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Periodical article | Leiden University catalogue | WorldCat |
Title: | Economic Integration in Eastern and Southern Africa Region: A Perspective on Equity Markets |
Author: | Lumenga-Neso, Olivier Mbuku |
Year: | 2001 |
Periodical: | Savings and Development |
Volume: | 25 |
Issue: | 3 |
Pages: | 351-383 |
Language: | English |
Geographic term: | Subsaharan Africa |
Subjects: | financial market Economics and Trade Inter-African Relations |
External link: | https://www.jstor.org/stable/25830769 |
Abstract: | This paper examines the development of equity market institutions in eastern and southern Africa, notably the stock exchanges of Kenya, Namibia, South Africa, and Zimbabwe. Besides providing a perspective on the scope, nature and development of these markets, the paper explores two relevant issues that have tended to dominate the financial literature on equity markets. First, the issue of whether these markets are integrated regionally and internationally, is discussed through analytical method based on the debatable assumption that the integration of markets can be viewed in terms of the co-movement of Overall National Share Indices. Second, the issue of whether the extent of integration between markets varies over time, is investigated by examining econometrically the relationship between the more robust measures of market integration, such as developed by J. Geweke, and by hypothesizing the set of variables relating to the regional economies. Bibliogr., notes, sum. in English and French. |