Stock market development and economic growth in West African Economic and Monetary Union Online publication date: Fri, 28-Feb-2014
by Nosseyamba Benjamin Ouedraogo
African J. of Economic and Sustainable Development (AJESD), Vol. 2, No. 2, 2013
Abstract: This paper investigates the relationship between the development of the West African Economic and Monetary Union (WAEMU) stock market and economic performance. Stock market development indicators were identified and used to calculate the WAEMU stock market development index. The only companies quoted in Abidjan regional stock market were used to determine gross domestic product (GDP) which is the index of Burkinabe and Ivorian economies performance. A set of control variables were also identified. Empirical results suggest that the gross domestic product and stock market development are co-integrated when the control variables are included in the analysis; that is, there is a long-term relationship between these variables taken together. In addition, there is a unidirectional causality between stock market development and economic growth.
Existing subscribers:
Go to Inderscience Online Journals to access the Full Text of this article.
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.Complimentary Subscribers, Editors or Members of the Editorial Board of the African J. of Economic and Sustainable Development (AJESD):
Login with your Inderscience username and password:
Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.
If you still need assistance, please email subs@inderscience.com