Long-Run Impact of Export Growth on Stock Market Development in Selected African Countries
Bamanga Umar1, Sabri Nayan2

1Bamanga Umar, Department of Banking and Finance, School of Management and Information Technology, Modibbo Adama University of Technology.
2Sabri Nayan, School of Economics, Finance & Banking SEFB, College of Business, Universiti Utara Malaysia.
Manuscript received on 26 June 2019 | Revised Manuscript received on 09 July 2019 | Manuscript Published on 17 July 2019 | PP: 380-384 | Volume-8 Issue-2S July 2019 | Retrieval Number: B10550782S19/2019©BEIESP
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)

Abstract: Despite a significant increase in the number of stock exchanges in the African region, they did not promote investment in the region as most of these are at an early stage of development. This paper investigates the long-run impact of export growth on the stock market development in African countries using the pooled mean group (PMG) model for the period spanning 1996 to 2016. The paper uncovers that export growth has a long-run positive and statistically significant impact on the African Stock Market Development. When the findings are taken into consideration by the policymakers, the infant industries in Africa will be able to compete favorably with their external counterparts while the importation of processed goods will be drastically reduced to the region.
Keywords: Africa, Export Growth, Stock Market, Financial Crisis, Pooled Mean Group.
Scope of the Article: Marketing and Social Sciences