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While the growth in ETF markets is at an early stage in a number of countries, the speed and breadth of financial innovation in the ETF market has been remarkable in some large financial systems over the past five years, and has brought new elements of complexity and opacity into this standardised market. There are a number of disquieting developments in some market segments which call for closer scrutiny. ETFs have branched out to other asset classes (fixed-income, credit, emerging markets, commodities) where liquidity is typically thinner and transparency lower. The increased popularity of “synthetic” ETFs (which use derivatives) as. | Policy Briefs on the Financial Crisis N 7 2009 An Update on the Impact of the Financial Crisis on African Economies African Development Bank Editorial Committee Ndikumana Léonce Kamara Abdul B. Chouchane Audrey Mafusire Albert Rights and Permissions All rights reserved. The text and data in this publication may be reproduced provided the source is cited. Reproduction for commercial purposes is forbidden. The Policy Briefs on the Financial Crisis PBFC are produced by the Complex of the Chief Economist with contribution from other departments of the African Development Bank. The PBFC are intended to present analyses of experiences and lessons emerging from the Financial Crisis so as to encourage policy debate that guides the search for sustainable solutions to the crisis. The findings interpretations and conclusions expressed in this paper are entirely those of the author s and do not necessarily represent the view of the African Development Bank its Board of Directors or the countries they represent. The Policy Briefs on the Financial Crisis are available online at http www.afdb.org Copyright African Development Bank 2009 AFRICAN DEVELOPMENT BANK GROUP An Update on the Impact of the Financial Crisis on African Economies Meeting of the Committee of Finance Ministers and Central Bank Governors Dar Es-Salaam Tanzania March 11 .
