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Regional Integration of Stock Exchanges in Eastern and Southern Africa; Progress and Prospects

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  • Jacqueline T 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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    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
    Handle: RePEc:imf:imfwpa:05/122
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    Keywords: Africa; Regional integration; International capital markets; International financial markets; capital markets development; stock exchange; capital markets; stock exchanges; stock market; capital market; Financial Aspects of Economic Integration;

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    1. World Bank, 2000. "Can Africa Claim the 21st Century?," World Bank Publications, The World Bank, number 22962, July.
    2. Arestis, Philip & Demetriades, Panicos O & Luintel, Kul B, 2001. "Financial Development and Economic Growth: The Role of Stock Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 33(1), pages 16-41, February.
    3. Levine, Ross & Zervos, Sara, 1996. "Stock Market Development and Long-Run Growth," World Bank Economic Review, World Bank Group, vol. 10(2), pages 323-339, May.
    4. Pardy, Robert, 1992. "Institutional reform in emerging securities markets," Policy Research Working Paper Series 907, The World Bank.
    5. Ajit Singh, 1999. "Should Africa promote stock market capitalism?," Journal of International Development, John Wiley & Sons, Ltd., vol. 11(3), pages 343-365.
    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.
    8. Singh, A. & Hamid, J., 1992. "Corporate Financial Structure in Developing Countries," Papers 1, World Bank - International Finance Corporation.
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    Cited by:

    1. Alagidede, Paul & Panagiotidis, Theodore, 2009. "Modelling stock returns in Africa's emerging equity markets," International Review of Financial Analysis, Elsevier, vol. 18(1-2), pages 1-11, March.
    2. David G. McMillan, 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, April.
    5. Patrick Honohan & Thorsten Beck, 2007. "Making Finance Work for Africa," World Bank Publications, The World Bank, number 6626.
    6. David McMillan, 2011. "Measuring volatility persistence and long memory in the presence of structural breaks," Managerial Finance, Emerald Group Publishing, vol. 37(3), pages 219-241, February.
    7. Solarin Sakiru Adebola & Jauhari Dahalan, 2012. "An Empirical Analysis of Stock Markets Integration in Selected African Countries," EuroEconomica, Danubius University of Galati, issue 2(31), pages 166-177, May.
    8. 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.
    9. Collins G. Ntim, 2011. "Testing the weak-form efficiency in African stock markets," Managerial Finance, Emerald Group Publishing, vol. 37(3), pages 195-218, February.

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