and the entropy theory of development
    • forthcoming
    • Kenny, C. (1998) Senegal and the entropy theory of development. The European Journal of Development Research 10(1) (forthcoming).
    • (1998) The European Journal of Development Research , vol.10 , Issue.1
    • Kenny, C.1
  • 69
    • 0030485586 scopus 로고    scopus 로고
    • Stock market development and long run growth
    • Levine, R. and Zervos, S. (1996) Stock market development and long run growth. World Bank Economic Review 10(2), 323-340.
    • (1996) World Bank Economic Review , vol.10 , Issue.2 , pp. 323-340
    • Levine, R.1    Zervos, S.2
  • 70
    • 0030863081 scopus 로고    scopus 로고
    • Shifting fortunes: The political economy of financial liberalization in Nigeria
    • Lewis, P. and Stein, H. (1997) Shifting fortunes: the political economy of financial liberalization in Nigeria. World Development 25(1), 5-22.
    • (1997) World Development , vol.25 , Issue.1 , pp. 5-22
    • Lewis, P.1    Stein, H.2
  • 74
    • 0029539499 scopus 로고
    • Assessing "adjustment in Africa"
    • Mosley, P., Subusat, T. and Weeks, J. (1995) Assessing "adjustment in Africa". World Development 23(9), 1459-1473.
    • (1995) World Development , vol.23 , Issue.9 , pp. 1459-1473
    • Mosley, P.1    Subusat, T.2    Weeks, J.3
  • 75
    • 84937288020 scopus 로고
    • Latin America the morning after
    • Naim, M. (1995) Latin America the morning after. Foreign Affairs 74(4), 45-61.
    • (1995) Foreign Affairs , vol.74 , Issue.4 , pp. 45-61
    • Naim, M.1
  • 76
    • 0010447888 scopus 로고
    • An agenda for emerging african markets
    • December
    • Postel, E. (1995) An agenda for emerging african markets. World Equity (December), 45-49.
    • (1995) World Equity , pp. 45-49
    • Postel, E.1
  • 84
    • 0002368424 scopus 로고    scopus 로고
    • The rule of government in economic development
    • Washington, DC, April 25-26. World Bank, Washington, D.C
    • Stiglitz, J. (1996) The rule of government in economic development. Paper delivered at the World Bank Annual Conference on Development Economics, Washington, DC, April 25-26. World Bank, Washington, D.C.
    • (1996) World Bank Annual Conference on Development Economics
    • Stiglitz, J.1
  • 86
    • 0002561474 scopus 로고    scopus 로고
    • Globalization and its limits: Reports of the death of the national economy are greatly exaggerated
    • eds. S. Berger and R. Dore. Cornell University Press, Ithaca, NY
    • Wade, R., (1996) Globalization and its limits: reports of the death of the national economy are greatly exaggerated. In National Diversity and Global Capitalism, eds. S. Berger and R. Dore, pp. 60-88. Cornell University Press, Ithaca, NY.
    • (1996) National Diversity and Global Capitalism , pp. 60-88
    • Wade, R.1
  • 87
    • 84981165149 scopus 로고    scopus 로고
    • Globalization and African democracy
    • ed. R. Joseph, L. Rienner, Boulder, CO
    • van de Walle, N. (1997) Globalization and African democracy. In State, Conflict and Democracy in Africa ed. R. Joseph, L. Rienner, Boulder, CO.
    • (1997) State, Conflict and Democracy in Africa
    • Van De Walle, N.1
  • 88
    • 0010493362 scopus 로고
    • December 25
    • West Africa (1995) December 25.
    • (1995) West Africa
  • 89
    • 0010487512 scopus 로고
    • Sources of slow growth in Africa
    • Wheeler, D. (1984) Sources of slow growth in Africa. World Development 12, 1.
    • (1984) World Development , vol.12 , pp. 1
    • Wheeler, D.1
  • 90
    • 0000118656 scopus 로고
    • Political conditions for economic reform
    • ed. I Willliamson. International Institute for Economics. Washington, DC
    • Williamson, J. and Haggard, S. (1994) Political Conditions for Economic Reform. In The Political Economy of Policy Reform, ed. I Willliamson, pp. 527-596. International Institute for Economics. Washington, DC.
    • (1994) The Political Economy of Policy Reform , pp. 527-596
    • Williamson, J.1    Haggard, S.2
  • 91
    • 0003921377 scopus 로고
    • Oxford University Press, Oxford
    • World Bank (1994a) Adjustment in Africa. Oxford University Press, Oxford.
    • (1994) Adjustment in Africa
  • 92
    • 0003496625 scopus 로고
    • World Bank, Washington, DC
    • World Bank (1994b) World Development Report 1994. World Bank, Washington, DC.
    • (1994) World Development Report 1994
  • 94
    • 0003398868 scopus 로고    scopus 로고
    • World Bank, Washington, DC
    • World Bank, (1996a) World Debt Tables: 1996. World Bank, Washington, DC.
    • (1996) World Debt Tables: 1996
  • 96
    • 0010450799 scopus 로고    scopus 로고
    • February
    • World Equity (1996) February.
    • (1996) World Equity


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.