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Back Matter

Back Matter

Author(s):
Genevieve Verdier, and Marc Quintyn
Published Date:
January 2010
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    Index

    • accounting standards, 25, 48, 82-3, 172-3

    • activism, 41-2

    • activist agenda, 2

    • Africa

      • banking crises in, 68

      • financial sector reforms in, 71-9

      • financial systems in, 32-43

      • integration into global economy, 124-43

      • investor credit ratings of countries in, 124, 125

      • status of banking systems in, 68-71

      • stock markets in, 104-40

      • see also sub-Saharan Africa (SSA)

    • African banks, see banks/banking systems

    • Afro-pessimism, 124

    • agriculture lending, 76

    • Albany Regency, 22-3

    • AML/CFT measures, 253, 254

    • Angola, 151, 277

    • Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), 181

    • Argentina, 12

    • Asian Bond Funds (ABF), 240

    • Asian financial crisis, 240

    • asset-backed commercial paper (ABCP), 159

    • asymmetric information, 68, 82, 89-90, 271

    • auditing infrastructure, 83, 172-3

    • Australian Prudential Regulatory Agency (APRA), 189

    • authoritarian governments, 20, 24

    • autocratic governments, 21

    • bank accounting standards, 25, 48, 81-3, 172-3

    • bank assets, 35, 36

    • bank charters, 17, 19, 20

    • bank deposits, offshore, 35, 36

    • bank failure, costs of, 67-8

    • bank insolvency frameworks, 178-9

    • bank lending

      • agricultural, 76

      • insider, 26

      • modernist agenda for, 39-40

      • see also loans

    • bank margins, 37

    • Bank of England, 20

    • Bank of Eritrea, 170

    • Bank of Ghana, 169

    • Bank of Mauritius, 170

    • Bank of Tanzania, 277

    • Bank of Zambia, 170

    • Banking and Financial Supervision Commission (CSBF), 282-6

    • banking crises, 11, 63, 67-8

    • banking laws, 182

    • banking sector

      • in Africa, 11, 226-7

      • concentration in, 83

      • criteria for sound, 66-7

      • future policy agenda, 81-4

      • information exchange and, 274-5

      • local competition in U.S., 15

      • performance of, 154-9

      • policy issues, 180-3

      • reforms

        • lessons from, 80-1

        • in Nigeria, 77-9

        • in Uganda, 73-7

      • regulatory frameworks, 2, 4, 39-40, 181-2

      • size of African, 34

      • supervision framework, 171-3

      • in U.S., 21-3

      • see also financial sector

    • banks/banking systems, 3, 145

      • capital structures, 159

      • central, see central banks

      • commercial, 63, 97, 194

      • contingency planning, 182

      • definition, 17

      • development, 94, 177, 182-3, 239-40

      • development of, in Africa, 63-85

      • dollarization in, 158

      • economic growth and, 65

      • financial depth, 38

      • foreign, see foreign banks

      • liquidity, 38, 70-1, 182

      • mega-sized, 150

      • microfinance and, 289-90

      • opening to foreign competition, 25-6

      • parent, 168

      • political institutions and, 17-23

      • privatization of, 24-5, 32, 133-4

      • regulatory frameworks, 21

      • return on assets, 157

      • risk aversion of, 35, 39

      • rural, 83, 194, 264

      • state-owned, 24-5, 32, 80, 193

      • status of, in Africa, 68-71

      • surveillance, 181

      • weighted assets, 155

      • see also financial systems

    • Banque Regionale de Solidarite (BRS), 231

    • Barclays Bank, 99

    • barriers to entry, 80

    • Basel Accords, 83-4

    • Basel Core Principles (BCPs), 171-2, 195-6

    • Basel II, 2, 33, 39-40, 84

    • Benin, 97

    • bond issues, 159

    • borrowing, real cost of, 236

    • Botswana, 151

      • macroeconomic risks, 166

      • regulatory frameworks, 170

    • Bourse Regional des Valeurs Mobilieres (BVRM), 104, 130-1, 230

