By Todd J. Moss
Sub-Saharan Africa, the poorest and least built-in area of the area, now has fifteen inventory markets. event Capitalism examines the commercial and political forces in the back of this pattern and discusses the aptitude results of monetary industry integration for constructing nations. utilizing a political financial system procedure, it reveals that monetary globalization provides a powerful problem for African policymakers, yet is usually a chance with a number advantages.
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Extra info for Adventure Capitalism: Globalization and the Political Economy of Stock Markets in Africa
Most analyses of financial reform in Africa, and indeed in all emerging markets, tend to focus on economic factors and functions, perhaps mentioning politics offhandedly, as though it were marginal or merely an irritant to be properly managed. Chapter 3 takes these factors seriously and will instead argue that political factors are central to understanding African policymaking, and thus to explaining the evolving role of the African state vis-à-vis the private sector and capital market development.
A delegation from the US Black Congressional Caucus in Ghana in 2000 met with officials from the GSE and at least two brokerages with public promises of greater cooperation. Finally, there is the emergence of Africa-specific investment funds. There were almost none in 1990, but by the end of the decade there were more than fifty. Among the largest of these were the Morgan Stanley Africa Fund, Alliance Capital’s Southern Africa Fund, the Barings Simba Fund, and the Calvert New Africa Fund. Although most of these funds have been heavily weighted toward the developed equity market in South Africa, they all invest a portion of their funds in other smaller African markets, typically between 10 and 30 percent of their 34 Adventure Capitalism total investment.
What will become clearer in Chapter 4 is that the performance, and ultimately the success, of the stock exchange is intimately linked with both fiscal and monetary policy. This stems primarily from the common practices in Africa of: (1) governments covering fiscal deficits via high-interest short-term domestic debt markets and (2) allowing tight monetary policy to compensate for loose fiscal policy. In other words, rather than curb government spending to restrain inflation or balance the budget, African governments tend to accept higher interest rates to make up the difference.
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