Asymmetric effect of monetary policy on stock market performance in the ECOWAS zone: empirical evidence from the NARDL approach

Yao Séraphin Prao and Kouassi Cyrille Kongoza
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Yao Séraphin Prao: Alassane Ouattara University (Bouaké), Ivory Coast
Kouassi Cyrille Kongoza: Alassane Ouattara University (Bouaké), Ivory Coast

Theoretical and Applied Economics, 2025, vol. XXXII, issue 1(642), Spring, 149-166

Abstract: The aim of this study is to analyze the effect of monetary policy on stock market performance in the ECOWAS zone, from 2000 to 2021, using data from three stock exchanges (BRVM, Ghana Stock Exchange and Nigerian Stock Exchange). Applying the NARDL (Nonlinear Autoregressive Distributed Lag) model, the results indicate that monetary policy has an asymmetric effect in the short and long term on stock market performance in the ECOWAS zone. The study revealed that the Nigerian stock market is more reactive to changes in monetary policy than the Ghanaian stock market and the BRVM.

Keywords: Monetary policy; stock market performance; asymmetric effect; NARDL; ECOWAS. (search for similar items in EconPapers)
Date: 2025
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