1887

n Suid-Afrikaanse Tydskrif vir Natuurwetenskap en Tegnologie - Suid-Afrikaanse aandelemarkontwikkeling : die impak van globalisme en nasionalisme - research

Volume 38 Number 1
  • ISSN : 0254-3486
  • E-ISSN: 2222-4173

Abstract

Hierdie navorsing ondersoek die faktore wat die ontwikkeling van die Suid-Afrikaanse aandelemark (die Johannesburgse Aandelebeurs, JSE) aandryf, ten einde te bepaal of JSEontwikkeling oorwegend deur internasionale (globale) of plaaslike (nasionale) faktore aangedryf word. Vir hierdie doel word die ARDL grenstoets (“bounds test”) gebruik as empiriese raamwerk waarbinne die rol van verskeie makro-ekonomiese veranderlikes, geklassifiseer as òf plaaslik òf internasionaal, in die ontwikkeling van die JSE – soos benader deur die markkapitalisasiekoers – ondersoek word. Die navorsingsbevinding is dat plaaslike ekonomiese groei, banksektorontwikkeling en rentekoerse, asook die wisselkoers en handelsoopheid die vernaamste langtermyndrywers van JSE-ontwikkeling is. Dus speel sowel plaaslike as internasionale faktore ’n beduidende rol in die ontwikkeling van die JSE.

South African stock market development: The impact of globalism and nationalism: This study investigates the factors that drive the development of the South African stock market (the Johannesburg Stock Exchange, JSE), in order to determine whether the development of the JSE is driven mainly by international (global) or domestic (national) factors. To this end the ARDL bounds test is used as empirical framework within which the role of various macroeconomic variables, classified as either domestic or international, in the development of the JSE – approximated by the market capitalisation ratio – are evaluated. The study finds that the main long-term drivers of JSE development are domestic economic growth and interest rates, the development of the local banking sector, as well as the exchange rate and trade openness. Therefore, both domestic and international factors are significant in the development of the JSE.

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/content/journal/10520/EJC-1965f206b1
2019-01-01
2020-02-24

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