By Todd J. Moss
Sub-Saharan Africa, the poorest and least built-in sector of the realm, now has fifteen inventory markets. experience Capitalism examines the commercial and political forces in the back of this development and discusses the aptitude effects of economic industry integration for constructing nations. utilizing a political financial system procedure, it unearths that monetary globalization offers a powerful problem for African policymakers, yet can also be a chance with more than a few merits.
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Additional info for Adventure Capitalism: Globalization and the Political Economy of Stock Markets in Africa
1 percent. In practice, this means that very little trading is taking place at all on the GSE, much less foreign inflows into the market. The total cumulative turnover on the GSE from 1991–99 is $246 m, or an annual average of a paltry $27 m. Even if it is generously assumed that all trading on the exchange was from new foreign inflows and that no foreign capital was ever taken out, then the most foreign capital inflows that could be attributed to the GSE would still be disappointing. In reality, new foreign inflows are likely a small percentage of total turnover, shrinking that inflow figure even further.
Andrew Berg & Elliot Berg (1997) sum up the potential benefits of privatizing a SOE through the local stock exchange: The public floatation is politically appealing and has great revenue raising potential. It allows broad ownership, which is always more popular than a sale to powerful domestic or foreign buyers. Wider stock ownership is a common objective … it has the effect of locking in privatization actions … it allows targeting of particular groups to meet political objectives or social purposes … [is] more transparent than other methods [as] prices are set by the market for all to see and anyone to buy.
In particular, very high levels of foreign reserves – over 30 months of import cover, the highest ratio in the world – combined with years of prudent management of the economy makes the country a low risk environment and generally attractive to foreign investors, despite a tiny population of less than 2 million people. A largely cooperative relationship between the BSE and the government of Botswana – probably Africa’s closest approximation of a corporatist state11 – has allowed the market to grow, while the two have worked together to reform stock exchange-related laws, such as the exemption of equities from capital gains tax and the progressive relaxation of exchange controls before finally abolishing them in 1999.
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