Assessment of the Economic Impact of Stock Market Development: An African Perspective

Shashi Jeevita Matadeen and Boopen Seetanah

Chapter 22 in Handbook of Global Financial Markets:Transformations, Dependence, and Risk Spillovers, 2019, pp 571-589 from World Scientific Publishing Co. Pte. Ltd.

Abstract: With the ever-growing importance of stock markets, an overwhelming number of studies have been carried out worldwide to investigate the link which exists between stock market development and economic growth. However, studies analyzing this link are scant in the African region. As such, this chapter uses a dynamic panel vector error correction model (PVECM) to analyze the relationship among stock market development, banking development, and economic growth in a unified framework for the period 1988–2011. The results suggest that stock market development plays an important role in generating gains in terms of economic growth both in the short run and in the long-run within the sample of African countries under consideration.

Keywords: Market Integration; Risk Management; Risk Assessment; Financial Uncertainty; Volatility; Financial Markets; Financial Development; Country Risks; Sovereign Debt Markets (search for similar items in EconPapers)
JEL-codes: F37 (search for similar items in EconPapers)
Date: 2019
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