Financial Sector Development in African Countries

This Palgrave Pivot begins with a broad focus on financial sector development asa whole, highlighting areas such as the money market, payment system, and thecapital market, as well as issues such as regulatory strategy, capacity building offinancial firms and service providers, and financial inclusion. In the area of foreignexchange market policies, the book argues that African countries should aim forsocial efficiency of the markets, which would include soundness of their foreignexchange systems, from an economic growth perspective, and fairness from anincome distributional perspective. Finally, in recognition of the fact that someAfrican countries desire financial systems that are strong enough to beinternational centers of finance, the policy-making implications of that ambitionare discussed.This book will be of interest to scholars and students in development economics,finance, and money and banking, as well as policy-makers and practitioners.Further, international organisations and independent research organisationsinterested in economic development in general or financial system developmentissues will also find this book of value.Omotunde E. G. Johnson received his PhD in Economics from the University ofCalifornia, Los Angeles, USA, in 1970. He has taught at universities including theUniversity of Sierra Leone and the University of Michigan, USA, and wasInternational Monetary Fund staff member for more than 25 years. He wasVisiting Research Fellow at the Centre for the Study of African Economies andSenior Associate Member at St Antony’s College, Oxford University, UK. He haspublished a number of books and many articles in academic journals, includingthe Journal of Law and Economics, Journal of Money Credit and Banking, WorldDevelopment, Kyklos, Journal of Policy Reform, and International Monetary FundStaff Papers. His most recent book, published by Palgrave Macmillan, wasEconomic Diversification and Growth in Africa: Critical Policy Making Issues.