Unfortunately, I think that national account statistics have not always been given the priority that they deserve by the statistical bureau in many African countries. The quality and quantity of econometric research on African economies is, however, increasing.
The most tangible and manifest evidence of market segmentation in India is the “dis-connect” between IRS, IRF and government securities markets as reflected in the IRS (bank credit risk) yields being 100 to 125 basis points below G-Sec yields and IRF yields (when last traded) being about 70 basis points higher than their fair value, signifying almost complete absence of arbitrage and thus a pernicious violation of the “no-arbitrage”, or what is the something as, the “law-ofone-price, argument” which, as the discerning audience is by now well aware, is the most fundamental basis of “fair value derivatives pricing”.