    • Brazil, 12, 15, 20, 96

    • British common law, 16

    • bureaucracy, 60

    • bureaucratic quality, 49, 52, 55, 57

    • Burundi, 166, 233

    • business correspondent model, 92-3

    • business facilitator model, 92-3

    • Cameroon, 151, 248

    • capacity building, 92-3, 182

    • capacity constraints, 200-1

    • Cape Verde, 151

    • capital adequacy ratio (CAR), 172

    • capital markets, 145, 146, 227

      • concentration in, 147

      • performance of, 159-63

      • policy issues, 183-4

      • regulatory and supervisory frameworks, 40, 168, 173-6, 179, 183-4

      • underdeveloped, 165

      • unregulated, 177-8

    • capital requirements, in Uganda, 75

    • Caribbean, 239

    • Caribbean Community (CARICOM), 239

    • cartelization, 83

    • Centenary Rural Development Bank (CERUDEB), 97

    • Central Africa, MFI performance in, 261-2

    • Central African Banking Commission (COBAC), 169

    • Central African Economic and Monetary Community (CEMAC), 46, 229-30

      • macroeconomic risks, 166

      • regional financial integration, 231-2

      • regulatory frameworks, 169

    • Central African Monetary Union (UMAC), 169

    • Central America, 239

    • Central American Common Market (CACM), 239

    • Central Bank of Kenya, 169

    • Central Bank of Liberia, 171

    • Central Bank of Nigeria, 169

    • Central Bank of West African States (BCEAO), 177

    • central banks, 189-90, 197

      • funding, 205

      • role of, 204-6, 210-11

      • scale and scope benefits, 205-6

      • staffing, 205

    • CFA franc zone

      • financial deepening in, 45-58

      • private sector credit in, 47

      • regional financial integration in, 229-30

    • Chad, 97, 151

    • Chiang Mai Initiative, 240

    • CIS industry, 175

    • collateral, 269

    • Collective Investment Schemes (CIS), 147

    • colonization, 16

    • Commercial Bank of Zimbabwe (CBZ), 97

    • commercial banks, 63, 97, 194

    • commercial paper, 159

    • Commission Bancaire de L’Afrique Centrale (COBAC), 232

    • Committee on SADC Stock Exchanges (COSSE), 232-3

    • commodity prices, 165

    • Common Monetary Area, 232

    • Comoros, 151

    • competition, lack of, 70

    • Congo, Dem. Republic of, 151, 166

    • Congo, Republic of, 151

    • consolidated supervision, 178

    • consumer protection, 253-4, 255

    • contingency planning, 182

    • contracts, 17-19, 24

      • enforcement of, 51, 71, 82, 269

    • convergence hypothesis, 189

    • Cooperative Bank of Kenya (CBK), 97

    • corporate boards, 135

    • corporate bonds, 147

    • corporate governance, 16, 134-5

    • corruption, 57

    • Cote d’Invoire, 151

    • country risk, 122, 124, 168

    • court reform, 58

    • CRDB Bank Limited, 94

    • credit

      • access to, 65-6, 68, 88

      • availability of, 20, 64

      • cost of, 64

      • directed, 32

      • need for, 18

      • private sector, 46-7, 158

    • credit allocation, 67, 93

    • credit information, 48, 49

    • credit information index, 269

    • credit markets, 269-70, 277

    • credit registries, 5, 39, 48, 60, 182, 268-79

      • hub and spoke model, 277-8

      • increased access and, 272-4

      • introduction to, 268

      • legal and regulatory framework for, 275-6

      • long-term viability of, 277-8

      • private-public, 276-7

      • reform of, 274-5

      • role of, 270-2

    • credit repayment rates, 271

    • credit risk, 145-6, 167, 172

    • creditor information, 58

    • creditor rights, 51, 58, 167, 269

    • crisis management, 205, 207

    • crony lending, 82

    • cross-border operations, 146

    • cross-border spillovers, 222

    • cross-border supervision, 178

    • currency fluctuations, 124

    • debt collection, 82

    • debt markets, 159

    • defaults, reduction in, 270-2

