Financial sector development in sub-Saharan Africa continues to lag behind the
rest of the world, despite some recent positive achievements. There is a growing consensus
that financial development fosters economic growth, so why has more not been done to spur
financial advancement in Africa?
This book is one of the few that tackles the debate of financial development in
Africa head on. It stems from the proceedings of a high-level conference organized by the
IMF Institute with contributions by experts from official agencies in Africa,
international financial institutions, the private sector, and academia.
The book begins by presenting the reader with compelling theoretical perspectives
on the determinants of financial growth, empirical analyses of the impediments to
financial growth and overviews of developments in individual sectors. It discusses policy
issues related to financial sector stability, regulation and supervision. The final part
investigates how specific measures can create room for financial growth, even when the
broader institutional framework remains weak. Case studies demonstrate how individual
countries have tried to stimulate financial development, or how specific measures, such as
the establishment of credit reporting systems, can generate a positive impact on financial
growth.
Everyone interested or involved in deepening finance in Africa will find information and
inspiration in this insightfull collection of papers.
MARC QUINTYN is Division Chief at the International Monetary Fund's
Institute, USA. Before joining the IMF, he worked at the Research Department of the
National Bank of Belgium and taught at the University of Limburg, Belgium.
GENEVIEVE VERDIER is an economist in the African Department of the
International Monetary Fund. Before joining the IMF, she was Assistant Professor at
Texas A&M University, US. She has also worked as an economist at the Bank of Canada.
Table of Contents
List of Tables of Figures
Notes on Contributors
Foreword; L.Lipschitz
Introduction and Overview; M.Quintyn & G.Verdier
PART I: FINANCE IN AFRICA - DEVELOPMENTS, DIAGNOSIS AND DETERMINANTS
The Finance-Growth Nexus: Theory, Evidence and Implications for Africa;
S.Haber
Finance in Africa: A Diagnosis; P.Honohan
Developing a Sound Banking System; L.Kasekende
Financial Deepening in the CFA Franc Zone: Role of Institutions; D.Ghura,
R.J.Singh & R.Kpodar
From Informal Finance to Formal Finance – Lessons from Linkage Efforts;
E.Aryeetey & A.Pokuaa Fenny
Stock Markets in Africa; L.Senbet & I.Otchere
PART II: FINANCE IN AFRICA - POLICY ISSUES AND CASE STUDIES
Regulatory Frameworks in Sub-Saharan Africa: Ensuring Efficiency and Soundness;
I.Lukonga & S.Kal Wajid
Building Supervisory Structures in Africa – An Analytical Framework;
M.Quintyn & M.Taylor
Regional Financial Integration as an Engine for Financial Development;
J.Wakeman-Linn & S.Wagh
Access to Finance in Africa – Consolidating the Positive Trends;
J.Isern, E.Lahaye & A.Linthorst
Developing Credit Reporting in Africa: Opportunities and Challenges;
N.Mylenko
Case Study on Microfinance Institutions in Madagascar: Policies for a Viable
Sector; E.Andrianasolo
Financial Sector Development Program: the Case of Rwanda; C.Rusagara
Notes
Bibliography
Index
344 pages, Hardback
