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Regional Integration of Stock Exchanges in Eastern and Southern Africa

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  • Jacqueline Irving
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    Abstract

    This paper assesses whether regional cooperation and integration of stock exchanges in eastern and southern Africa could offer a way of overcoming impediments to the exchanges'' development. The paper concludes that regional cooperation and, at a later stage, integration, if carried out at the right pace and in a pragmatic way, could improve the liquidity, efficiency, and competitiveness of these exchanges. Further progress in developing national financial markets must precede any actual moves to integrate securities markets. These exchanges could meanwhile benefit from closer cooperation, including by encouraging more crossborder listings and information/technology sharing.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 05/122.

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    Length: 41
    Date of creation: 01 Jun 2005
    Date of revision:
    Handle: RePEc:imf:imfwpa:05/122

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    Related research

    Keywords: Stock markets; stock exchange; capital markets; stock exchanges; stock market; capital market; financial markets; securities markets; bonds; bond; securities exchange; stock market development; government bonds; international capital; bond issues; stockbrokers; capital market development; securities market; capital markets development; portfolio investment; international capital markets; securities trade; capital flows; government securities; national stock exchanges; financial instruments; financial institutions; fixed income securities; financial market; foreign capital; international finance corporation; debt securities; stock market regulations; financial sector; emerging international finance; bond market; listed securities; corporate bond; international standards; equity markets; securities exchanges; local capital markets; bond markets; capital account convertibility; corporate ? bonds; bourse; capital movements; capital market integration; new york stock exchange; speculative capital; capital inflows; equity investments; financial assets; domestic capital markets; equity market; foreign portfolio investment; stock exchanges association; capital outflows; financial services; share capital; government bond; equity securities; domestic capital; private capital flows; international financial markets; financial system; active bond markets; financial structure; private capital; speculative capital inflows; securities clearing; derivatives instruments; futures exchange; financial intermediaries; financial intermediation; stable macroeconomic policies; capital accounts; financial structures; venture capital fund; financial sector development; securities depository; financial derivatives; long-term bonds; secondary bond market; bond market development; derivatives exchange; term bonds; corporate bond issues; crowding out; central securities depository; emerging market stock; capital gains; financial stability; securities trading; financial market development; stock market volatility; money market;

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    1. Philip Arestis & Panicos O. Demetriades & Kul B. Luintel, 1997. "Financial Development and Economic Growth: the Role of Stock Markets," Keele Department of Economics Discussion Papers (1995-2001) 97/05, Department of Economics, Keele University.
    2. Levine, Ross & Zervos, Sara, 1996. "Stock Market Development and Long-Run Growth," World Bank Economic Review, World Bank Group, vol. 10(2), pages 323-39, May.
    3. Singh, Ajit, 1999. "Should Africa promote stock market capitalism?," MPRA Paper 54291, University Library of Munich, Germany.
    4. Pardy, Robert, 1992. "Institutional reform in emerging securities markets," Policy Research Working Paper Series 907, The World Bank.
    5. Singh, A. & Hamid, J., 1992. "Corporate Financial Structure in Developing Countries," Papers 1, World Bank - International Finance Corporation.
    6. Jefferis, Keith, 1995. "The Botswana share market and its role in financial and economic development," World Development, Elsevier, vol. 23(4), pages 663-678, April.
    7. Chuppe, Terry M. & Atkin, Michael, 1992. "Regulation of securities markets : some recent trends and their implications for emerging markets," Policy Research Working Paper Series 829, The World Bank.
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    Cited by:
    1. Honohan, P. & Beck, T.H.L., 2007. "Making finance work for Africa," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125420, Tilburg University.
    2. David G. McMillan & Pako Thupayagale, 2009. "The efficiency of African equity markets," Studies in Economics and Finance, Emerald Group Publishing, vol. 26(4), pages 275-292, October.
    3. Jean-François HOARAU, 2009. "Investissements Directs Étrangers Et Intégration Régionale : Un État Des Lieux Pour Le Marché Commun D’Afrique De L’Est Et Du Sud," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 29, pages 69-103.
    4. Thorsten Beck & Samuel Munzele Maimbo & Issa Faye & Thouraya Triki, 2011. "Financing Africa : Through the Crisis and Beyond," World Bank Publications, The World Bank, number 2355, October.
    5. Alagidede, Paul, 2011. "Return behaviour in Africa's emerging equity markets," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(2), pages 133-140, May.
    6. Collins G. Ntim & Kwaku K. Opong & Jo Danbolt & Frank Senyo Dewotor, 2011. "Testing the weak-form efficiency in African stock markets," Managerial Finance, Emerald Group Publishing, vol. 37(3), pages 195-218, March.
    7. David McMillan & Pako Thupayagale, 2011. "Measuring volatility persistence and long memory in the presence of structural breaks: Evidence from African stock markets," Managerial Finance, Emerald Group Publishing, vol. 37(3), pages 219-241, March.

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