This study examines the degree of price-integration of equity indices between the major markets of Africa, namely Morocco, Tunisia, Egypt, Kenya, Nigeria, Namibia and South Africa with the European markets of London and Paris. Vector Autoregressive and Autoregressive Distributed Lag methods reveal that African markets are largely price-segmented. The only markets that are price-integrated have shared economic and financial institutions, such as Namibia and South Africa, and Egypt, Tunisia and France. The evidence suggests that development policy should be focussed on enhancing existing institutions rather than embarking prematurely on regional integration.View full textDownload full textKeywordsfinancial market integration, causality, Sub-Saharan AfricaJEL Classification:C22, F15, O16Related var addthis_config = { ui_cobrand: "Taylor & Francis Online", services_compact: "citeulike,netvibes,twitter,technorati,delicious,linkedin,facebook,stumbleupon,digg,google,more", pubid: "ra-4dff56cd6bb1830b" }; Add to shortlist Link Permalink http://dx.doi.org/10.1080/00036846.2011.570722
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机译：这项研究研究了非洲主要市场（即摩洛哥，突尼斯，埃及，肯尼亚，尼日利亚，纳米比亚和南非）与伦敦和巴黎的欧洲市场之间的股票指数的价格整合程度。向量自回归和自回归分布式滞后方法表明，非洲市场在很大程度上是价格细分的。价格唯一的市场是共享的经济和金融机构，例如纳米比亚和南非，埃及，突尼斯和法国。有证据表明，发展政策应侧重于增强现有机构，而不是过早着手进行区域一体化。查看全文下载全文关键字金融市场一体化，因果关系，撒哈拉以南非洲地区JEL分类：C22，F15，O16相关变量add add_add_config = {ui_cobrand：“ Taylor ＆Francis Online”，services_compact：“ citeulike，netvibes，twitter，technorati，delicious，linkedin，facebook，stumbleupon，digg，google，更多”，发布号：“ ra-4dff56cd6bb1830b”};添加到候选列表链接永久链接http://dx.doi.org/10.1080/00036846.2011.570722
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