Finance and Democracy in Africa
Keywords:
Banking, Democracy, Development, Finance, PoliticsAbstract
This paper focuses on how political regimes affect financial developments in Africa and the role of dominant religion, income levels and colonial legacies in this regard. The fndings indicate that authoritarian regimes have a higher propensity to effect policies that favour the development of fnancial intermediary depth, activity and size. Democracy has important effects on the degree of competition for public offces but is less signifcant in influencing policies related to promoting fnancial development when compared with autocracies. Once democracy is initiated, it should be accelerated (to edge out the appeals of authoritarian regimes) to reap the benefits of level and time hypotheses in financial development.
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