Vol. 12 Núm. 24 (2017)

Artículos

Stock markets, volatility and economic growth: evidence from Cameroon, Ivory Coast and Nigeria

Publicado 09-01-2017

  • Joseph Nzomo Tcheunta
    • ,
  • Dany Rostand Dombou Tagne

Joseph Nzomo Tcheunta
FSEG/University of Dschang, Cameroon.

Dany Rostand Dombou Tagne
FSEG/University of Dschang, Cameroon.

Resumen

El objetivo de este estudio es examinar, por un lado, la relación entre la volatilidad de los rendimientos del mercado de valores y el crecimiento económico y, por otra parte, la influencia del desarrollo de dicho mercado sobre la estructura económica de los países en desarrollo. La metodología GARCH fue utilizada para analizar la volatilidad de los rendimientos, también la metodología VAR con el objetivo de identificar cualquier posible vínculo entre el mercado de valores y las tendencias económicas. Los datos son trimestrales y se extienden desde 2000 hasta 2015 para Nigeria y Costa de Marfil y para Camerún de 2008 A 2015. Los resultados muestran: 1) en Camerún la existencia de una bicausalidad no significativa entre el nivel de la economía y el mercado de valores, lo que demuestra a que punto el mercado camerunes necesita desesperadamente ser potenciado si el país quiere beneficiarse de una situación económica aceptable para el año 2035; 2) la inexistencia de una relación significativa entre el mercado de valores y el PIB en Costa de Marfil y Nigeria; 3) con estos resultados las variables macroeconómicas que influyen más en el mercado de valores son: la inflación y la oferta monetaria; 4) en términos de volatilidad, el NSE es más que la BRVM o la DSX.

Palabras clave

mercados de valores, volatilidad, desarrollo económico, Camerún, Costa de Marfil, Nigeria

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