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A reassessment of stock market integration in SADC: the case of Namibia

A reassessment of stock market integration in SADC: the case of Namibia
A reassessment of stock market integration in SADC: the case of Namibia
A major feature of development policy modelled on neoclassical notions of financial market integration is that a wide array of smaller markets can benefit from integration by pooling resources and attracting foreign capital to supplement otherwise low levels of domestic investment. However, evidence from Namibia and South Africa suggests that the smaller markets become regulatory price-takers and to maintain the benefits from integration, face prohibitively high costs. We find evidence that the current policy initiatives of regional integration impose costs on smaller, less developed exchanges, which are ultimately borne by local firms seeking cost effective sustainable external finance
Africa, Emerging Economies, Integration, Micro markets, Stock exchange financing
0376-835X
1-25
Hearn, Bruce
45dccea3-9631-4e5e-914c-385896674dc2
Piesse, Jenifer
6a7a2368-cfa0-4a8f-8bf7-5f9d745593b8
Hearn, Bruce
45dccea3-9631-4e5e-914c-385896674dc2
Piesse, Jenifer
6a7a2368-cfa0-4a8f-8bf7-5f9d745593b8

Hearn, Bruce and Piesse, Jenifer (2020) A reassessment of stock market integration in SADC: the case of Namibia. Development Southern Africa, 37 (3), 1-25. (doi:10.1080/0376835X.2020.1717928).

Record type: Article

Abstract

A major feature of development policy modelled on neoclassical notions of financial market integration is that a wide array of smaller markets can benefit from integration by pooling resources and attracting foreign capital to supplement otherwise low levels of domestic investment. However, evidence from Namibia and South Africa suggests that the smaller markets become regulatory price-takers and to maintain the benefits from integration, face prohibitively high costs. We find evidence that the current policy initiatives of regional integration impose costs on smaller, less developed exchanges, which are ultimately borne by local firms seeking cost effective sustainable external finance

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Namibia_2011_new BH 16-Sept-2019 - Accepted Manuscript
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Accepted/In Press date: 14 January 2020
Published date: 30 January 2020
Keywords: Africa, Emerging Economies, Integration, Micro markets, Stock exchange financing

Identifiers

Local EPrints ID: 437819
URI: http://eprints.soton.ac.uk/id/eprint/437819
ISSN: 0376-835X
PURE UUID: f832cf14-4ede-4c76-b5e2-37f6e0a84243
ORCID for Bruce Hearn: ORCID iD orcid.org/0000-0001-9767-0198

Catalogue record

Date deposited: 19 Feb 2020 17:31
Last modified: 26 Nov 2021 03:16

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Contributors

Author: Bruce Hearn ORCID iD
Author: Jenifer Piesse

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