This thesis focuses on financial development, economic growth and market volatility in Nigeria and South Africa. For Nigeria, the thesis examines the long-run causality between financial development and economic growth. It uses three measures of financial development: financial development index...

This paper examines the long-run relationship between financial development and economic growth in Nigeria using annual time series for the period 1960-2005. Multivariate Vector Autoregressive (VAR) technique is applied to examine the long-run relationship between financial development, growth...

This article examines the effect of financial liberalization on South African equity markets using Exponential Generalized Autoregressive Conditional Heteroscedastic (EGARCH) models. It utilises daily data and specifically, it analyses whether volatility persistence increased following financial...

The paper examines the causal relationship between stock market development and economic growth in South Africa while controlling for the effect of banking variable. It applies vector error correction model (VECM), generalized impulse response function (GIRF) and variance decomposition (VDC). In...