SAJE_2005_Article.pdf (433.26 kB)
Regional Integration of Equity Markets in Sub-Saharan Africa
journal contribution
posted on 2023-06-08, 11:01 authored by Jenifer Piesse, Bruce HearnEquity 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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Publication status
- Published
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- Published version
Journal
South African Journal of EconomicsISSN
0038-2280Publisher
Economic Society of South AfricaExternal DOI
Issue
1Volume
73Page range
36-52Department affiliated with
- Business and Management Publications
Full text available
- Yes
Peer reviewed?
- Yes
Legacy Posted Date
2012-04-23First Open Access (FOA) Date
2012-04-23First Compliant Deposit (FCD) Date
2012-02-24Usage metrics
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