    • democratic governments, 20

    • demutualization, stock market, 119-22

    • deposit mobilization, 93, 94

    • deposit reserve, 18

    • deposit-taking institutions, 249

    • development banks, 94, 177, 182-3, 239-40

    • directed credit, 32

    • disclosure standards, 175

    • diversification, 4, 193-5, 221

    • dollarization, 158

    • domestic banks, foreign competition and, 25-6

    • Doula Stock Exchange (DSX), 232

    • East Africa, 248, 249, 263, 265

    • East African Community (EAC), 84, 233, 234

    • East Asia, 240

    • Eastern Europe, 275

    • economic growth

      • financial development and, 2, 11-15, 26-7, 38-41, 64-6, 299

      • general trends, 247-50

      • lack of, in Africa, 11

      • legal environment and, 65

      • regional variations in, 248-9

      • stock market development and, 109-14

      • in sub-Saharan Africa, 246

    • economic stagnation, 11

    • efficiency improvements, 83

    • Egypt, 105

    • emerging markets, 125-6, 129, 147

    • England, 12

    • English common law, 45, 51

    • entrepreneurs/entrepreneurship, 17-20

      • cost and access to finance and, 33-4, 64

      • financial development and, 14-15

    • Equity Bank, 97

    • equity markets, 37-8, 159

    • Eritrea, 170

    • European Central Bank, 189

    • European Investment Bank (EIB), 238

    • European Monetary Union, 121

    • European Union (EU), 237-8

    • exchange rates, 40

    • executive veto, 20

    • Family Economic Advancement program (FEAP), 93

    • finance

      • access to, 2, 246-67

      • in Africa, 32-43

      • cost of, 33-4

      • regional cooperation in, 40-1

      • small scale, 41-2

    • finance-led growth hypothesis, 64-6

    • Financial Action Task Force (FATF), 253

    • Financial Bank, 97

    • financial crises, 205

      • Asian, 240

      • global, 126-30, 146, 154, 159, 168, 180

    • financial deepening, 4, 5, 192-3

      • empirical analysis, 52-6

      • role of institutions in, 45-58

      • theoretical background and literature review, 50-2

      • in Uganda, 75

    • financial depth, 34, 35

    • financial development, 19

      • current state of African, 68-71

      • growth and, 2, 11-15, 26-7, 38-41, 64-6, 299

      • institutional quality and, 2-3

      • political economy of, 16-23

      • political institutions and, 6-7

    • financial globalization, 124-32

    • financial indicators, 223-4

    • financial infrastructure, 179

    • financial instability, 205

    • financial institutions

      • role of, in financial deepening, 45-58

      • unregulated, 177-8, 182-3, 197-8

    • financial integration, see regional financial integration

    • financial intermediaries, informal, 3

    • financial liberalization, 50, 54, 55, 57, 59

    • financial liberalization index, 47, 52

    • financial linkages, 87-102

      • business facilitator/business correspondent models, 92-3

      • effectiveness of, 95-6

      • evidence of growing, 93-9

      • framework for, 89-93

      • introduction to, 87-9

      • policies to enhance development of, 99-100

      • potential benefits of, 93

      • self-help group (SHG) model for, 91-2

    • financial markets

      • inefficiencies in, 221

      • status of, in Africa, 222-7

      • underdeveloped, 237

    • financial policy, 32

    • financial revolutions, 12

    • financial risk analysis, 181

    • financial sector

      • contribution of African, 2

      • cross-border operations, 146

      • diversification, 193-5

      • facts and trends in development of, 192-5

      • future policy agenda, 81-4

      • informal, 87-9

      • laws and regulations, 253-5

      • lessons from reforms, 80-1

      • linkages between formal and informal, 3

      • in Nigeria, 77-9

      • recent developments in SSA, 46-50

      • reforms, 45, 71-9, 171-7

      • roles of, 1

