Investigating the Causal Relationship Between Stock Market and Aggregate Economic Performance of South Africa
Open accessAbstract
Stock is one of the key securities traded in the capital markets and as such, has attracted the attention of researchers. While it is said to propel economic activities, empirical studies conducted on different countries present divergent outcomes. Thus, in this study we investigate the long-run and causal relationship between stock market and aggregate economic activities of South Africa using quarterly data from 1995Q1 to 2013Q4. We utilize the Augmented-Dickey Fuller (ADF) and Philips-Perron (PP)tests for unit root, the Johansen (1995) Maximum Likelihood cointegration technique and VEC Model. The study further employs Granger (1969) pair-wise causality test approach. It is noteworthy that the model variables have long-run relationship, but the causality test result suggests that non cause each other.
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Comparative analysis of the stock market-economic growth linkage between Nigeria and South Africa is completely lacking in literature.
“but comparative analysis of these two leading emerging economies in Africa is completely lacking in literature.”
From Stock market development and economic growth: A comparative evidence from two emerging economies in Africa – Nigeria and South Africa (2017) · cites this paper as [13]
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Osakwe, C., & Ananwude, A. (2017) · Archives of Current Research International · doi:10.9734/acri/2017/38116 · Cited by 3 · see citing works
- Authors
- Nduka, E. K., Anigbogu, U. E., & Nyiputen, I. R.
- Affiliations
- Centre for the Study of the Economies of Africa (NG)
- University of Nigeria (NG)
- Federal University Wukari (NG)
- Venue
- Asian Economic and Financial Review
- Publisher
- Asian Economic and Social Society
- Published
- 2016
- Volume
- 6
- Issue
- 4
- Pages
- 218-227
- ISSN
- 2222-6737 (ISSN-L)
- 2305-2147
- OpenAlex
- W2336668163
- Cited by
- 1
- References
- 0
- Citations by year
- 2019: 1
- FWCI
- 0.85
- Type
- journal article
- Language
- en
- Open access
- diamond
- doi.org
- Locations
- Asian Economic and Financial Review (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Market Dynamics and Volatility
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Keywords
- stock market, long-run relationship, South Africa, capital markets, Granger causality
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