global-journal-of-management-and-business-research-b-economic-commerce Global Journal of Management and Business Research - B: Economic & Commerce 0975-5853 2249-4588 Global Journals Publishing Group Incorporated 56611 Cointegration and Interdependence of West African Stock Markets Stock Market Integration in the ECOWAS Region FOSSOUEbi Georges UNITED STATES 09 06 2023 23 B3 9 14

This paper aims at analysing the potential long-run and short-run linkage and relationships between the market capitalizations of the WAEMU, Ghana, and Nigeria stock markets using annual data from 1993 to 2020. The results of the preliminary tests reveal a correlation coefficient ranging from -0.006 to -0.614 which states that the Ghanaian and Nigerian stock markets have substantial correlations with the WAEMU stock market. The results of the cointegration estimates show a substitution effect between the WAEMU and Ghanaian markets and a complementarity effect between WAEMU and Nigerian markets. Furthermore, the results suggest that the stock markets are interconnected and the link depends on the proximity between them.

 BRVM stock market long-term relationship stock market integration johansen cointegration Full Text

This paper aims at analysing the potential long-run and short-run linkage and relationships between the market capitalizations of the WAEMU, Ghana, and Nigeria stock markets using annual data from 1993 to 2020. The results of the preliminary tests reveal a correlation coefficient ranging from -0.006 to -0.614 which states that the Ghanaian and Nigerian stock markets have substantial correlations with the WAEMU stock market. The results of the cointegration estimates show a substitution effect between the WAEMU and Ghanaian markets and a complementarity effect between WAEMU and Nigerian markets. Furthermore, the results suggest that the stock markets are interconnected and the link depends on the proximity between them.