Stock Market Development and Economic Growth in Africa
Are stock markets in Africa a well-planned economic necessity or simply an image and political follow up effect?
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The objective of this works to empirically assess the development of stock markets in African countries and determine their impact on economic growth. The results show that the relationship between the financial market and economic growth varies according to the indicator used and age. The results also suggest that there is a significant impact of market size as measured by market capitalization on economic growth. Economic growth is measured by the growth rate of real Gross Domestic Product per capita. The two other indicators of stock market development, namely the volume turnover rate and s...
The objective of this works to empirically assess the development of stock markets in African countries and determine their impact on economic growth. The results show that the relationship between the financial market and economic growth varies according to the indicator used and age. The results also suggest that there is a significant impact of market size as measured by market capitalization on economic growth. Economic growth is measured by the growth rate of real Gross Domestic Product per capita. The two other indicators of stock market development, namely the volume turnover rate and stock market liquidity, do not have a significant impact on real GDP per capita for new markets. When old markets are taken into account, a significant influence of liquidity and the turnover ratio on economic growth is observed. Also, for the young financial markets, a positive influence of growth on the financial market is also observed.
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