This study examines the macroeconomic determinants of stock market development in South Africa during the period Specifically, it examines the impact of banking sector development, economic growth, inflation rate, real interest rate, and trade openness on the development of South African stock market.

Currently, while theoretical and empirical literature presents diverse views on the relationship between each determinant and stock market development, no studies have been conducted with particular reference to the South African stock market.

This paper enriches existing literature by investigating the macroeconomic determinants of stock market development in South Africa using the ARDL bounds testing procedure. The results find that banking sector development and economic growth have positive long-run impact, whereas inflation rate and trade openness have negative long-run impact on stock market development.

In the short run, the results find that economic growth have positive impact, while inflation rate, real interest rate, and current period of trade openness have negative impact on stock market development.

These findings have important policy implications. If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site.

Please be patient as the files may be large. Macroeconomic determinants ; Stock market development ; South Africa ; ARDL bounds testing ; Find related papers by JEL classification: C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors This paper has been announced in the following NEP Reports: NEP-ALL All new papers NEP-MAC Macroeconomics References References listed on IDEAS Please report citation or reference errors toorif you are the registered author of the cited work, log in to your RePEc Author Service profileclick on "citations" and make appropriate adjustments.: Starr Center for Applied Economics, New York University.

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The Macroeconomic Determinants of Stock Market Development: Evidence from South Africa - Munich Personal RePEc Archive

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The Macroeconomic Determinants of Stock Market Development: Evidence from South Africa

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The Macroeconomic Determinants of Stock Market Development: Evidence from South Africa. Author info Abstract Bibliographic info Download info Related research References Citations Lists Statistics Corrections. Paper provided by University Library of Munich, Germany in its series MPRA Paper with number HTML HTML with abstract plain text plain text with abstract BibTeX RIS EndNote, RefMan, ProCite ReDIF JSON in new window.

NEP-ALL All new papers NEP-MAC Macroeconomics. References listed on IDEAS Please report citation or reference errors toorif you are the registered author of the cited work, log in to your RePEc Author Service profileclick on "citations" and make appropriate adjustments.: Full references including those not matched with items on IDEAS.

Macroeconomic Determinants of Stock Market Behavior: Evidence from BRIC by Aksinya Sorokina :: SSRN

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