新兴非洲国家的资本市场发展:大流行病问题和宏观经济政策的作用

IF 1.4 Q3 ECONOMICS
Samson Edo
{"title":"新兴非洲国家的资本市场发展:大流行病问题和宏观经济政策的作用","authors":"Samson Edo","doi":"10.1108/ajems-01-2024-0046","DOIUrl":null,"url":null,"abstract":"PurposeThe study investigates the role of macroeconomic policies in driving capital market development in emerging African countries where the markets are relatively active. It aims to determine the effects of these policies in pre-pandemic period vis-a-vis the post-pandemic period.Design/methodology/approachThe generalized method of moments (GMM) and auto-regressive distributed lag (ARDL) are employed in estimating the role within the period 2012Q1-2023Q3. The panel unit root test is used to ascertain the stationary status of variables, while maximum likelihood estimator is employed to determine structural stability of the model.FindingsThe empirical results reveal that fiscal and monetary policies played significant positive role in capital market development in both pre- and post-pandemic periods. On the other hand, trade policy and investment return had significant impact in pre-pandemic period which could not be sustained in post-pandemic period. It is only exchange rate policy that remained insignificant in both periods. The findings therefore suggest that capital market development slowed in the post-pandemic period due to reduced performance of macroeconomic policies. Furthermore, the unit root test reveals that all the variables satisfy empirical properties that ensure estimation results are consistent and non-spurious. The maximum likelihood estimator showed there was long-term structural break, hence short-term impacts were used in comparative analysis.Originality/valueMacroeconomic policies are fundamental to financial market development in developing countries. The role in resuscitating capital market in the post-pandemic period has yet to be adequately investigated in African countries. This study is carried out to fill this void.","PeriodicalId":46031,"journal":{"name":"African Journal of Economic and Management Studies","volume":null,"pages":null},"PeriodicalIF":1.4000,"publicationDate":"2024-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Capital market development in emerging African countries: the pandemic problem and role of macroeconomic policies\",\"authors\":\"Samson Edo\",\"doi\":\"10.1108/ajems-01-2024-0046\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"PurposeThe study investigates the role of macroeconomic policies in driving capital market development in emerging African countries where the markets are relatively active. It aims to determine the effects of these policies in pre-pandemic period vis-a-vis the post-pandemic period.Design/methodology/approachThe generalized method of moments (GMM) and auto-regressive distributed lag (ARDL) are employed in estimating the role within the period 2012Q1-2023Q3. The panel unit root test is used to ascertain the stationary status of variables, while maximum likelihood estimator is employed to determine structural stability of the model.FindingsThe empirical results reveal that fiscal and monetary policies played significant positive role in capital market development in both pre- and post-pandemic periods. On the other hand, trade policy and investment return had significant impact in pre-pandemic period which could not be sustained in post-pandemic period. It is only exchange rate policy that remained insignificant in both periods. The findings therefore suggest that capital market development slowed in the post-pandemic period due to reduced performance of macroeconomic policies. Furthermore, the unit root test reveals that all the variables satisfy empirical properties that ensure estimation results are consistent and non-spurious. The maximum likelihood estimator showed there was long-term structural break, hence short-term impacts were used in comparative analysis.Originality/valueMacroeconomic policies are fundamental to financial market development in developing countries. The role in resuscitating capital market in the post-pandemic period has yet to be adequately investigated in African countries. This study is carried out to fill this void.\",\"PeriodicalId\":46031,\"journal\":{\"name\":\"African Journal of Economic and Management Studies\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":1.4000,\"publicationDate\":\"2024-08-08\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"African Journal of Economic and Management Studies\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1108/ajems-01-2024-0046\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"African Journal of Economic and Management Studies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/ajems-01-2024-0046","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0

摘要

目的本研究探讨了在市场相对活跃的新兴非洲国家,宏观经济政策在推动资本市场发展方面的作用。在估算 2012Q1-2023Q3 期间的作用时,采用了广义矩量法(GMM)和自回归分布滞后法(ARDL)。采用面板单位根检验确定变量的静止状态,同时采用最大似然估计法确定模型的结构稳定性。 实证结果表明,财政政策和货币政策在疫情前和疫情后都对资本市场的发展起到了显著的积极作用。另一方面,贸易政策和投资回报在大流行前有显著影响,但在大流行后则无法持续。只有汇率政策在两个时期都不显著。因此,研究结果表明,在大流行病后时期,由于宏观经济政策绩效下降,资本市场发展放缓。此外,单位根检验表明,所有变量都符合经验特性,确保了估计结果的一致性和非虚假性。最大似然估计法显示存在长期结构性中断,因此在比较分析中使用了短期影响。 原创性/价值宏观经济政策是发展中国家金融市场发展的基础。非洲国家尚未充分研究宏观经济政策在大流行病后时期振兴资本市场方面的作用。本研究旨在填补这一空白。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Capital market development in emerging African countries: the pandemic problem and role of macroeconomic policies
PurposeThe study investigates the role of macroeconomic policies in driving capital market development in emerging African countries where the markets are relatively active. It aims to determine the effects of these policies in pre-pandemic period vis-a-vis the post-pandemic period.Design/methodology/approachThe generalized method of moments (GMM) and auto-regressive distributed lag (ARDL) are employed in estimating the role within the period 2012Q1-2023Q3. The panel unit root test is used to ascertain the stationary status of variables, while maximum likelihood estimator is employed to determine structural stability of the model.FindingsThe empirical results reveal that fiscal and monetary policies played significant positive role in capital market development in both pre- and post-pandemic periods. On the other hand, trade policy and investment return had significant impact in pre-pandemic period which could not be sustained in post-pandemic period. It is only exchange rate policy that remained insignificant in both periods. The findings therefore suggest that capital market development slowed in the post-pandemic period due to reduced performance of macroeconomic policies. Furthermore, the unit root test reveals that all the variables satisfy empirical properties that ensure estimation results are consistent and non-spurious. The maximum likelihood estimator showed there was long-term structural break, hence short-term impacts were used in comparative analysis.Originality/valueMacroeconomic policies are fundamental to financial market development in developing countries. The role in resuscitating capital market in the post-pandemic period has yet to be adequately investigated in African countries. This study is carried out to fill this void.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
CiteScore
3.20
自引率
7.70%
发文量
41
期刊介绍: African Journal of Economic and Management Studies (AJEMS) advances both theoretical and empirical research, informs policies and practices, and improves understanding of how economic and business decisions shape the lives of Africans. AJEMS is a multidisciplinary journal and welcomes papers from all the major disciplines in economics, business and management studies.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信