Quantifying China’s financial reach up through the pandemic: The African experience |
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| Institution: | 1. Claremont McKenna College, United States;2. EY-Parthenon, San Francisco, California, United States;3. Lake Forest College and University of Wisconsin, Whitewater, United States;1. Eastern Mediterranean University, North Cyprus, via Mersin 10, Turkey;2. OSTIM Technical University, Ankara, Turkey;3. Institute of Labor Economics (IZA) Bonn, Germany;4. Economic Research Forum (ERF), Cairo, Egypt;6. Gazi University, Ankara, Turkey;7. University of Nebraska-Omaha, USA;1. Department of Finance and Investment, College of Economics and Administrative Sciences, Al-Imam Mohammad Ibn Saud Islamic University (IMSIU), Riyadh 5701, Saudi Arabia;2. LARTIGE, ASTURIMA, University of Sousse, Tunisia;3. Indian Institute of Management (IIM) Bodh Gaya, Bodh Gaya, India;4. Lebow College of Business, Drexel University, Philadelphia, USA;5. Institute of Business Research, University of Economics Ho Chi Minh, Vietnam;1. School of Economics and Management, Shihezi University, Xinjiang, China;2. School of Economics and Business Administration, Chongqing University, Chongqing, China |
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| Abstract: | This study seeks to quantify the financial connections between China and Africa. China’s increasing investments in Africa have inevitably strengthened the relationship between China and the majority of African countries over the past decade. We find consistent effects of the Shanghai Industrial Index on African stock markets together with some evidence that these relationships strengthened following the onset of the coronavirus pandemic. Markov-Switching analysis affirms these connections while also identifying intensifying effects as we move from periods of low market volatility to periods of high volatility. The African stock markets included in the sample encompass Egypt, Kenya, Morocco, Nigeria, South Africa, Tanzania, Uganda, and Zambia. |
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| Keywords: | Stock markets International transmission Africa China Markov-Switching |
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