      • South African, 42

      • stability in, 63

      • status of, in Africa, 68-71

      • supervisory framework, 187-216

      • technological innovations in, 96-7

      • in Uganda, 73-7

      • see also banking sector

    • Financial Sector Assessments Programs (FSAP), 4, 145, 196, 300

    • Financial Sector Development Program (FSDP), 299-310

      • current progress of, 309-10

      • implementation, 308-9

      • process of designing, 305-6

      • rationale for, 299-301

      • Rwanda, 6

      • scope of, 302-5

    • financial services

      • access to, 228, 229

      • lack of access to, 41-2, 69

      • oligopolistic nature of, 70

    • Financial Services Authority (FSA), 189

    • financial systems

      • in Africa, 32-43

      • credit risk, 167

      • criteria for sound, 66-7

      • development of, in Africa, 23-6

      • developments and performance, 154-63

      • exogenous shocks, 165, 167

      • functions of, 66-7

      • inadequacies of, 11

      • macroeconomic risks, 165-7

      • nonbanking sector, 163-5

      • policy issues, 179-84

      • regulatory and supervisory frameworks, 168-79

      • risks, challenges, and vulnerabilities, 165-8

      • structure, 147-54

      • surveillance of, 146-7

      • see also banks/banking systems

    • financial transactions, 67

    • financially developing countries, 147

    • financiers, 17-18, 20

    • fiscal policies, 82

    • foreign banks

      • competition from, 25-6

      • countries with concentrated assets, 151-2

      • entry by, 37, 83

      • risk from, 168

    • foreign exchange, 162

    • French civil law, 16, 45, 51

    • frontier markets, 147, 150

    • funding, of microfinance, 255-61

    • Generalized-Method-of-Moment (GMM), 13

    • generally accepted accounting principles (GAAP), 25

    • German legal origin, 51

    • Ghana, 94-5, 99, 152, 169

    • global financial crisis

      • African stock market performance in wake of, 126-30

      • impact of, 146, 154, 159, 168, 180

    • globalization, 124-32

    • governance

      • corporate, 16, 134-5

      • stock markets and, 110

    • governance supervisors, 189-90

    • government effectiveness, 52, 55, 56, 57, 60

    • government securities, 147

    • government-owned banks, see state-owned banks

    • government(s)

      • authoritarian, 20, 24

      • autocratic, 21

      • democratic, 20

    • Grameen Bank, 88

    • gross domestic product (GDP)

      • per capita, 55, 57, 59, 235

      • ratio of private credit to, 11, 59

    • growth, see economic growth

    • growth crises, 294

    • hedge funds, 159, 183

    • Heritage Foundation, 52

    • Hermitage Fund case, 134-5

    • Holland, 12

    • income distribution, financial development and, 15

    • India, 93, 95

    • Indonesia, 19

    • industrial concentration, 15

    • inflation, 51, 55, 57, 59

    • informal financial intermediaries, 3

    • informal financial sector

      • business facilitator/business correspondent models, 92-3

      • introduction to, 87-9

      • linkages between formal and, 87-100

      • self-help group (SHG) model for, 91-2

      • transformation of, 89-93

    • information

      • asymmetric, 50-1, 68, 82, 89-90, 271

      • credit, see credit registries

      • demand for, 268

      • efficient exchange of, 51-2

    • information environment, 25, 48

    • information sharing, 55, 56, 57, 59

    • information-sharing index, 52

    • infrastructure, 41

    • insider lending, 26

    • institutional cohesion, 227

    • institutional environments, 5, 168, 171

    • institutional quality, financial development and, 2-3

    • institutional reform, 199-200

    • institutions

      • lack of confidence in, 68

      • legal, 16, 45, 51

      • of liberal democracy, 16, 20

      • microfinance. see microfinance institutions (MFIs)

