Regional stock exchange development and economic growth in the countries of the West African economic and Monetary Union (WAEMU)
This study used panel data covering 27 years to investigate the causality between regional stock exchange development and economic growth in the West African Economic and Monetary Union (WAEMU) countries. We performed a homogeneous Granger non-causality with an autoregressive distributed lag model (ARDL) and Markov-switching analysis, using six indicators for the stock and financial market and six for control. The results showed a close economic relationship between WAEMU countries and causality from the regional stock exchange, which supports the supply leading hypothesis. The causality was confirmed in the short and long run, depending on the variable. The causal relationships that support the demand-driven hypothesis were recorded from the economic growth for four market measurements.
Year of publication: |
2021
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Authors: | Zonon, Babatounde Ifred Paterne |
Published in: |
Economies. - Basel : MDPI, ISSN 2227-7099. - Vol. 9.2021, 4, p. 1-19
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Publisher: |
Basel : MDPI |
Subject: | economic growth | BRVM | developing countries | regional stock exchange | WAEMU |
Saved in:
freely available
Type of publication: | Article |
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Type of publication (narrower categories): | Article |
Language: | English |
Other identifiers: | 10.3390/economies9040181 [DOI] 1786572966 [GVK] hdl:10419/257339 [Handle] |
Classification: | E44 - Financial Markets and the Macroeconomy ; G10 - General Financial Markets. General ; O43 - Institutions and Growth |
Source: |
Persistent link: https://www.econbiz.de/10013199919