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The Development of African Capital Markets : a Legal and Institutional Approach.
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Florence :
Taylor and Francis,
2017.
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| Colección: | Routledge contemporary Africa series.
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| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- 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 changeIntroducton; 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 countriesConclusion; 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 anotherConclusion; 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 reformIntroduction; 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.