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

In: HANDBOOK OF GLOBAL FINANCIAL MARKETS Transformations, Dependence, and Risk Spillovers

Author

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  • Shashi Jeevita Matadeen
  • Boopen Seetanah

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.

Suggested Citation

  • Shashi Jeevita Matadeen & Boopen Seetanah, 2019. "Assessment of the Economic Impact of Stock Market Development: An African Perspective," World Scientific Book Chapters, in: Sabri Boubaker & Duc Khuong Nguyen (ed.), HANDBOOK OF GLOBAL FINANCIAL MARKETS Transformations, Dependence, and Risk Spillovers, chapter 22, pages 571-589, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813236653_0022
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    More about this item

    Keywords

    Market Integration; Risk Management; Risk Assessment; Financial Uncertainty; Volatility; Financial Markets; Financial Development; Country Risks; Sovereign Debt Markets;
    All these keywords.

    JEL classification:

    • F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation: Models and Applications

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