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Law-Finance-Growth Nexus in the Context of Africa

Huang, X and Yeung, H (2018) 'Law-Finance-Growth Nexus in the Context of Africa.' Law and Development Review, 11 (2). 513 - 555. ISSN 1943-3867

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Abstract

This article seeks to put the law–finance–growth nexus into the context of Africa. As of 2017, the African Securities Exchanges Association has 27 securities exchanges as full members. The Johannesburg Stock Exchange is the most developed of all, especially with respect to its market capitalization. Its socio-legal proximity with the English system may provide a good explanation to its phenomenal growth relative to the rest in the region. However, such a socio-legal proximity is indeed shared by a number of other former British colonies such as Nigeria and Zimbabwe. Law alone may not account for the rise of the Johannesburg Stock Exchange. Furthermore, this article seeks to argue whether there is a genuine need for the African countries to have a stock market, which requires highly evolved legal, market and governmental institutions and norms that often do not pre-exist in these countries. On the one hand, the article will look at Africa in general. On the other hand, it will put certain discussions into the context of selected African countries.

Item Type: Article
Uncontrolled Keywords: Africa; institutions; economic development; law; finance
Subjects: K Law > K Law (General)
Divisions: Faculty of Humanities > Law, School of
Depositing User: Elements
Date Deposited: 14 Sep 2018 14:24
Last Modified: 26 Apr 2019 01:00
URI: http://repository.essex.ac.uk/id/eprint/21948

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