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Stock market development and economic growth in West African Economic and Monetary Union

机译:西非经济货币联盟的股票市场发展与经济增长

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摘要

This paper investigates the relationship between the development of the West African Economic and Monetary Union (WAEMU) slock market and economic performance. Stock market development indicators were identified and used to calculate the WAEMU slock 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 arc 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 slock market development and economic growth.
机译:本文研究了西非经济和货币联盟(WAEMU)的市场发展与经济绩效之间的关系。确定了股票市场发展指标,并将其用于计算WAEMU slock市场发展指数。阿比让地区股票市场上唯一被报价的公司被用来确定国内生产总值,这是布基纳法索和科特迪瓦经济表现的指数。还确定了一组控制变量。实证结果表明,当控制变量包括在分析中时,国内生产总值和股票市场发展是协整的。也就是说,这些变量加在一起之间存在长期的关系。此外,小市场市场发展与经济增长之间存在单向因果关系。

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