A REGIONAL ANALYSIS OF INSTITUTIONAL FRAMEWORK ON CAPITAL MARKET BEHAVIOUR: Evidence from Selected African Countries
- Adewale R. Aregbeshola
- ( paper pages. 1 - 32 )
Abstract
The strategic importance of capital market development incontemporary economic structures cannot be overemphasized.Various documented studies have buttressed the quintessentialindispensability of a developed domestic capital market as aspringboard from which real national economic growth can belaunched. While a host of those studies are focused on developedeconomies, quite a few others investigate the institutions-capitalmarket performance analysis in developing economies. However,documented studies that investigate regional dynamics (especially inAfrica) are rare. Using data generated from various sources from1980 to 2016 in a series of estimations, this study re-modelled theinstitutional-capital market development linkage model in Africa.Empirical findings established the role of institutional adequacy, mostespecially general public management, in the development of capitalin Africa, of which the role of efficient macroeconomic managementis noteworthy, to capital market efficiency in Africa.
Citation
Adewale R. Aregbeshola.
2019.
"A REGIONAL ANALYSIS OF INSTITUTIONAL FRAMEWORK ON CAPITAL MARKET BEHAVIOUR: Evidence from Selected African Countries"
The Nigerian Journal of Economic and Social Studies,
61 (2): 1 - 32.
JEL Classification
C21, E22, E60, F21
