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VI. B. Banking Sector Development: WHAT DETERMINES STOCK MARKET DEVELOPMENT IN AFRICA?
The development of the banking sector is important for stock market development in Africa.
VI. A. Macroeconomic Stability: WHAT DETERMINES STOCK MARKET DEVELOPMENT IN AFRICA?
The previous section has provided enough evidence to make a convincing case that stock market development at least creates the enabling environment for a successful economic growth. The policy question, therefore, is what determines stock market development? The literature suggests that sound macroeconomic environment, well developed banking sector, transparent and accountable institutions, and shareholder protection are necessary preconditions for the efficient functioning of stock markets in Africa.
Fiscal Balances and Growth
A prudent, sustainable fiscal position promotes economic growth.
4.6 Conclusions: Working Out of Poverty
Institution building for decent work and poverty reduction
6.1 Macroeconomic policies for diversification: Economic Report on Africa 2007
the need for pragmatism over orthodoxy
5.3 Conclusion: Economic Report on Africa 2007
This chapter has shown that there are clear and measurable determinants of diversification in Africa at the continental, subregional and country level. Despite the inadequacy of African data, it may be said that, at least at the continental level, the diversification process is highly influenced by investment, per capita income, level of openness, macroeconomic policy stances, governance, and conflict.
5.2 Diversification-deepening policies raise growth and TFP: Economic Report on Africa 2007
What then do these results imply? They mean that pursuing diversification-deepening policies could help accelerate growth. Important policy implications of this link arise with respect to the determinants of diversification that were discussed earlier in the chapter.
5.1 Macroeconomic stance is crucial to diversification outcomes: Economic Report on Africa 2007
An important aspect of the diversification debate and of Africa’s experience has to do with the role that macroeconomic policy plays. This has also been investigated at the continental level in the results that are presented in table A5.1. Two important indicators of macroeconomic stability, depending on the macroeconomic policy in operation, are inflation and real effective exchange rates and these are found to be among the most critical determinants of diversification outcomes in Africa.
5.1 Determinants of diversification in Africa: Economic Report on Africa 2007
Diversification and policy variables constitute a two-way process in that diversification not only influences policy outcomes, but is itself influenced by policy variables. This proposition naturally leads to the search for those economic and non-economic policy actions that are likely to affect the level and rate of diversification in a country. What evidence is there that links economic and non-economic variables with national capacity to diversify?
Local Entrepreneurship in Southeast Asia and Subsaharan Africa: Networks and Linkages to the Global Economy
For much of the past decade, the world has applauded the striking development performance of Indonesia, Malaysia and Thailand. Despite the setbacks caused by the present financial crisis in Asia, the rapid structural transformation and improvement in the standard of living in these three countries remains a powerful testament to the benefits of a strategy emphasizing industrial exports. African countries have tended to remain commodity exporters, and while Africa has remained largely untouched by the "Asian flu", the continent also missed out on the benefits of engagement with the global market.
2.1 Growth performance VII: Economic Report on Africa 2007
Africa needs a new approach to growth policies
Overview IX: Economic Report on Africa 2007
Policies to increase diversification

Other macroeconomic stability Related Articles

Why Multiple Income Streams Work
Use what works and make more money, plus increase the stability of your business.
Overview I: Economic Report on Africa 2007
Moderate world growth and the threat of macroeconomic imbalances
1.2 Macroeconomic policies in developed countries: Economic Report on Africa 2007
Despite the recent oil price hikes, global inflation has remained low and stable (figure 1.3), partly due to restrictions to wage increases, a tight macroeconomic policy stance in both advanced and developing countries, and the supply of cheap manufactures from China. In general, there is little concern about overheating in most economies.
1.3 World macroeconomic imbalances: Economic Report on Africa 2007
Macroeconomic imbalances still a major concern
2.1 Growth performance V: Economic Report on Africa 2007
Sustainability of macroeconomic balances remains a concern over the medium term
5.1 Macroeconomic stance is crucial to diversification outcomes: Economic Report on Africa 2007
An important aspect of the diversification debate and of Africa’s experience has to do with the role that macroeconomic policy plays. This has also been investigated at the continental level in the results that are presented in table A5.1. Two important indicators of macroeconomic stability, depending on the macroeconomic policy in operation, are inflation and real effective exchange rates and these are found to be among the most critical determinants of diversification outcomes in Africa.
1.15 Building an employment agenda: Working Out of Poverty
Employment, and the promotion of enterprise that creates it, remains the most effective route to poverty eradication. The objective of full employment is essential – an issue on which the European Union has given political leadership. Most policy prescriptions, however, do not view job creation as an explicit objective of economic and social policies, but rather as a hopedfor result of sound macroeconomic policies. At the ILO, we believe that sound macroeconomic policies are essential for desired growth, but such growth must be employment-intensive to effectively reduce poverty. While the main challenge remains at the national level, development cooperation has a role to play. Donor countries and institutions, especially international financial institutions, should build this in as an integral part of their vision.
1.16 Building a more inclusive global economy: Working Out of Poverty
A strategy that combines local action in a sound national macroeconomic framework with an international effort to boost and sustain investment, trade growth and technological transfers could yield a substantial dividend in the form of poverty reduction and growing markets. I would like to flag a few issues.
Going for Growth
Growth has become Africa's new development strategy, according to panellists at the plenary session. They believe that the high growth rates being experienced by many countries can be sustained through political stability and good macroeconomic policies. However, it is also true that high oil and commodity prices had helped to push up the continent's growth rate to a 30 year high of 5.5% in 2005.

Some Difficulties Recruiting Employees For A Small Business
Employees want stability - that is one of the first things they look for in jobs. Therefore, as a small business, it can sometimes be quite hard to recruit these individuals and find the right talent.

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