Stock exchanges in East Africa: something borrowed, something new?
The rapid integration of international ﬁnancial markets has been one of the starkest examples of globalization. The impressive rise of private capital ﬂows to emerging markets, from $25 billion in 1990 to $300 billion in 2005, has been a key feature of this trend … [But] Africa’s ‘frontier markets’ – those outside South Africa – still receive a tiny fraction of emerging markets investment and the widespread reaction in Africa has been of disappointment
(Moss et al. 2007: 1).1