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Unraveling the dynamics: macroeconomic drivers of equity market development in Sub-Saharan Africa

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  • Fredrick Ikpesu

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

Suggested Citation

  • Fredrick Ikpesu, 2024. "Unraveling the dynamics: macroeconomic drivers of equity market development in Sub-Saharan Africa," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 52(2), pages 253-264, May.
    • Handle: RePEc:eme:ijsepp:ijse-01-2024-0005
    DOI: 10.1108/IJSE-01-2024-0005
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    More about this item

    Keywords

    Macroeconomic drivers; Equity market development; Banking sector development; Pool mean group; Sub-Saharan African; B22; F62; G1;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts
    • G1 - Financial Economics - - General Financial Markets

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