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The Determinants of Stock Market Development in Emerging Economies: Is South Africa Different?

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  1. Anna Faelten & Miles Gietzmann & Valeriya Vitkova, 2014. "Naked M&A Transactions: How the Lack of Local Expertise in Cross-Border Deals Can Negatively Affect Acquirer Performance – and How Informed Institutional Investors can Mitigate This Effect," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 41(3-4), pages 469-506, April.
  2. Buljat, Maja & Ivanovic, Zoran & Baresa, Suzana, 2015. "Analysis Of The Capital Market In Croatia," UTMS Journal of Economics, University of Tourism and Management, Skopje, Macedonia, vol. 6(2), pages 223-232.
  3. Krisztina Jäger-Gyovai, 2014. "Capital Market Development in CESEE and the Need for Further Reform," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 27, pages 74-82.
  4. Eleanya K. Nduka & Ugochukwu E. Anigbogu & Ishaku R. Nyiputen, 2016. "Investigating the Causal Relationship Between Stock Market and Aggregate Economic Performance of South Africa," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 6(4), pages 218-227, April.
  5. Andrew Phiri, 2017. "Long-run equilibrium adjustment between inflation and stock market returns in South Africa: a nonlinear perspective," International Journal of Sustainable Economy, Inderscience Enterprises Ltd, vol. 9(1), pages 19-33.
  6. 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.
  7. Christian Haddad & Lars Hornuf, 2016. "The Emergence of the Global Fintech Market: Economic and Technological Determinants," Research Papers in Economics 2016-10, University of Trier, Department of Economics.
  8. Relwende Sawadogo & Samuel Guérineau, 2015. "Does Insurance Development Affect the Financial Markets in developing countries?," CERDI Working papers halshs-01178840, HAL.
  9. M. Olufemi Saibu, 2012. "An analysis of causal nexus between foreign direct investment, exchange rate and financial market development in Nigeria (1970 to 2009)," African Journal of Economic and Sustainable Development, Inderscience Enterprises Ltd, vol. 1(1), pages 95-102.
  10. Enaruna, Dubem Victor & Okene, Anthony Jovwo (ACA), 2019. "The Impact of the Capital Market on Investment in the Real Sector of the Nigerian Economy," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 3(11), pages 83-90, November.
  11. Godfrey Akileng & Abbot Anthony Ogwang & Charles Ssendyona, 2018. "Determinants of performance of securities exchanges in East Africa," Journal of Finance and Investment Analysis, SCIENPRESS Ltd, vol. 7(3), pages 1-3.
  12. SAIBU, Olufemi Muibi, 2012. "An analysis of causal nexus between foreign direct investment, exchange rate and financial market development in Nigeria (1970 to 2009)," MPRA Paper 42429, University Library of Munich, Germany.
  13. Md. Al-Mamun, 2013. "The Effect of Macroeconomic & Market Specific Dynamics on Stock Market Development in Global Growth Generator Countries," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 3(9), pages 1152-1169, September.
  14. Klagge Britta & Zademach Hans-Martin, 2018. "International capital flows, stock markets, and uneven development: the case of Sub-Saharan Africa and the Sustainable Stock Exchanges Initiative (SSEI)," ZFW – Advances in Economic Geography, De Gruyter, vol. 62(2), pages 92-107, May.
  15. Chiad, Faycal & Hadj Sahraoui, Hamoudi, 2021. "What Drives Stock Market Development in Arab Countries?," MPRA Paper 112035, University Library of Munich, Germany, revised 2021.
  16. Yu Hsing, 2013. "Effects of Fiscal Policy and Monetary Policy on the Stock Market in Poland," Economies, MDPI, vol. 1(3), pages 1-7, October.
  17. Mpoha, Salifya & Bonga-Bonga, Lumengo, 2020. "Assessing the extent of exchange rate risk pricing in equity markets: emerging versus developed economies," MPRA Paper 99597, University Library of Munich, Germany.
  18. Muhammad Asif Khan & Hossam Haddad & Mahmoud Odeh & Ahsanuddin Haider & Mohammed Arshad Khan, 2022. "Institutions, Culture, or Interaction: What Determines the Financial Market Development in Emerging Markets?," Sustainability, MDPI, vol. 14(23), pages 1-23, November.
  19. Moshirian, Fariborz & Thi Nguyen, Thuy & Zhang, Bohui, 2022. "How does firm size explain cross-country differences in ownership concentration?," Journal of Multinational Financial Management, Elsevier, vol. 65(C).
