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Regional Stock Exchange Development and Economic Growth in the Countries of the West African Economic and Monetary Union (WAEMU)

Babatounde Ifred Paterne Zonon
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Babatounde Ifred Paterne Zonon: School of Economics and Management, Southwest Jiaotong University, Jiuli Campus, Chengdu 610031, China

Economies, 2021, vol. 9, issue 4, 1-19

Abstract: This study used panel data covering 27 years to investigate the causality between regional stock exchange development and economic growth in the West African Economic and Monetary Union (WAEMU) countries. We performed a homogeneous Granger non-causality with an autoregressive distributed lag model (ARDL) and Markov-switching analysis, using six indicators for the stock and financial market and six for control. The results showed a close economic relationship between WAEMU countries and causality from the regional stock exchange, which supports the supply leading hypothesis. The causality was confirmed in the short and long run, depending on the variable. The causal relationships that support the demand-driven hypothesis were recorded from the economic growth for four market measurements.

Keywords: BRVM; WAEMU; regional stock exchange; economic growth; developing countries (search for similar items in EconPapers)
JEL-codes: E F I J O Q (search for similar items in EconPapers)
Date: 2021
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