      • political, 6-7, 16-26

    • insurance industry, 153-4, 165, 194

      • regulatory frameworks, 176-7, 184

      • in Rwanda, 304-5

    • interest rate caps, 254-5

    • interest rates, 37, 50, 226

    • international confidence, 124

    • internet, 41

    • intraregional trade, 231

    • investment funds, 105

    • Irish model, 207, 208

    • Islamic banking services, 159, 178

    • Italy, 15

    • judicial review, 20

    • Kenya, 74, 76, 94, 233

      • credit bureaus, 276

      • regulatory frameworks, 169

    • Kingdom Bank, 97

    • K-Rep Bank, 94, 97

    • large-scale finance, 32

    • Latin America, 11, 33, 121, 239

    • legal environment, 19, 24, 48-9, 54

      • AML/CFT measures, 253, 254

      • consumer protection, 253-4, 255

      • for credit information exchange, 275-6

      • economic growth and, 65

      • interest rate caps, 254-5

      • in Madagascaar, 285

      • for microfinance, 250-5

    • legal institutions, 16, 45, 51

    • Lesotho, 152

    • liberal democracy, 16, 20

    • liberalization, 80, 221

    • Liberia, 171

    • licenses, banking, 181-2

    • licensing procedures, 175

    • liquidity

      • bank, 38, 70-1, 182

      • stock market, 109-12, 115, 116-17

    • liquidity ratios, 70-1

    • loan balance trends, 249, 250

    • loans

      • nonperforming, 25, 26, 156

      • reducing defaults, 270-2

    • local currency debt, 231

    • macroeconomic instability, 122-4, 240

    • macroeconomic risks, 165-7

    • macroeconomic stability, 63

    • Madagascar, 152, 280-98

      • Banking and Financial Supervision Commission (CSBF), 282, 283, 284, 285-6

      • case study of, 5-6

      • future of microfinance in, 293-6

      • government strategy in, 281-6

      • historical background, 280-1

      • microfinance institutions (MFI), 280-98

      • National Microfinance Strategy (SNMF), 282-3

      • recent developments, 286-93

      • regulatory framework, 284-5, 297

      • supervisory framework, 285-6

    • Madagascar Plan of Action (MAP), 281

    • Malawi, 169

    • Malaysia, 105

    • Mali, 94

    • market capitalization, 105-7, 115

    • market intermediaries, 175

    • markets for corporate control, 110

    • Mauritius, 170, 197

    • mega-sized banks, 150

    • memorandums of understanding (MOUs), 173, 182

    • Mexico, 12, 15, 105

      • banking system, 25

      • stock exchange, 121

    • microfinance, 5, 32, 33, 145, 246

      • expansion of, in Madagascar, 286-8

      • funding, 255-61

      • future of, in Madagascar, 293-6

      • government commitment to, in Madagascar, 281-6

      • legal and regulatory environment, 250-5

      • in Madagascar, 6, 280-98

      • mainstreaming of, 97-9

      • organizations active in, 288-90

      • performance of, 165

      • regulatory frameworks, 177, 284-5

      • in Rwanda, 303

      • start-ups and, 264

      • structure of sector, 154

      • supervisory framework, 252-3, 285-6

      • in Uganda, 76

    • Microfinance Information Exchange (MIX), 265-6

    • microfinance institutions (MFIs), 69, 88, 89, 94, 194

      • activities, 290-2

      • in Asia, 92

      • commercial banks and, 97-9

      • credit bureaus and, 271-2

      • emergence of, 246

      • exogenous factors and, 294-5

      • growth crises and, 294

      • management indicators, 295-6

      • mutualist, 288-9, 290-2

      • nonmutualist, 289

      • performance of, 165

      • performance trend analysis, 261-5

      • regulatory frameworks, 171, 184, 297

      • staff training in, 97-8

      • technological progress and, 296

      • training and awareness programs for, 283-4

      • trends, 247-50

      • types of, 251-2

