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This paper examines empirically the determinants of financial market development in Africa with an emphasis on banking systems and stock markets. The results show that income level, creditor rights protection, financial repression, and political risk are the main determinants of banking sector development in Africa, and that stock market liquidity, domestic savings, banking sector development, and political risk are the main determinants of stock market development. We also find that liberalizing the capital account promotes financial market development only in countries with high incomes, well- developed institutions, or both. The powerful impacts of political risk on both banking sector and stock market development suggest that resolution of political risk may be important to the development of African financial markets.

Purpose This study aims to understand the impact of religiosity and acculturation to the global consumer culture (AGCC) on Muslims’ perception of luxury values. Prior results on the effect of religion/religiosity on luxury consumption and purchase intentions are inconsistent. Then, while AGCC is argued to affect consumers’ perceptions of luxury values, research in this area is scarce. Design/methodology/approach Based on an online questionnaire with 300 Kuwaiti respondents recruited from a paid consumer panel, the authors explore the relations between religiosity and AGGC on the one hand and luxury values on the other through linear regressions. Findings Religiosity enhances the perceived extended self, perfectionism, materialistic and sustainable value of luxury. AGCC enhances Muslims’ perception of all luxury values under study. Globalized Muslims mainly perceive luxury as means of self-identification. Originality/value The study is the first, to the knowledge, to investigate the impact of religiosity and AGCC on Muslims’ perception of luxury values. The authors propose an integrative set of luxury values that reflect both the social and personal value of luxury. The study focuses on Muslims in Kuwait; a potential luxury market that is under-investigated.

Foreign direct investment and private capital flows are highly concentrated geographically, with almost half of them reaching five top destinations. These flows tend to evade many high-risk countries. Regulatory and contractual risks, particularly in infrastructure, have inhibited investments in many parts of the developing world. A core objective of the World Bank Group (WBG) has been to support the flow of private investment for development; guarantees and insurance have been among the instruments that the WBG has used to pursue this objective. This study examines three main questions: • Should the WBG be in the guarantee business? • Have guarantee instruments in the three WBG institutions been used to their potential as reflected in WBG expectations and perceived demand? • Is the WBG appropriately organized to deliver its range of guarantee products in an effective and efficient manner?

Liquid fuels obtained in refining crude oil are one of the most important energies in economic activity. The domestic wholesale market for liquid fuels is of decisive importance for price formation in the national economy. The noncompetitive behavior of the market players at this level of the distribution chain can significantly affect all downstream price levels and the producer–consumer surplus balance. Therefore, the competitiveness of this market should be screened and assessed regularly, especially when significant external factors change. This article attempts to evaluate the impact of structural changes on the global market of crude oil and energy products after the outbreak of the COVID-19 pandemic on the competitiveness of the wholesale fuel market in Poland. Using asymmetry of the reaction of product prices to changes in the prices of inputs as a marker of noncompetitive behavior and the NARDL model as a test specification, the price paths of market players before and after the occurrence of structural changes in the inputs’ processes were examined. Significant changes in the competitive behavior of players were revealed after the occurrence of structural changes at the beginning of the pandemic period in the year 2020. These changes may indicate enhanced competition and mitigation of potential market power abuse.

The detection and deterrence of collusive agreements among firms, such as price-fixing cartels, remain pivotal in maintaining market competition. This study investigates the application of machine learning methodologies in the behavioral screening process for detecting collusion, with a specific focus on parallel pricing behaviors in the wholesale fuel market. By employing unsupervised learning techniques, this research aims to identify patterns indicative of collusion—referred to as collusion markers—within time series data. This paper outlines a comprehensive screening research plan based on the CRISP-DM model, detailing phases from business understanding to monitoring. It emphasizes the significance of machine learning methods, including distance measures, motifs, discords, and semantic segmentation, in uncovering these patterns. A case study of the Polish wholesale fuel market illustrates the practical application of these techniques, demonstrating how anomalies and regime changes in price behavior can signal potential collusion. The findings suggest that unsupervised machine learning methods offer a robust alternative to traditional statistical and econometric tools, particularly due to their ability to process large and complex datasets without predefined models. This research concludes that these methods can significantly enhance the detection of collusive behaviors, providing valuable insights for antitrust authorities.

Growth remained strong in the region in 2012, with regional GDP rates increasing in most countries (excluding Nigeria and South Africa). Projections point to a moderate, broad-based acceleration in growth to around 5½ percent in 2013¬14, reflecting a gradually strengthening global economy and robust domestic demand. Investment in export-oriented sectors remains an important economic driver, and an agriculture rebound in drought-affected areas will also help growth. Uncertainties in the global economy are the main risk to the region's outlook, but plausible adverse shocks would likely not have a large effect on the region's overall performance.

Global Development Finance: External Debt of Developing Countries (GDF)—the World Bank’s annual report on debt financing of developing countries—includes comprehensive data for 128 countries that report under the World Bank's Debtor Reporting System, as well as summary data for regions and income groups. The GDF is available in print or electronically. The print edition includes an overview section focusing on trends in financial flows as well as trends in external debt for developing countries in 2008. It also highlights support from the World Bank Group to developing countries and the developments in debt restructuring in 2008. Together with this review of major financial developments in the previous year, you can find summary tables of regional and income group aggregates, and country tables. The electronic version contains the complete time-series database and is available as a CD-ROM or through an online subscription -- GDF Online.Data can be downloaded for further analysis from either the CD-ROM* or Online editions. Both include more than 200 historical time series from 1970 to 2008. The database covers external debt stocks and flows and their components, foreign direct investment, and equity flows along with key debt ratios, providing a detailed, country-by-country picture of the debt of developing countries.The mapping and charting functions included on both the CD-ROM and Online editions allow users to visualize the data and save images for use in other applications. These features plus data export options in standard formats like Excel make GDF the most comprehensive and detailed source of economic data on external debt and financial flows. Users of GDF Online may also choose their preferred language interface: English, French, Spanish, Portuguese, Russian, Arabic, or Chinese.In previous editions, Global Development Finance: External Debt of Developing Countries was published as Global Development Finance: Volume 2.