Abstract
![CDATA[Risk sharing opportunities and international diversification benefits crucially depend on the relative importance of global and national factors. By decomposing the variance of African stock market index returns into global and country specific components, we show that national effects dominate. However, global effects have recently become more important and we identify that significant structural breaks occurred during the Global Financial Crisis (GFC). Also, the impact of the GFC on the African markets was largely through the real sector partly because most of the African markets have low levels of financial integration with the developed markets.]]
Original language | English |
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Title of host publication | Proceedings of 9th Annual London Business Research Conference, 4 - 5 August 2014, Imperial College, London, UK |
Publisher | World Business Institute |
Number of pages | 1 |
ISBN (Print) | 9781922069566 |
Publication status | Published - 2014 |
Event | Annual London Business Research Conference - Duration: 1 Jan 2014 → … |
Conference
Conference | Annual London Business Research Conference |
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Period | 1/01/14 → … |
Keywords
- Global Financial Crisis, 2008-2009
- stock exchanges
- Africa