{"id":"https://openalex.org/W7225753307","doi":"https://doi.org/10.68263/bjar-53e34jdc","title":"STOCK VALUE TRADED AND ECONOMIC GROWTH IN SUB-SAHARAN AFRICA","display_name":"STOCK VALUE TRADED AND ECONOMIC GROWTH IN SUB-SAHARAN AFRICA","publication_year":2026,"publication_date":"2026-11-10","ids":{"openalex":"https://openalex.org/W7225753307","doi":"https://doi.org/10.68263/bjar-53e34jdc"},"language":"en","primary_location":{"id":"doi:10.68263/bjar-53e34jdc","doi":"https://doi.org/10.68263/bjar-53e34jdc","is_oa":true,"landing_page_url":"https://doi.org/10.68263/bjar-53e34jdc","pdf_url":null,"source":{"id":"https://openalex.org/S7407064920","display_name":"British Journal of Advanced Research","issn_l":"3153-709X","issn":["3153-709X"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by-nc-sa","license_id":"https://openalex.org/licenses/cc-by-nc-sa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"British Journal of Advanced Research","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://doi.org/10.68263/bjar-53e34jdc","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5159338299","display_name":"PhD Simon Ternenge Asongo","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4405252817","display_name":"Nigeria Police Academy","ror":"https://ror.org/0009gmq77","country_code":"NG","type":"education","lineage":["https://openalex.org/I4405252817"]}],"countries":["NG"],"is_corresponding":true,"raw_author_name":"Simon Ternenge Asongo (PhD)","raw_affiliation_strings":["Department of Economics, Faculty of Social and Management Sciences, Nigeria Police Academy, Wudil-Kano, Nigeria"],"raw_orcid":"https://orcid.org/0009-0006-7655-4765","affiliations":[{"raw_affiliation_string":"Department of Economics, Faculty of Social and Management Sciences, Nigeria Police Academy, Wudil-Kano, Nigeria","institution_ids":["https://openalex.org/I4405252817"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5159338299"],"corresponding_institution_ids":["https://openalex.org/I4405252817"],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"1","issue":"5","first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9678000211715698,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9678000211715698,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13867","display_name":"Economic Growth and Development","score":0.020099999383091927,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10393","display_name":"Economic Growth and Productivity","score":0.005499999970197678,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.776199996471405},{"id":"https://openalex.org/C145162277","wikidata":"https://www.wikidata.org/wiki/Q1751675","display_name":"Cointegration","level":2,"score":0.664900004863739},{"id":"https://openalex.org/C610760","wikidata":"https://www.wikidata.org/wiki/Q1340706","display_name":"Endogeneity","level":2,"score":0.640999972820282},{"id":"https://openalex.org/C114350782","wikidata":"https://www.wikidata.org/wiki/Q12638","display_name":"Gross domestic product","level":2,"score":0.5194000005722046},{"id":"https://openalex.org/C127598652","wikidata":"https://www.wikidata.org/wiki/Q558635","display_name":"Per capita","level":3,"score":0.4810999929904938},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.4796999990940094},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4659999907016754},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.46000000834465027},{"id":"https://openalex.org/C115781380","wikidata":"https://www.wikidata.org/wiki/Q994824","display_name":"Gross fixed capital formation","level":3,"score":0.4544000029563904},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.3978999853134155},{"id":"https://openalex.org/C134024062","wikidata":"https://www.wikidata.org/wiki/Q1401229","display_name":"Error correction model","level":3,"score":0.3822000026702881},{"id":"https://openalex.org/C2777747085","wikidata":"https://www.wikidata.org/wiki/Q5449743","display_name":"Financial