    • microfinance investment vehicles (MIVs), 255

    • Millennium Development Goals, 281

    • mobile phone banking, 96

    • mobile phones, 41

    • modernism, 2, 33

    • modernist agenda, 30-41

    • monetary policy, 204-5

    • money, flow and transformation of, 66

    • money laundering, 253

    • moral hazard, 24, 271

    • Mozambique, 152

    • mutualist MFIs, 288-9, 290-2

    • Namibia, 76, 152

    • National Bank for Agriculture and Rural Development (NABARD), 93

    • National Bank of Angola, 277

    • National Bank of Rwanda, 171

    • National Bank of Rwanda Act, 299-300

    • National Microfinance Coordination Unit (CNMF), 283

    • National Microfinance Strategy (SNMF), 6, 282-3

    • New York, history of banking in, 22-3

    • Nigeria

      • banking sector reforms in, 77-9, 81

      • country-specific risks, 168

      • credit bureaus, 276

      • equity market in, 37-8

      • financial sector in, 150

      • insurance industry, 154

      • macroeconomic risks, 166

      • regulatory frameworks, 169-70

    • Nigerian Agricultural and Cooperative Bank (NACB), 93

    • Nigerian Agricultural Cooperative and Rural Development Bank (NACRDB), 93

    • nonbank financial institutions (NBFIs), 145, 147, 187, 227

      • deposit taking, 191, 192, 195, 197

      • developments and performance, 163-5

      • diversification, 193

      • policy issues, 184

      • regulatory and supervisory frameworks, 168, 176-7, 184, 197

      • in Rwanda, 304-5

    • nonfinancial industries, new firm entry in, 15

    • nongovernmental organizations (NGOs), 88, 171

    • nonmutualist MFIs, 289

    • nonperforming loans (NPLs), 25, 26, 156

    • Nordic legal origin, 51

    • offshore deposits, 35, 36

    • oligopolistic competition, 70

    • operational risk, 146

    • OTC markets, 183

    • overborrowing, 295

    • parent banks, 168

    • PARMEC law, 230-1

    • path dependence hypothesis, 189

    • patronage systems, 80

    • payment systems, 83, 182

    • peer monitoring, 90

    • pension funds, 153, 163-5, 194

      • performance of, 163-4

      • regulatory frameworks, 176-7, 184

    • Peoples Bank of Nigeria, 93

    • per capita GDP, 235

    • Philippines, 88, 96

    • political economy, of financial development, 16-23

    • political entrepreneurs, 17, 18, 19, 20

    • political instability, 122-4

    • political institutions

      • financial development and, 16-23

      • lack of reform of, 23-6

      • reform of, 6-7

      • U.S., 21-3

    • political risks, 167-8

    • ponzi schemes, 177-8

    • poor

      • access to credit for, 65-6

      • access to financial services for, 246

      • lack of access to financial services for, 69

      • well-being of the, 15

    • Poverty Reduction Strategy Paper, 281

    • predatory lending, 158

    • Principe, 152

    • private credit, 46-7, 59, 83, 158

      • ratio to GDP, 11

      • in Uganda, 74

    • private credit bureaus, 276-7

    • privatization

      • of banks, 24-5, 32, 133-4

      • of state-owned enterprises, 132

      • through stock markets, 132-3

    • privatized firms, 138-9

    • productivity, 15

    • Prompt Corrective Actions (PCA), 173

    • property rights, 18-19, 24, 49, 55-7, 59

    • proportionate regulation, laws and, 251-2

    • prudential framework, 178-9

    • public debt, 231

    • public registries, see credit registries

    • real cost of borrowing, 236

    • reforms

      • banking, 3, 73-81

      • court, 58

      • financial sector, 45, 71-9, 171-7

      • future agenda for, 81-4

      • institutional, 199-200

      • lessons from, 80-1

      • in Nigeria, 77-9

      • of supervisory framework, 199-200

      • in Uganda, 73-7

    • regional cooperation, 40-1, 130-1

