Political Economy of Cross-border Trade in Securities in COMESA Region

This book is underscored by the view that driven by various factors is its creation and hindered by various constraints in its application, the legal regulatory and institutional framework for public distribution of securities in many countries in the eastern and southern African region (the COMESA region) has had limited success in facilitating the development of vibrant and competitive securities markets. The book argues that tailoring the said framework on the dictates of the successive World Bank and IMF Structural Adjustment Programs rather than the real needs of the domestic markets, and the continued adoption of foreign legal-economic models and concepts makes it increasingly difficult for regulators, legislators and policy-makers to develop an effective framework for domestic securities markets. A central argument of this book is that a legal, regulatory and institutional framework that is based on the culture, practices and beliefs of the domestic markets is likely to facilitate the development of robust and competitive securities markets in the COMESA region. The book also argues that, in line with the Lagos Plan of Action, COMESA states should pursue gradual integration.