Book on financial market launched
A book aimed at shedding more light on the need to improve the financial market in the financial industry has been launched.
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Titled ‘Financial Markets and Institutions: A Frontier Market Perspective’ authored by Professor Joshua Yindenaba Abor of the University of Ghana Business School, the book highlights some principles and solutions relevant to the financial markets.
Professor Abor told newsmen after the launch that he was motivated to fill a yawning gap of textbooks cast in foreign settings with cases pertaining to foreign countries, with the sixteen-chapter book that dwelled much on the familiar local and West African market cases.
He said there was an influx of foreign texts on the market that only cited problems pertaining to their country.
Another motivation, he said, was the Vice Chancellor, Prof. Ernest Aryeetey’s encouragement to lectures to write well researched books for the students they lectured.
“I have been teaching financial markets since 2004 and one thing I notice was most of the foreign books that are used to teach focuses on matters in their countries and I think students from our part of the world need to understand the dynamics of the frontier market. The Americans have always believed that finance is a North American discipline,” he said.
According to him, financial innovation, which was critical in supporting inclusive financing, had been given a full chapter that explains it extensively.
“Everybody is talking about financial inclusion, how we can do that, we need innovative tools and instruments to encourage people to participate and that is what this book gives you” he noted.
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The Head of Department of Economics at the University of Ghana, Professor Peter Quartey, reviewed the book and said it was not entirely full of local examples but covered the treatment of the subjects as expected from standard international institutions.
He said it would ensure that students were well-grounded and well-armed with the local markets and other markets on the continent.
“A wide range of materials are found in the sixteen chapters, this includes stocks such as credit unions, rural community banks which are often not covered by standard textbooks”, he noted.
Explaining further, he said, the book was written in simple language and devoid of unnecessary jargons for easy understanding and advised non-academics and non-financial people to get a copy to ready.
He also advised the author to come out with a second edition of the book devoted to areas such as the monetary system, micro financing and how to manage them, the informal financial sector and international financial institutions and the role they play in global finance.