This paper classifies formal African stock markets into four categories and discuses the principal characteristics of the seven markets covered in this study: South Africa, Egypt, Morocco, Nigeria, Zimbabwe, Mauritius and Kenya. Using a GARCH approach with time-varying parameters, a test of...

This paper identifies four categories of formal stock market in Africa: South Africa, medium-sized markets, small new markets which have experienced rapid growth, and small new markets which have yet to take off. The hypothesis that a stock market price index follows a random walk is tested for...

Botswana has been one of the most rapidly growing economies in the world over the past three decades, and has avoided most of the economic problems faced by African countries. However, poverty continues to be a major economic and social issue. Data from national surveys carried out in 1985/86...

A “universal” fitting function has been recognized that makes use of the eigen-coordinates method (Physica A 285 (2000) 547) to accurately describe the distribution of ordered amplitudes within random sequences (taken from a diversity of sources). It is shown that sequences with a discrete...

This paper decomposes Botswana’s growth from the late 1960s through 2010 into a within-sector and a between-sector (structural change) component. We find that during the 70s and 80s Botswana’s rapid economic growth was characterized by significant structural change with the share of the...

The paper examines long memory in equity returns and volatility for stock markets in Botswana, South Africa and Zimbabwe using the ARFIMA-FIGARCH model in order to assess the efficiency of these markets in processing information. The findings are diverse. Significant long memory is demonstrated...