    • regional financial integration, 4-5, 183, 219-43

      • CEMAC, 231-2

      • in CFA zone, 229-30

      • in developing countries, 239-40

      • East African community, 233, 234

      • European Union, 237-8

      • experience with, 229-37

      • financial sector challenges and, 220-9

      • institutional cohesion and, 227

      • introduction to, 219-20

      • lessons from, 241

      • limits of benefits, 222

      • problems with, 233-7

      • southern Africa, 232-3

      • theory of, 220-2

      • WAEMU, 230-1

    • regional stock exchanges, 104-5, 130-1, 174-5, 232

    • regulatory frameworks, 2

      • in banking sector, 21, 78, 171-3

      • Basel II, 39-40

      • capital market, 40, 183-4

      • costs of regulation and, 204

      • for credit information exchange, 275-6

      • financial system, 168-79

      • gaps in, 177-9

      • hybrid or semi-integrated, 170

      • implementation, 171-7

      • integrated supervisors, 170-1

      • introduction to, 145-7

      • for microfinance, 250-5, 284-5

      • national supervisors, 169-70

      • nonbanking sector, 176-7, 184

      • policy issues, 179-84

      • proportionate regulation, 251-2

      • prudential framework, 178-9

      • in sub-Saharan Africa, 145-86

      • supranational, 169

      • weaknesses in, 146

      • see also supervisory framework

    • regulatory intensity, 203

    • regulatory scope, 201-3

    • relationship lending, 41

    • representation hypothesis, 201

    • Reserve Bank of India, 92

    • Reserve Bank of Malawi, 169

    • return on assets, 37, 157

    • risk allocation, 109

    • risk management, 178

    • risk monitoring, 178

    • rule of law, 52, 55, 56, 57, 60

    • rural banks, 194, 264

    • rural financial institutions, 83

    • Russia, 12, 96

    • Rwanda, 233

      • financial sector depth in, 300

      • Financial Sector Development Program, 6, 299-310

      • macroeconomic risks, 166

      • microfinance in, 303

      • NBFIs in, 304-5

      • regulatory frameworks, 171

      • supervisory framework, 197

    • Rwanda Central Bank Act, 299-300

    • Rwanda Development Bank, 305

    • Sao Tome, 152

    • savings, transformation of, in to credit supply, 67

    • Savings and Credit Cooperatives (SACCOs), 69, 76

    • savings rates, 249-50

    • scale economies, 221, 225, 237

    • securities markets, see stock markets, African

    • securitization, 159

    • self-help group (SHG) model, 91-2, 95

    • self-regulatory organizations (SROs), 174

    • Senegal, 152

    • Seychelles, 152

    • Singapore model, 206-7, 208

    • small borrowers, access to credit for, 88

    • South Africa

      • Basel Accords adoption in, 83-4

      • capital markets, 173, 175

      • corporate debt outstanding, 164

      • country-specific risks, 168

      • as emerging market, 147

      • financial sector in, 42, 69, 71-2, 150

      • future policy agenda, 81-4

      • insurance industry, 154

      • pension industry, 153, 176-7

      • regulatory frameworks, 170, 173, 174, 175, 177

      • stock market in, 105

      • supervisory framework, 197

    • southern Africa

      • MFI performance in, 263

      • regional integration in, 232-3

    • Southern Africa Customs Union (SACU), 229, 232

    • Southern African Development Community (SADEC), 105, 131, 232-3

    • start-ups, 264

    • state-owned banks

      • decline in, 193

      • patronage systems and, 80

      • privatization of, 24-5, 32

    • state-owned enterprises, 132-4, 168

    • stock markets, African, 3-4, 38, 104-40, 153, 195

      • capacity-building policies, 135-40

      • capitalization, 153

      • challenges to, 105

      • corporate governance and, 134-5

