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Regional Integration of Equity Markets in Sub-Saharan Africa

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posted on 2023-06-08, 11:01 authored by Jenifer Piesse, Bruce Hearn
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.

History

Publication status

  • Published

File Version

  • Published version

Journal

South African Journal of Economics

ISSN

0038-2280

Publisher

Economic Society of South Africa

Issue

1

Volume

73

Page range

36-52

Department affiliated with

  • Business and Management Publications

Full text available

  • Yes

Peer reviewed?

  • Yes

Legacy Posted Date

2012-04-23

First Open Access (FOA) Date

2012-04-23

First Compliant Deposit (FCD) Date

2012-02-24

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