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2017 | 2 | nr 1 | 7--24
Tytuł artykułu

Les déterminants du développement des archés boursiers en Afrique Subsaharienne

Treść / Zawartość
Warianty tytułu
Determinants of Stock Market Development in Sub-Saharan Africa
Języki publikacji
FR
Abstrakty
La présente étude s'est fixée pour objectif de rechercher les déterminants du développement des marchés boursiers en Afrique Subsaharienne. Pour cela, neuf marchés boursiers de la région ont été étudiés et la capitalisation boursière en pourcentage du PIB a été utilisée comme indicateur de développement du marché boursier. Pour parvenir à l'objectif, un modèle Vectoriel Auto Régressif (VAR) en Panel a été utilisé afin de tenir compte de l'interdépendance entre le marché boursier, la croissance économique et le marché bancaire. Les résultats ont révélé que le taux de croissance économique, la capitalisation boursière retardée d'une période, la masse monétaire en pourcentage du PIB, le taux d'infl ation, le taux de rotation du marché boursier et le degré d'ouverture commerciale sont les déterminants du développement des marchés boursiers en Afrique Subsaharienne. Par ailleurs, l'étude a montré qu'il existe une causalité réciproque entre les trois sphères que sont : le marché boursier, le marché bancaire et la croissance économique.(abstrakt oryginalny)
EN
The objective of this study is to investigate the determinants of stock market development in Sub-Saharan Africa. For this purpose, nine stock markets in the region were studied and market capitalization as a percentage of GDP was used as an indicator of stock market development. To achieve the objective, a Vector Auto-Regression Model (VAR) in the Panel was used to account for the interdependence between the stock market, economic growth and the banking market. The results revealed that the economic growth rate, delayed market capitalization by one lag, money supply as a percentage of GDP, inflation rate, stock market turnover rate and the degree of trade openness are the determinant of stock market development in Sub-Saharan Africa. Moreover, the study showed that there is a mutual causality between the three spheres: stock market, banking market and economic growth.(original abstract)
Twórcy
  • Université Gaston Berger, Senegal
  • ENSAE, Dakar
  • ENSAE, Dakar
  • ENSAE, Dakar
Bibliografia
  • Banque Africaine de Développement, 2013, Le developpement des marches financiers en Afrique du Nord: Etat actuel et perspectives d'avenir, Note Economique.
  • Berthelemy, J.-C., Varoudakis A.A, 1998, Developpement fi nancier, reformes financieres et croissance : une approche en donnees de Panel, Revue économique, vol. 49, no. 1, pp. 195-206.
  • Boukhatem, J, 2009, Essai sur les determinants empiriques de developpement des marches obligataires, document de travail EconomiX 2009-32.
  • Calderon-Rossell, R., 1991, The Determinants of Stock Market Growth, dans : S.G. Rhee and R.P. Chang (Eds.), Pacific Basin Capital Markets Research Proceeding of The Second Annual Pacific Basin Finance Conference, Thailand.
  • Cherif, M., Gazdar, K., 2010, Institutional and Macroeconomic Determinants of Stock Market Development in MENA Region: New Results from a Panel Data Analysis, The international Journal of Banking and Finance, vol. 7. no. 1, pp.139-159.
  • Garcia, V.F., LIU, L., 1999, Macroeconomic Determinants of Stock Market Development, Journal of Applied Economics, vol. 2, no. 1, pp. 29-59.
  • Granger, C.W.J, 1969, Investigating Causal Relations by Econometric Models and Crossspectral Methods, Econometrica, 37, 424-438.
  • Greenwood, J., Smith, B.D., 1997, Financial Markets in Development, and the Development of Financial Markets, Journal of Economic Dynamics and Control, pp. 145-181.
  • Gupta, Yuan, K., 2009, On the Growth Effect of Stock Market Liberalization, Review of Financial Studies, 22(11), pp. 4715-4752.
  • Gurley, J.G., Shaw, E.S., 1960, Money in a Theory of Finance', Brookings Institution, pp. 371.
  • Hansen, L.P., 1982, Large Sample Properties of Generalized Method of Moments Estimators, Econometrica, 50 (4), pp. 1029-1054.
  • Henry, P.B., 2000, Do Stock Market Liberalizations Cause Investment Booms?, Journal of Financial Economics, 58, pp. 301-334.
  • Hurlin, C, Dumitrescu, E., 2012, Testing for Granger Non-causality in Heterogeneous Panels, halshs-00224434v2, p. 32.
  • Kemboi, J.K., Tarus, D.K., 2012, Macroeconomic Determinants of Stock Market Development in Emerging Markets: Evidence from Kenya, Research Journal of Finance and Accounting, vol. 3, no 5.
  • Levine, R., 2002, Bank-Based or Market-Based Financial Systems: Which is Better, Journal of Financial Intermediation, 11, pp. 1-30.
  • Levine, R., 2005, Finance and Growth : Theory and Evidence, dans : Aghion, P., Durlauf, S. (eds.), Handbook of Economic Growth, Amsterdam : North-Holland, pp. 866-934.
  • Loayza, N., Ranciere, R., 2006, Financial Development, Financial Fragility, and Growth, Journal of Money, Credit and Banking, 38(4), pp. 1051-1076.
  • Mckinnon, R., 1973, Money and Capital in Economic Development, 1st ed. Brokings Institution, Washington DC. USA, pp. 177.
  • Schumpeter, J., 1911, The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle, Harvard Economic Studies, translated by Redvers Opie.
  • Seetanah, B., Sawkut, R., Sannasee, V., Seetanah, B., 2012, Stock Market Development and Economic Growth in Developing Countries: Evidence from Panel VAR framework, Berlin Working Papers on Money, Finance, Trade and Development, no. 5.
  • Shaw, E.S., 1973, Financial Deepening in Economic Development, New York 'Oxford University Press.
  • Sükrüoglu, D., Nalin, H.T., 2014, Th e Macroeconomic Determinants of Stock Market Development in Selected European Countries: Dynamic Panel Data Analysis, International Journal of Economics and Finance, vol. 6, no. 3.
  • Yartey, C.A., 2008, The Determinants of Stock Market Development in Emerging Economies: Is South Africa Different?, IMF Working Paper, African Department.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171597303

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