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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Financial regulations and impacts of the global financial crisis in Africa: any lessons learned?
Author:Haule, Romuald
Year:2010
Periodical:Journal of African and international law (ISSN 1821-620X)
Volume:3
Issue:1
Pages:125-146
Language:English
Geographic terms:Africa
Tanzania
Subjects:global economy
economic recession
financial conditions
Abstract:From whatever perspective, African economies are fragile and developing. While initially it was thought that the current global financial crisis would barely affect African countries due to their low level of integration in the international financial system, it is now expected that the global economic downturn will hit Africa hard and threaten the economic gains achieved in recent years. The author describes the economic situation in Africa in general, and Tanzania in particular, before and after the financial crisis, and the challenges facing Africa. Recommendations as to the way forward for Africa and the global economy include: the international community should honour its commitments and pledges to Africa, especially with regard to development aid; the World Bank and the IMF must assist African nations in drafting policies, and in setting up financial packages and contingency plans in order to survive the crisis; the financial industry should stop and rethink its priorities and demand ethical behaviour from its executives and employees; and financial liberalization must be accompanied by stronger prudential regulation and supervision of banks and financial markets. Notes, ref. [ASC Leiden abstract]
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