STOCK MARKET DEVELOPMENT, LIBERALIZATION AND FINANCIAL DEVELOPMENT IN THE SELECTED SUB-SAHARAN AFRICAN COUNTRIES

Wakilat Balogun (), Jauhari. Dahalan () and Sallahuddin. Hassan ()
Additional contact information
Wakilat Balogun: Lagos State Polytechnic, Ikorodu, Lagos
Jauhari. Dahalan: Universiti Utara Malaysia
Sallahuddin. Hassan: Universiti Utara Malaysia

Romanian Economic Business Review, 2016, vol. 11, issue 2, 52-65

Abstract: The paper examines the long run impact of financial development and the stock market liberalization on stock market development for seven selected sub-Saharan African countries using panel dataset that spans 1990 to 2013. The study employs dynamic heterogeneous panel data analysis by using the technique of Pooled Mean Group (PMG). Results show that on average liberalizing the stock markets in the seven selected SSA countries will have positive long run effect on the economies of these countries. The long run impact of financial development on stock market development is also positive and significant. As such policy design should be tailored towards strategizing financial sector in such a way that would strengthen both the stock market and the banking sector unit of the entire financial market.

Keywords: Financial development; pooled mean group; liberalization; Sub-Saharan African. (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (2)

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