Asongu, Anutechia Simplice (2010): Stock Market Development in Africa: do all macroeconomic financial intermediary determinants matter? Forthcoming in:
Download (146Kb) | Preview
This study brings light to some financial intermediary development factors that could negate stock market development, as well as those that could improve it. Using a panel of eight countries, from 1989 to 2008, we derive indexes via Principal Component Analysis; based on which panel fixed effect regressions are performed. The principal edge of this work is that, in policy making, not all aspects of financial intermediary development should be prioritized for stock market development.
|Item Type:||MPRA Paper|
|Original Title:||Stock Market Development in Africa: do all macroeconomic financial intermediary determinants matter?|
|Keywords:||Financial intermediary development, Stock market development, Africa|
|Subjects:||G - Financial Economics > G1 - General Financial Markets
G - Financial Economics > G2 - Financial Institutions and Services
G - Financial Economics > G0 - General
|Depositing User:||Simplice Anutechia Asongu|
|Date Deposited:||22. Nov 2010 15:05|
|Last Modified:||15. Feb 2013 11:52|
Catalan, M., Impavido, G., & Musalem, A. R., Auguest, (2000): “Contractual Savings or Stock Markets Development: Which Leads?”, The World Bank.
Demirguc-Kunt, A., & Levine, R., (1993): “Stock Market Development and Financial Intermediary Growth; a research agenda”, World Bank Policy Research Working Paper, WP 1159.
Demirguc-Kunt, A., & Levine, R., (1995): “Stock Market Development and Financial Intermediaries”, World Bank Policy Research Working Paper, WP 1462.
Demirguc-Kunt, A., Beck, T., & Levine, R., (1999): “A New Database on Financial Development and Structure”, International Monetary Fund, WP 2146.
Demirguc-Kunt, A., & Beck, T., May (2009): “Financial Institutions and Markets Across Countries over time: Data and Analysis”, World Bank Policy Research Working Paper No. 4943.
Gries, T., Kraft, M., & Meierrieks, D., (2009): “Linkages between financial deepening, trade openness, and economic development: causality evidence from Sub-Saharan Africa”, World Development, 37(12), pp. 1849-1860.
He, D., & Pardy, R., (1993): “Stock Market Development and Financial Deeping in Developing Countries”, World Bank Policy Research Working Paper, WPS 1084.
Im, K.S., Pesaran, M.H., & Shin, Y., (2003): “Testing for unit roots in heterogeneous panels”, Journal of Econometrics", 115, pp.53-74.
Kaiser, H. F., (1960): “The application of electronic computers to factor analysis”, Educational and Psychological Measurement, 20, pp. 141-151.
Khim, V., & Liew, S., (2004): “Which lag selection criteria should we employ”, Economics Bulletin, 3(33), pp.1-9.
Levin, A., Lin, C.F., and Chu, C.S., (2002): “Unit root tests in panel data: asymptotic and finite-sample properties”, Journal of Econometrics, 108,pp. 1-24.
Misati, R., & Nyamongo, E. M.,(2010): “Financial development and private investment in sub-Saharan Africa”, Journal of Economics and Business,__,pp.1-27.
Naceur, S.B., Ghazouani, S., & Omran, M., (2007 ): “The determinants of stock market development in the Middle-Eastern and North African region”, Managerial Finance, 33(7),pp. 477-489.
Ndikumana, L., (2000): “Financial determinants of domestic investment in sub-Saharan Africa: evidence from panel data”, World Development, 28(2), pp. 381-400.
Spears, A., (1992): “The role of financial intermediation on economic growth in SSA”, Canadian Journal of Development Studies , 13, pp.361–380