  20. Moh’d, Shamis Said & Ozgur, Ceyhun & Mohd, Mohd Yaziz & Khalfan, Mohamed Hafidh, 2021. "The Combined Effects of Managerial and Operational Performance of Various Fundamental Components on Stock Selection," OSF Preprints mqh46, Center for Open Science.
  21. Andrew Phiri, 2017. "The Unemployment-Stock Market Relationship in South Africa: Evidence from Symmetric and Asymmetric Cointegration Models," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 15(3 (Fall)), pages 231-254.
  22. Abdelkarim Yahyaoui & Kaies Samet & Amina Amirat, 2021. "Examining the Financial Development–Economic Growth Nexus from an Institutional Approach: Evidence from Non-Oil Arab Countries," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 11(6), pages 457-470, June.
  23. Missaoui, Ibtissem & Ben Rejeb, Jaleleddine & Elkhaldi, Abderrazek, 2016. "Les déterminants institutionnels et macroéconomiques du développement du marché boursier dans les pays de la région MENA [Institutional and macroeconomic determinants of stock market development in," MPRA Paper 83619, University Library of Munich, Germany.
  24. IZEVBIGIE Norense John & OGBEIDE Frank Iyekoretin, 2022. "The Case Of Remittances Inflow And Capital Market Sustainability In Nigeria," Management of Sustainable Development, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 14(2), pages 38-45, December.
  25. Hassan, Enas A., 2018. "The role of stock exchange efficiency in earnings quality: Evidence from the MENA region," Research in International Business and Finance, Elsevier, vol. 44(C), pages 285-296.
  26. Yu Hsing & Wen-jen Hsieh, 2011. "Impacts of macroeconomic variables on the stock market index in Poland: new evidence," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 13(2), pages 334-343, May.
  27. Raza, Syed Ali & Jawaid, Syed Tehseen & Afshan, Sahar, 2013. "Is Stock Market Sensitive to Foreign Capital Inflows and Economic Growth? Evidence from Pakistan," MPRA Paper 48399, University Library of Munich, Germany.
  28. Lidiya Yemelyanova, 2021. "Relationship Between The Stock Market Development, Banking Sector Development And Economic Growth In The Cee Countries," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 7(3).
  29. Adam, Anokye M. & Tweneboah, George, 2008. "Foreign Direct Investment and Stock market Development: Ghana’s Evidence," MPRA Paper 11985, University Library of Munich, Germany, revised 2008.
  30. Sakiru Adebola Solarin & Pritish Kumar Sahu, 2015. "The effect of military expenditure on stock market development: panel evidence from system GMM estimates," Defence and Peace Economics, Taylor & Francis Journals, vol. 26(3), pages 271-287, June.
  31. Okoroafor O.K David & Yelwa Mohammed, 2016. "The Perceived Relations between Development Reforms, Stock Market Performance and Economic Growth in Nigeria: 1984-2014," Economy, Asian Online Journal Publishing Group, vol. 3(1), pages 31-39.
  32. Ng, Adam & Ibrahim, Mansor H. & Mirakhor, Abbas, 2016. "Does trust contribute to stock market development?," Economic Modelling, Elsevier, vol. 52(PA), pages 239-250.
  33. Khalid Ahmed & Bareerah Khan & Ilhan Ozturk, 2021. "Dynamics between disaggregates of governance and stock market performance in selected South Asia countries," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(1), pages 802-813, January.
  34. GIRI A. K. & JOSHI Pooja, 2017. "The Impact Of Macroeconomic Indicators On Indian Stock Prices: An Empirical Analysis," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 12(1), pages 61-78, April.
  35. A., Rjumohan, 2019. "Stock Markets: An Overview and A Literature Review," MPRA Paper 101855, University Library of Munich, Germany.
  36. Ebere Ume Kalu & Augustine C Arize & Okoro E U Okoro & Florence Ifeoma Onaga & Felix Chukwubuzo Alio, 2020. "A cross-country and country-specific modelling of stock market performance, bank development and global equity index in emerging market economies: A case of BRICS countries," PLOS ONE, Public Library of Science, vol. 15(11), pages 1-20, November.
  37. Christian Haddad & Lars Hornuf, 2016. "The Emergence of the Global Fintech Market: Economic and Technological Determinants," CESifo Working Paper Series 6131, CESifo.
  38. Parmendra Sharma & Eduardo Roca, 2011. "Reâ Designing Financial Systems: A Review of the Role of Stock Markets in Developing Economies," Discussion Papers in Finance finance:201120, Griffith University, Department of Accounting, Finance and Economics.
  39. Arafat Mansoor Al-raeai & Zairy Zainol & Ahmad Khilmy bin Abdul Rahim, 2018. "The Role of Macroeconomic Factors on Sukuk Market Development of Gulf Cooperation Council (GCC) Countries," International Journal of Economics and Financial Issues, Econjournals, vol. 8(3), pages 333-339.
