Small African Stock Markets—The Case of the Lusaka Stock Exchange

Heloisa Marone

No 2003/006, IMF Working Papers from International Monetary Fund

Abstract: In trend with a global pattern and following recommendations of the World Bank and the International Finance Corporation (IFC), the number of stock markets in African countries has increased dramatically over the last ten years. Despite a scarcity of studies on the impact of stock markets on these economies, some policymakers have been arguing in favor of stock exchanges (national or regional) in eastern and southern Africa. The creation of such exchanges may be a premature project as they might lack an actual economic rationale. The present case study, for instance, suggests that the Lusaka Stock Exchange (LuSE) has little effect on the larger Zambian economy.

Keywords: WP; firm; investor; market; managed firm; yield; Financial Development; Stock Market; Small Economies; Zambia; rate of return; LuSE aggregate performance indicator; investor interest; Zambia's Lusaka Stock Exchange; nonpublic share; trading activity of the LuSE; investor category; foreigner investors trading; allocation decision; savings rate; investment manager; risk-averse investor; Stock markets; Stocks; Mutual funds; Capital markets; Liquidity; Sub-Saharan Africa; Global; Southern Africa; East Africa; Africa (search for similar items in EconPapers)
Pages: 28
Date: 2003-01-01
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Citations: View citations in EconPapers (5)

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