Google

Aviso: Se está a ler esta mensagem, provavelmente, o browser que utiliza não é compatível com os "standards" recomendados pela W3C. Sugerimos vivamente que actualize o seu browser para ter uma melhor experiência de utilização deste "website". Mais informações em webstandards.org.

Warning: If you are reading this message, probably, your browser is not compliant with the standards recommended by the W3C. We suggest that you upgrade your browser to enjoy a better user experience of this website. More informations on webstandards.org.

Trabalho Final de Mestrado

Ano Lectivo: 2019/2020
Aluno: MAX RENE REIMERS (49279)
Mestrado: Economia Monetária e Financeira
Tipo: Dissertação
Título do Trabalho Final de Mestrado: How does the development of private equity capital markets affect economic growth in developing countries?
Sub Título:
Comentário: -
Instituição: -
Homologação: Dia 12/11/2020 às 10:42 por NUNO JOÃO DE OLIVEIRA VALÉRIO

Resumo

This dissertation provides insights on the introduction of private equity capital markets and its effect on economic growth in African countries. We address this issue by focusing on stock exchange markets as the predominant type of new equity markets. The dissertation deep dives into the effects of the implementation of stock markets by focusing on the GDP per capita and on GDP per capita growth. It uses the Diff-in-Diff regression method. The analysis uses a panel data set on 48 Sub-Saharan countries over the time range of 1970-2018. 23 countries are part of the ?treated? group, which introduced international stock exchanges, and 25 ?untreated? countries serve as control group.  Further, I will investigate the impact of new stock exchange markets on each year to follow their introduction until year 10.
The results are rather interesting. Compared to the time period prior to the introduction of stock exchange markets, GDP per capita rises by the amount of 532 US$ (around 40% of the Sub-Saharan average) after the introduction in treated countries. The coefficient is significant on a 5% level. In the 10 years post introduction, the effect is hump-shaped, with effects becoming statistically significant from the first year after implementation and peaking in year 5 and no statistically significant effect from year 6 onwards.
(Português)

This dissertation provides insights on the introduction of private equity capital markets and its effect on economic growth in African countries. We address this issue by focusing on stock exchange markets as the predominant type of new equity markets. The dissertation deep dives into the effects of the implementation of stock markets by focusing on the GDP per capita and on GDP per capita growth. It uses the Diff-in-Diff regression method. The analysis uses a panel data set on 48 Sub-Saharan countries over the time range of 1970-2018. 23 countries are part of the ?treated? group, which introduced international stock exchanges, and 25 ?untreated? countries serve as control group.  Further, I will investigate the impact of new stock exchange markets on each year to follow their introduction until year 10.
The results are rather interesting. Compared to the time period prior to the introduction of stock exchange markets, GDP per capita rises by the amount of 532 US$ (around 40% of the Sub-Saharan average) after the introduction in treated countries. The coefficient is significant on a 5% level. In the 10 years post introduction, the effect is hump-shaped, with effects becoming statistically significant from the first year after implementation and peaking in year 5 and no statistically significant effect from year 6 onwards.
(Inglês)

Palavras-chave

AFRICAN STOCK EXCHANGE, ECONOMIC GROWTH, MARKET OPENNESS (Português)

AFRICAN STOCK EXCHANGE, ECONOMIC GROWTH, MARKET OPENNESS (Inglês)

Resumo Alargado

Extended Abstract.pdf (67KB)

Trabalho Final de Mestrado

Final_Dissertation_Max_Reimers_13_12_2020.pdf (1,2MB)

Data da Prova Pública

Data da Prova Pública: 19-11-2020 11:30
Voltar