  40. Bekhet, Hussain Ali & Al-Smadi, Raed Walid, 2015. "Determinants of Jordanian foreign direct investment inflows: Bounds testing approach," Economic Modelling, Elsevier, vol. 46(C), pages 27-35.
  41. Richard Kofi Asravor & Prince Dieu‐Donne Fonu, 2021. "Dynamic relation between macroeconomic variable, stock market returns and stock market development in Ghana," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 2637-2646, April.
  42. Melecky, Martin & Podpiera, Anca Maria, 2020. "Financial sector strategies and financial sector outcomes: Do the strategies perform?," Economic Systems, Elsevier, vol. 44(2).
  43. Mohd Ashari Bakri & Bany-Ariffin Amin Nordin & Bolaji Tunde Matemilola & Lau Wei Theng, 2020. "Moderating Role of Financial Market Development on the Relationship between Stock Liquidity and Dividend," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 16(2), pages 77-99.
  44. Al-Raeai, Arafat Mansoor & Zainol, Zairy & Abdul Rahim, Ahmad Khilmy, 2019. "The Influence of Macroeconomics Factors and Political Risk on the Sukuk Market Development in Selected GCC Countries: A Panel Data Analysis," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 53(2), pages 199-211.
  45. Hazem Krichene & Mhamed-Ali El-Aroui, 2018. "Agent-Based Simulation and Microstructure Modeling of Immature Stock Markets," Computational Economics, Springer;Society for Computational Economics, vol. 51(3), pages 493-511, March.
  46. Lakshmi, Geeta & Saha, Shrabani & Bhattarai, Keshab, 2021. "Does corruption matter for stock markets? The role of heterogeneous institutions," Economic Modelling, Elsevier, vol. 94(C), pages 386-400.
  47. Rahman, Nadiah Abd & Masih, Mansur, 2017. "Does the islamic bank deposit have an effect on equity market ? Malaysian case," MPRA Paper 106789, University Library of Munich, Germany.
  48. Wakilat BALOGUN & Jauhari. DAHALAN & Sallahuddin. HASSAN, 2016. "Stock Market Development, Liberalization And Financial Development In The Selected Sub-Saharan African Countries," Romanian Economic Business Review, Romanian-American University, vol. 11(2), pages 52-65, June.
  49. Raymond K. DZIWORNU & Dadson AWUNYO-VITOR, 2013. "Stock Exchange Performance and Economic Growth in Ghana: Is There A Causal Link?," Asian Journal of Empirical Research, Asian Economic and Social Society, vol. 3(9), pages 1152-1165, September.
  50. Madhu Sehrawat & A.K. Giri, 2017. "A Sectoral Analysis of the Role of Stock Market Development on Economic Growth: Empirical Evidence from Indian Economy," Global Business Review, International Management Institute, vol. 18(4), pages 911-923, August.
  51. MUKHERJEE Abhijit & GHOSH Amlan, 2022. "Role Of Economic Factors In Property Liability Insurance Consumption: Empirically Examining The Indian Market," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 17(1), pages 112-129, April.
  52. Ingrid-Mihaela Dragotă & Delia Tatu-Cornea & Narcis Tulbure, 2016. "Determinants of Development of the Mutual Fund Industry. A Socio-Cultural Approach," Prague Economic Papers, Prague University of Economics and Business, vol. 2016(4), pages 476-493.
  53. Tarek Eldomiaty & Marina Apaydin & Mona Yusuf & Mohamed Rashwan, 2023. "How Do Stock Market Development and Competitiveness Affect Equity Risk Premium? Implications from World Economies," IJFS, MDPI, vol. 11(1), pages 1-19, February.
  54. Yüksel İLTAŞ & Gülbahar ÜÇLER, 2019. "The Influence of Institutional Quality and Financial Risk on Stock Market Index: An Empirical Study for TurkeyAbstract: This paper aims to analyze the -possible- effects of institutional quality and (," Sosyoekonomi Journal, Sosyoekonomi Society, issue 27(41).
  55. Merve Tuncay, 2018. "Do political risks matter in the financial markets?: evidence from Turkey," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 8(2), pages 209-227, June.
  56. Alaa Alaabed & Mansur Masih & Abbas Mirakhor, 2016. "Investigating risk shifting in Islamic banks in the dual banking systems of OIC member countries: An application of two-step dynamic GMM," Risk Management, Palgrave Macmillan, vol. 18(4), pages 236-263, December.
