By Todd J. Moss
Sub-Saharan Africa, the poorest and least built-in zone of the area, now has fifteen inventory markets. event Capitalism examines the commercial and political forces in the back of this development and discusses the aptitude outcomes of economic marketplace integration for constructing international locations. utilizing a political economic climate process, it unearths that monetary globalization offers an impressive problem for African policymakers, yet is usually a chance with a variety of advantages.
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Additional info for Adventure Capitalism: Globalization and the Political Economy of Stock Markets in Africa
It has only 25 listings (16 domestic companies and 9 South African cross listings), but these include several recent IPOs that substantially break out of the pattern found in Ghana. Instead of relying on the government’s privatization program to add new companies, the BSE has managed to attract new local growth-oriented companies in the services and retail sectors that are seeking to raise capital, frequently for regional expansion. In just a short period, between late 1998 and late 1999, the BSE added four listings: Medical Rescue International, a private emergency medical service; retailer Furniture Mart; Chobe Holdings, a tour and safari operator, and the IT firm RPC Data.
The consequences of stock markets – for the reform process, broader economic development, and for external relations – have become increasingly controversial. Chapter 2 will explore some of the economic justifications for stock market establishment as a policy tool. 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.
These new listings suggest that the BSE is in fact being used by local companies to raise capital, and that, assuming that the new capital is used for expansion purposes 26 Adventure Capitalism (as the prospectuses declare) and they are successful, they should bolster the country’s economic activity. The BSE’s recent success in attracting new companies for the purpose it was originally intended is partly the result of a well-run bourse with strong connections to South African and British financial institutions.
Adventure Capitalism: Globalization and the Political Economy of Stock Markets in Africa by Todd J. Moss