Regional integration of equity markets in Sub-Saharan Africa
Regional integration of equity markets in Sub-Saharan Africa
Equity markets in developing and emerging economies have grown in number and importance as a result of financial market globalisation. However, their role in economic growth and development is enhanced if nascent markets are integrated with well-established ones. Market integration, measured by the transmission of returns volatility, is identified across a sample of SSA countries, using a unique dataset. Evidence for potential integration between financial markets in Sub-Saharan Africa (SSA) is found. Spillovers are found across markets, some unidirectional and others bi-directional. However, continued illiquidity and incomplete institutions indicate that an integrated financial community remains premature, and considerable regulatory reform and harmonisation will be necessary for this to succeed.
African financial market integration, Development
36-53
Piesse, Jenifer
b85393d2-b4ae-49f2-87cd-8b5007c99e97
Hearn, Bruce
45dccea3-9631-4e5e-914c-385896674dc2
March 2005
Piesse, Jenifer
b85393d2-b4ae-49f2-87cd-8b5007c99e97
Hearn, Bruce
45dccea3-9631-4e5e-914c-385896674dc2
Piesse, Jenifer and Hearn, Bruce
(2005)
Regional integration of equity markets in Sub-Saharan Africa.
South African Journal of Economics, 73 (1), .
Abstract
Equity markets in developing and emerging economies have grown in number and importance as a result of financial market globalisation. However, their role in economic growth and development is enhanced if nascent markets are integrated with well-established ones. Market integration, measured by the transmission of returns volatility, is identified across a sample of SSA countries, using a unique dataset. Evidence for potential integration between financial markets in Sub-Saharan Africa (SSA) is found. Spillovers are found across markets, some unidirectional and others bi-directional. However, continued illiquidity and incomplete institutions indicate that an integrated financial community remains premature, and considerable regulatory reform and harmonisation will be necessary for this to succeed.
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Published date: March 2005
Keywords:
African financial market integration, Development
Identifiers
Local EPrints ID: 423412
URI: http://eprints.soton.ac.uk/id/eprint/423412
ISSN: 0038-2280
PURE UUID: 894c84e7-b33a-4849-9ba1-ec73768bdc7c
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Date deposited: 21 Sep 2018 16:30
Last modified: 27 Feb 2024 03:02
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Author:
Jenifer Piesse
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