{"title":"Unraveling the dynamics: macroeconomic drivers of equity market development in Sub-Saharan Africa","authors":"Fredrick Ikpesu","doi":"10.1108/ijse-01-2024-0005","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>The aim of this paper is to contribute to empirical research by identifying the key macroeconomic drivers of equity market development in Sub-Saharan Africa (SSA) and to ascertain if banking sector development complements equity market development in the SSA region.</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>The study employed the dynamic panel data approach using the pool mean group (PMG). The sample covered is twenty-seven (27) SSA countries between the period 2000 to 2020.</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>The result suggests that banking sector development, economic growth, migrant remittance and trade openness are the key drivers of equity market development in the SSA region. The study also revealed that banking sector development complements equity market development in the SSA region.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>The use of robust measure in measuring equity market development (i.e. ratio of portfolio equity to gross domestic product) in ascertaining the macroeconomic drivers of equity market development. Likewise, exploring whether banking sector development complements equity market development in the SSA region makes the paper more unique, especially using the ratio of bank credit to bank deposit as a measure banking sector development.</p><!--/ Abstract__block -->\n<h3>Peer review</h3>\n<p>The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-01-2024-0005</p><!--/ Abstract__block -->","PeriodicalId":47714,"journal":{"name":"INTERNATIONAL JOURNAL OF SOCIAL ECONOMICS","volume":"39 1","pages":""},"PeriodicalIF":1.9000,"publicationDate":"2024-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"INTERNATIONAL JOURNAL OF SOCIAL ECONOMICS","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/ijse-01-2024-0005","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
Purpose
The aim of this paper is to contribute to empirical research by identifying the key macroeconomic drivers of equity market development in Sub-Saharan Africa (SSA) and to ascertain if banking sector development complements equity market development in the SSA region.
Design/methodology/approach
The study employed the dynamic panel data approach using the pool mean group (PMG). The sample covered is twenty-seven (27) SSA countries between the period 2000 to 2020.
Findings
The result suggests that banking sector development, economic growth, migrant remittance and trade openness are the key drivers of equity market development in the SSA region. The study also revealed that banking sector development complements equity market development in the SSA region.
Originality/value
The use of robust measure in measuring equity market development (i.e. ratio of portfolio equity to gross domestic product) in ascertaining the macroeconomic drivers of equity market development. Likewise, exploring whether banking sector development complements equity market development in the SSA region makes the paper more unique, especially using the ratio of bank credit to bank deposit as a measure banking sector development.
Peer review
The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-01-2024-0005
期刊介绍：
The International Journal of Social Economics publishes original and peer-reviewed theoretical and empirical research in the field of social economics. Its focus is on the examination and analysis of the interaction between economic activity, individuals and communities. Social economics focuses on the relationship between social action and economies, and examines how social and ethical norms influence the behaviour of economic agents. It is inescapably normative and focuses on needs, rather than wants or preferences, and considers the wellbeing of individuals in communities: it accepts the possibility of a common good rather than conceiving of communities as merely aggregates of individual preferences and the problems of economics as coordinating those preferences. Therefore, contributions are invited which analyse and discuss well-being, welfare, the nature of the good society, governance and social policy, social and economic justice, social and individual economic motivation, and the associated normative and ethical implications of these as they express themselves in, for example, issues concerning the environment, labour and work, education, the role of families and women, inequality and poverty, health and human development.
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