Peer-Reviewed Article March 31, 2006
Stock Market Development and Economic Growth: Evidence from Cote D'Ivoire
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Published in: African Development Review
Publisher: Wiley • South Africa • 1017-6772 • 1467-8268
Abstract
Abstract: The present paper investigates the relationship between the development of the Ivorian stock market and the country's economic performance. Stock market development indicators were identified and used to calculate the Ivorian stock market development index. A set of control variables were also identified. The empirical results suggest that gross domestic product and stock market development are cointegrated when the control variables are included in the analysis. That is, there is a long-run relationship between these variables taken together. Moreover, there is a unidirectional causality running from stock market development to economic growth.