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September 18, 2025International Journal of Research and Innovation in Social Science

Macroeconomic Determinants of Stock Market Development: Evidence from a Panel of Ten Most Capitalized African Stock Markets

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Authors

JMJeremiah Sunday MusaMAMika’ilu Abubakar

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Overview

Investigation reveals mixed effects of macroeconomic factors on stock market development, highlighting causality in key variables.

Key Points

  • The study shows a long-run relationship between stock market development and several macroeconomic determinants.
  • Panel unit root tests indicate both stationary series and significant co-integration among the variables studied.
  • Inflation and foreign direct investment negatively impact stock market development, while interest rates and banking sector development positively influence it.
  • Bidirectional causality exists between stock market development and foreign direct investment, indicating interconnected economic dynamics.

Cite This Study

Musa et al. (2025) studied this question.

synapsesocial.com/papers/68d461cb31b076d99fa61431https://doi.org/10.47772/ijriss.2025.908000470
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