REGIONAL INTEGRATION OF EQUITY MARKETS IN SUB‐SAHARAN AFRICA

Jenifer Piesse and Bruce Hearn

South African Journal of Economics, 2005, vol. 73, issue 1, 36-52

Abstract: Equity markets in developing and emerging economies have grown in number and importance as a result of financial market globalisation. However, their role in economic growth and development is enhanced if nascent markets are integrated with well‐established ones. Market integration, measured by the transmission of returns volatility, is identified across a sample of SSA countries, using a unique dataset. Evidence for potential integration between financial markets in Sub‐Saharan Africa (SSA) is found. Spillovers are found across markets, some unidirectional and others bi‐directional. However, continued illiquidity and incomplete institutions indicate that an integrated financial community remains premature, and considerable regulatory reform and harmonisation will be necessary for this to succeed.

Date: 2005
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