  57. Lukasz Zieba, 2021. "Some Selected Determinants of Stock Exchange Development: Evidence from Greece," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 4), pages 260-268.
  58. Chuan Li & Joyce Wong, 2018. "Financial Development and Inclusion in the Caribbean," IMF Working Papers 2018/053, International Monetary Fund.
  59. Diana Boshkovska & Elizabeta Djambaska & Vladimir Petkovski & Vesna Georgieva Svrtinov, 2016. "Market Capitalization and Factors of Its Determination – The Case of Republic of Macedonia," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 16(1), pages 41-52.
  60. Molefhi, Koketso, 2021. "The Impact of Macroeconomic Variables on Capital Market Development in Botswana’s Economy," African Journal of Economic Review, African Journal of Economic Review, vol. 9(2), April.
  61. Naser I Abumustafa, 2016. "Investigating the Arab stock markets during Arab spring," Journal of Asset Management, Palgrave Macmillan, vol. 17(5), pages 313-318, September.
  62. Goran Mojanoski, 2022. "Long-Run And Short-Run Causality Between Stock Price Indices And Macroeconomic Variables: Evidence Of Panel Vecm Analysis From Bosnia And Herzegovina, Croatia, North Macedonia And Serbia," Economic Review: Journal of Economics and Business, University of Tuzla, Faculty of Economics, vol. 20(2), pages 3-14, November.
  63. International Monetary Fund, 2014. "Lebanon: Selected Issues," IMF Staff Country Reports 2014/238, International Monetary Fund.
  64. Christian Haddad & Lars Hornuf, 2019. "The emergence of the global fintech market: economic and technological determinants," Small Business Economics, Springer, vol. 53(1), pages 81-105, June.
  65. Pradhan, Rudra P. & Arvin, Mak B. & Bahmani, Sahar & Hall, John H. & Norman, Neville R., 2017. "Finance and growth: Evidence from the ARF countries," The Quarterly Review of Economics and Finance, Elsevier, vol. 66(C), pages 136-148.
  66. Zivanemoyo Chinzara & Radhika Lahiri & En Te Chen, 2017. "Financial liberalization and sectoral reallocation of capital in South Africa," Empirical Economics, Springer, vol. 52(1), pages 309-356, February.
  67. Rudra P. Pradhan & Mak B. Arvin & John H. Hall & Sahar Bahmani, 2014. "Causal nexus between economic growth, banking sector development, stock market development, and other macroeconomic variables: The case of ASEAN countries," Review of Financial Economics, John Wiley & Sons, vol. 23(4), pages 155-173, November.
  68. Kaehler Juergen & Weber Christoph S. & Aref Haider Salahal-Din, 2014. "The Iraqi Stock Market: Development and Determinants," Review of Middle East Economics and Finance, De Gruyter, vol. 10(2), pages 1-25, August.
  69. Lars Hornuf, 2016. "The Emergence of the Global Fintech Market: Economic and Technological Determinants," IAAEG Discussion Papers until 2011 201606, Institute of Labour Law and Industrial Relations in the European Union (IAAEU).
  70. Buthiena Kharabsheh & Ahlam Aldaher, 2020. "The Impact of Foreign Direct Investment on Financial Market Development: The Case of Jordan," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(4), pages 64-73, July.
  71. Olufemi Adewale Aluko & Bolanle Aminah Azeez, 2019. "Effectiveness of legal institutions in stock market development in sub-Saharan Africa," Economic Change and Restructuring, Springer, vol. 52(4), pages 439-451, November.
  72. Jeevita Matadeen, 2019. "Stock Market Development: An Assessment of its Macroeconomic and Institutional Determinants in Mauritius," International Journal of Economics and Financial Issues, Econjournals, vol. 9(4), pages 197-202.
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  74. Abdorasoul Sadeghi & Hussein Marzban & Ali Hussein Samadi & Karim Azarbaiejani & Parviz Rostamzadeh, 2022. "Financial intermediaries and speculation in the foreign exchange market: the role of monetary policy in Iran’s economy," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 11(1), pages 1-26, December.
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  76. Chiad, Faycal & Hadj Sahraoui, Hamoudi, 2022. "Macroeconomic Determinants of Stock Market Development: Evidence from Panel Data Analysis," MPRA Paper 113797, University Library of Munich, Germany.
  77. Rahman, Nadiah & Masih, Mansur, 2018. "Do deposits in islamic banks have an impact on equity market? evidence from Malaysia," MPRA Paper 98734, University Library of Munich, Germany.
  78. Pasali, Selahattin Selsah, 2013. "Where is the cheese ? synthesizing a giant literature on causes and consequences of financial sector development," Policy Research Working Paper Series 6655, The World Bank.
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