Impediments to the development of stock markets in the Southern African development community

Abstract

This thesis examines how property rights regimes impede participation in stock markets, emphasising institutional transformation processes, property rights ownership culture, and quality of institutions. The adopted theoretical framework incorporates property rights effects into the overall institutional structure of the society and the economy. This institutional structure comprises the political order that defines and protects property rights; property rights institutions that are laws, regulations and contracts; and cultural value systems that regulate behaviour and influence choices in the society (Feder and Feeny 1991:136). In doing so, it is argued that the popular view in the comparative markets and governance literature regarding the influence of property rights institutions on the development of capital markets does not adequately address the peculiarities and complexities characterising institutional developments in SADC countries...