WMU News

Emerging African markets will be topic of visiting scholar lecture

October 6, 1998

KALAMAZOO -- The potential that African emerging markets offer to the United States and other global economies will be the topic of a free public lecture by a visiting scholar at Western Michigan University Wednesday, Oct. 14.

Dr. Lemma A. Senbet, the William E. Mayer Professor of Finance at the University of Maryland, will address the various African economies and the worldwide impact of these markets in his talk about "Globalization of African Financial Markets" at 3:30 p.m. in Room 3508 of Knauss Hall. The event is part of WMU's Visiting Scholars and Artists Program.

An internationally recognized financial economist, Senbet has consulted for the World Bank, the International Monetary Fund, and the United Nation's Economic Commission for Africa as well as for various government agencies in the United States, Canada and Africa. He has been ranked among the top three worldwide contributing authors to the Journal of Finance and has previously held two endowed chairs as the Charles Albright Professor and the Dickinson Bascom Professor at the University of Wisconsin-Madison.

With 54 separate countries, Africa is poised to be a major player in the 21st century global marketplace, according to Dr. Sisay Asefa, WMU professor of economics and coordinator of Senbet's visit.

"From the standpoint of the United States, Africa's impact is more important to our economy than that of Russia's," says Asefa. "We export much more to Africa than Russia and we are very dependent on Nigeria for petroleum. They are our second largest supplier."

Also during his visit to campus, Senbet will discuss "A Theory of Bank Management, Compensation and Regulation" at a seminar set for 10 a.m. Thursday, Oct. 15, in Room 2303 of Friedmann Hall. Senbet's visit is sponsored by the Department of Economics in cooperation with the Department of Finance and Commercial Law, the African Studies Program and the Division of Minority Affairs.

The Visiting Scholars and Artists Program was established in 1960 and has supported some 500 visits by scholars and artists representing more than 65 academic disciplines. The chairperson of the committee that oversees the program is Dr. James M. Hillenbrand, professor of speech pathology and audiology.

Media contact: Marie Lee, 616 387-8400, marie.lee@wmich.edu

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