sector development","level":3,"score":0.38040000200271606},{"id":"https://openalex.org/C195561663","wikidata":"https://www.wikidata.org/wiki/Q1307899","display_name":"Unit root","level":2,"score":0.37619999051094055},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.35499998927116394},{"id":"https://openalex.org/C96250715","wikidata":"https://www.wikidata.org/wiki/Q965330","display_name":"Estimation","level":2,"score":0.336899995803833},{"id":"https://openalex.org/C181683161","wikidata":"https://www.wikidata.org/wiki/Q7301159","display_name":"Real gross domestic product","level":2,"score":0.33640000224113464},{"id":"https://openalex.org/C133029050","wikidata":"https://www.wikidata.org/wiki/Q385593","display_name":"Vector autoregression","level":2,"score":0.3190000057220459},{"id":"https://openalex.org/C2777382242","wikidata":"https://www.wikidata.org/wiki/Q6017816","display_name":"Index (typography)","level":2,"score":0.3183000087738037},{"id":"https://openalex.org/C2776675903","wikidata":"https://www.wikidata.org/wiki/Q457193","display_name":"Public capital","level":4,"score":0.3179999887943268},{"id":"https://openalex.org/C2776943663","wikidata":"https://www.wikidata.org/wiki/Q165687","display_name":"Human capital","level":2,"score":0.3151000142097473},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.3034999966621399},{"id":"https://openalex.org/C153240184","wikidata":"https://www.wikidata.org/wiki/Q3243772","display_name":"Control variable","level":2,"score":0.3001999855041504},{"id":"https://openalex.org/C162748667","wikidata":"https://www.wikidata.org/wiki/Q683131","display_name":"Generalized method of moments","level":3,"score":0.29899999499320984},{"id":"https://openalex.org/C44970651","wikidata":"https://www.wikidata.org/wiki/Q17014030","display_name":"Fixed effects model","level":3,"score":0.2906999886035919},{"id":"https://openalex.org/C2776554220","wikidata":"https://www.wikidata.org/wiki/Q1760011","display_name":"Prosperity","level":2,"score":0.2888000011444092},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.28369998931884766},{"id":"https://openalex.org/C9127897","wikidata":"https://www.wikidata.org/wiki/Q990550","display_name":"Physical capital","level":3,"score":0.2824999988079071},{"id":"https://openalex.org/C2781356325","wikidata":"https://www.wikidata.org/wiki/Q1929688","display_name":"Government spending","level":3,"score":0.2768000066280365},{"id":"https://openalex.org/C143910263","wikidata":"https://www.wikidata.org/wiki/Q750458","display_name":"Capital market","level":2,"score":0.27399998903274536},{"id":"https://openalex.org/C159009313","wikidata":"https://www.wikidata.org/wiki/Q5283159","display_name":"Distributed lag","level":2,"score":0.27379998564720154},{"id":"https://openalex.org/C109913693","wikidata":"https://www.wikidata.org/wiki/Q5164708","display_name":"Consumer price index (South Africa)","level":3,"score":0.27300000190734863},{"id":"https://openalex.org/C193445137","wikidata":"https://www.wikidata.org/wiki/Q471719","display_name":"Market capitalization","level":4,"score":0.2687999904155731},{"id":"https://openalex.org/C172497479","wikidata":"https://www.wikidata.org/wiki/Q302208","display_name":"Capital expenditure","level":2,"score":0.2685999870300293},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.2590999901294708},{"id":"https://openalex.org/C120564339","wikidata":"https://www.wikidata.org/wiki/Q5456372","display_name":"Fixed investment","level":5,"score":0.2513999938964844}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.68263/bjar-53e34jdc","doi":"https://doi.org/10.68263/bjar-53e34jdc","is_oa":true,"landing_page_url":"https://doi.org/10.68263/bjar-53e34jdc","pdf_url":null,"source":{"id":"https://openalex.org/S7407064920","display_name":"British Journal of Advanced