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Adventure Capitalism: Globalization and the Political by Todd J. Moss

By Todd J. Moss

Sub-Saharan Africa, the poorest and least built-in area of the realm, now has fifteen inventory markets. event Capitalism examines the commercial and political forces at the back of this development and discusses the capability results of economic marketplace integration for constructing nations. utilizing a political economic system strategy, it reveals that monetary globalization provides an impressive problem for African policymakers, yet can also be a chance with more than a few merits.

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Extra info for Adventure Capitalism: Globalization and the Political Economy of Stock Markets in Africa

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1, it is difficult to assess Ghana’s capital movements. Indeed, the three sets of data in the table appear not only contradictory, but also at times wholly incompatible. 2 — — 106 206 259 70 92 — — 0 0 0 557 267 124 46 15 — Data from IFC (1999a) and Databank Research. Data from IMF (1999b). Data from World Bank (2000). 32 Adventure Capitalism Despite these problems, recordable portfolio flows to sub-Saharan Africa appear on a general, if an uneven and non-robust, upward trend. At the very least, portfolio flows to Africa in the latter half of the 1990s appear to have been greater than flows in the first half.

21). Frimpong-Ansah was decidedly interventionist in the short-term, however, echoing the technocratic language about selective public action, much of which later became common among institutionalists and analysts of East Asian developmental success. Indeed, he urged explicit government intervention and assistance to help set up a vibrant capital market, rather than waiting for the private sector to initiate such institutions: In a developing country such as ours, where the savings rate has been slow and where the greater part of productive capacity does not prove sufficiently attractive investment for the little private savings that may exist, the need for specialized agencies for the mobilization of investable funds cannot be safely left to the spur of the ordinary market forces.

1). In the latter, orthodox fiscal and monetary policy management helped to create a low inflationary environment, with minimal premiums on domestic debt. This, in turn, meant that macroeconomic policy encouraged rather than detracted from the growth of the local bourse. 1 Ghana and Botswana: a tale of two macroeconomies. Sources: IMF, GSE, BSE. Inflation Botswana: Investment return The Technocratic Rationale for African Stock Markets 29 functions: a destination for domestic savings. 12 This points to a broader problem of the relationship between government policymaking and the equity market.

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