      • demutualization, 119-22

      • development indicators, 225

      • economic development and, 109-14

      • financial globalization and, 124-32

      • functional efficiency of, 114-15

      • functions of, 109, 110

      • growth of, 104-5

      • impact of, 13

      • liquidity, 109-12, 115, 116-17

      • operational efficiency of, 115-22

      • performance of, 126-30, 161, 164

      • price indices, 160

      • privatization and, 132-5

      • reasons for development of, 108-14

      • regional stock exchanges, 104-5, 130-1, 174-5, 232

      • regulatory frameworks, 173-6

      • risk factors, 122-4

      • risk-adjusted performance, 126, 127

      • state of, 114-24

      • trading infrastructure, 118-19

    • sub-Saharan Africa (SSA), see also specific countries

      • banking system development in, 63-85

      • credit markets in, 269-70, 277

      • economic growth in, 246

      • economic stagnation in, 11

      • financial sector in, 1, 46-50

      • financial system development in, 23-6

      • financial systems structure, 147-54

      • private sector credit in, 46

      • regional financial integration in, 219-43

      • regulatory frameworks, 145-86

      • sustainable growth in, 1

    • suffrage laws, 23

    • Suharto regime, 19

    • super-majority voting rules, 20

    • supervisory framework

      • advantages and disadvantages of selected, 208-9

      • analytical framework for, 200-4

      • background on, 188-91

      • building, 187-216

      • capacity constraints, 200-1

      • central banks, 189-90

      • challenges to African, 191

      • financial sectors and, 191-200

      • introduction to, 187-8

      • Irish model, 207, 208

      • for microfinance, 252-3, 285-6

      • models for, 204-11

      • nonbanking sector, 196

      • partially unified, 208-9, 210-11

      • reform of, 199-200

      • role of central banks in, 204-6, 210-11

      • scope and intensity, 201-4

      • Singapore model, 206-7, 208

      • structures, 197-8, 200-4

      • supervisory capacity, 195-6

      • UK model, 209, 211

      • unified, 209

      • see also regulatory frameworks

    • surveillance, 178, 181

    • susu collectors, 94-5, 99

    • susu depositors, 94

    • Swaziland, 152, 168, 170

    • systemic scale economies, 221, 225, 237

    • Tanzania, 74, 76, 94, 152, 233, 277

    • technical cooperation (TC), 145

    • technological innovations

      • in banking sector, 158

      • in financial market, 96-7, 100

      • MFIs and, 296

    • terrorism financing, 253

    • trade, intraregional, 231

    • trade liberalization, 221

    • transparency, 48

    • TransUnion Central America (TUCA), 277

    • Treasury bond yields, 162-3

    • Uganda, 233

      • banking sector in, 26, 73-7

      • credit bureaus, 276

    • Uganda Commercial Bank (UCB), 73, 80

    • Uganda Securities Exchange (USE), 73

    • UK model, 209, 211

    • UMAC, see Central African Monetary Union (UMAC)

    • unified regulation, 189-90, 211, 214n7, 214n8

    • Unit Trust Companies (UTCs), 170

    • United States, 12

      • banking sector, 15, 21-3

      • political institutions, 21-3

    • unregulated sectors, 197-8

    • van Buren, Martin, 22-3

    • voting laws, 23

    • West Africa, 248, 262-3

    • West African Accounting Council, 60n3

    • Western African Economic Monetary Union (WAEMU), 46, 229-30

      • macroeconomic risks, 166

      • regional integration in, 230-1

      • regulatory frameworks, 169

    • Zambia

      • macroeconomic risks, 167

      • regulatory frameworks, 170

      • supervisory framework, 197

    • Zimbabwe, 97, 168

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