Research","issn_l":"3153-709X","issn":["3153-709X"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by-nc-sa","license_id":"https://openalex.org/licenses/cc-by-nc-sa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"British Journal of Advanced Research","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.68263/bjar-53e34jdc","doi":"https://doi.org/10.68263/bjar-53e34jdc","is_oa":true,"landing_page_url":"https://doi.org/10.68263/bjar-53e34jdc","pdf_url":null,"source":{"id":"https://openalex.org/S7407064920","display_name":"British Journal of Advanced Research","issn_l":"3153-709X","issn":["3153-709X"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by-nc-sa","license_id":"https://openalex.org/licenses/cc-by-nc-sa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"British Journal of Advanced Research","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":[],"abstract_inverted_index":{"This":[0],"study":[1,56,186],"investigates":[2],"the":[3,36,55,73,95,138,149,166,185],"impact":[4,136],"of":[5,77,97,141,176],"market-based":[6,124],"financial":[7,104,125],"development-specifically":[8],"proxied":[9],"by":[10],"stock":[11,199],"value":[12,128],"traded-on":[13],"economic":[14,116,219],"growth":[15,139],"across":[16,148],"ten":[17],"selected":[18],"Sub-Saharan":[19,222],"African":[20],"(SSA)":[21],"economies":[22],"(Botswana,":[23],"Ghana,":[24],"Kenya,":[25],"Mauritius,":[26],"Namibia,":[27],"Nigeria,":[28],"South":[29],"Africa,":[30],"Eswatini,":[31],"Zambia,":[32],"and":[33,72,87,115,133,165,191,208,214],"Zimbabwe)":[34],"over":[35],"period":[37],"1995":[38],"to":[39,67,83,197,216],"2025.":[40],"To":[41],"mitigate":[42],"business":[43],"cycle":[44],"distortions,":[45],"annual":[46],"observations":[47],"were":[48],"averaged":[49],"into":[50],"non-overlapping":[51],"five-year":[52],"periods.":[53],"Methodologically,":[54],"employs":[57],"second-generation":[58],"panel":[59,64,81],"unit":[60],"root":[61],"tests,":[62],"Westerlund":[63],"cointegration":[65],"tests":[66],"establish":[68],"long-run":[69,100],"equilibrium":[70],"relationships,":[71],"System":[74],"Generalized":[75],"Method":[76],"Moments":[78],"(System-GMM)":[79],"dynamic":[80],"estimator":[82],"address":[84],"potential":[85],"endogeneity":[86],"unobserved":[88],"country-specific":[89],"effects.":[90],"The":[91,118],"empirical":[92],"findings":[93],"confirm":[94],"presence":[96],"a":[98,131],"robust":[99],"cointegrating":[101],"relationship":[102],"among":[103],"development":[105,126],"indicators,":[106],"macroeconomic":[107,206],"stability,":[108,207],"physical":[109],"capital":[110,113,159,192],"accumulation,":[111],"human":[112],"investment,":[114],"growth.":[117,180],"System-GMM":[119],"estimation":[120],"results":[121],"reveal":[122],"that":[123,188],"(stock":[127],"traded)":[129],"exerts":[130],"positive":[132],"statistically":[134],"significant":[135],"on":[137,163,182],"rate":[140],"real":[142],"gross":[143,157],"domestic":[144],"product":[145],"per":[146,177],"capita":[147,178],"sampled":[150],"region.":[151],"Furthermore,":[152],"control":[153],"variables":[154],"such":[155],"as":[156,173],"fixed":[158],"formation,":[160],"government":[161],"expenditure":[162],"education,":[164],"consumer":[167],"price":[168],"index":[169],"(macroeconomic":[170],"stability)":[171],"emerge":[172],"crucial":[174],"determinants":[175],"output":[179],"Based":[181],"these":[183],"findings,":[184],"recommends":[187],"monetary":[189],"authorities":[190],"market":[193,200],"regulators":[194],"implement":[195],"policies":[196],"enhance":[198],"liquidity,":[201],"deepen":[202],"regional":[203],"bourses,":[204],"maintain":[205],"prioritise":[209],"public":[210],"investments":[211],"in":[212,221],"education":[213],"infrastructure":[215],"sustain":[217],"long-term":[218],"prosperity":[220],"Africa.":[223]},"counts_by_year":[],"updated_date":"2026-11-11T12:16:26.678958","created_date":"2026-11-11T00:00:00"}