This paper overviews the major problems confronting African Financial systems and sketches a wide range of issues for future research. The framework of modern financial theory is utilized in analyzing the characteristics of African financial systems. The framework begins with an idealized market...

My purpose is to address broadly the role of finance in economic development and make some recommendations in the context of Africa. As a financial economist, I have devoted my entire career to helping promote knowledge in the field of finance, but with no particular regional emphasis. My...