Does the introduction of stock exchange markets boost economic growth in African countries?
Autor(a) principal: | |
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Data de Publicação: | 2022 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.5/25397 |
Resumo: | We assess whether the introduction of private equity capital markets affects economic growth in African countries. We address this issue by focussing on stock exchange markets as the predominant type of new equity markets, using a Diff-in-Diff regression method. The analysis uses a panel data set from 48 Sub-Saharan countries over the time range of 1970–2018. 23 countries are part of the “treated” group – which introduced international stock exchanges – and 25 “untreated” countries serve as the control group. Our results show that when compared with the time period prior to the introduction of stock exchange markets, GDP per capita rises by the amount of 532 US$ (around 40% of the Sub-Saharan average) after the introduction of equity capital markets in the treated countries. Over the ten years post introduction, the effect is hump-shaped, with effects becoming statistically significant from the first year after implementation, with a peak in the 5th year, and it then becomes statistically insignificant from then onwards. |
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Does the introduction of stock exchange markets boost economic growth in African countries?African Stock ExchangeEconomic GrowthMarket OpennessWe assess whether the introduction of private equity capital markets affects economic growth in African countries. We address this issue by focussing on stock exchange markets as the predominant type of new equity markets, using a Diff-in-Diff regression method. The analysis uses a panel data set from 48 Sub-Saharan countries over the time range of 1970–2018. 23 countries are part of the “treated” group – which introduced international stock exchanges – and 25 “untreated” countries serve as the control group. Our results show that when compared with the time period prior to the introduction of stock exchange markets, GDP per capita rises by the amount of 532 US$ (around 40% of the Sub-Saharan average) after the introduction of equity capital markets in the treated countries. Over the ten years post introduction, the effect is hump-shaped, with effects becoming statistically significant from the first year after implementation, with a peak in the 5th year, and it then becomes statistically insignificant from then onwards.ElsevierRepositório da Universidade de LisboaAfonso, AntónioReimers, Max2022-09-06T14:29:05Z20222022-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/25397engAfonso, António and Max Reimers. (2022). "Does the introduction of stock exchange markets boost economic growth in African countries?." Journal of Comparative Economics, Vol. 50 No. 2 : pp. 627-640.0147-596710.1016/j.jce.2022.01.006info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:54:57ZPortal AgregadorONG |
dc.title.none.fl_str_mv |
Does the introduction of stock exchange markets boost economic growth in African countries? |
title |
Does the introduction of stock exchange markets boost economic growth in African countries? |
spellingShingle |
Does the introduction of stock exchange markets boost economic growth in African countries? Afonso, António African Stock Exchange Economic Growth Market Openness |
title_short |
Does the introduction of stock exchange markets boost economic growth in African countries? |
title_full |
Does the introduction of stock exchange markets boost economic growth in African countries? |
title_fullStr |
Does the introduction of stock exchange markets boost economic growth in African countries? |
title_full_unstemmed |
Does the introduction of stock exchange markets boost economic growth in African countries? |
title_sort |
Does the introduction of stock exchange markets boost economic growth in African countries? |
author |
Afonso, António |
author_facet |
Afonso, António Reimers, Max |
author_role |
author |
author2 |
Reimers, Max |
author2_role |
author |
dc.contributor.none.fl_str_mv |
Repositório da Universidade de Lisboa |
dc.contributor.author.fl_str_mv |
Afonso, António Reimers, Max |
dc.subject.por.fl_str_mv |
African Stock Exchange Economic Growth Market Openness |
topic |
African Stock Exchange Economic Growth Market Openness |
description |
We assess whether the introduction of private equity capital markets affects economic growth in African countries. We address this issue by focussing on stock exchange markets as the predominant type of new equity markets, using a Diff-in-Diff regression method. The analysis uses a panel data set from 48 Sub-Saharan countries over the time range of 1970–2018. 23 countries are part of the “treated” group – which introduced international stock exchanges – and 25 “untreated” countries serve as the control group. Our results show that when compared with the time period prior to the introduction of stock exchange markets, GDP per capita rises by the amount of 532 US$ (around 40% of the Sub-Saharan average) after the introduction of equity capital markets in the treated countries. Over the ten years post introduction, the effect is hump-shaped, with effects becoming statistically significant from the first year after implementation, with a peak in the 5th year, and it then becomes statistically insignificant from then onwards. |
publishDate |
2022 |
dc.date.none.fl_str_mv |
2022-09-06T14:29:05Z 2022 2022-01-01T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.5/25397 |
url |
http://hdl.handle.net/10400.5/25397 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Afonso, António and Max Reimers. (2022). "Does the introduction of stock exchange markets boost economic growth in African countries?." Journal of Comparative Economics, Vol. 50 No. 2 : pp. 627-640. 0147-5967 10.1016/j.jce.2022.01.006 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Elsevier |
publisher.none.fl_str_mv |
Elsevier |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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1777302198678454272 |