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Capital markets development and economic growth in eSwatini
Capital markets within Eswatini have continued to grow, predominantly in size, as evidenced by leaps in the capitalisation of both equity and debt available to trade over recent years. That said, they remain relatively underdeveloped, driven by inefficiencies stemming from low levels of liquidity, l...
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| Format: | Thesis |
| Language: | English English |
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Graduate School of Business (GSB)
2026
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| _version_ | 1867613354919460864 |
|---|---|
| access_status_str | Open Access |
| author | Orwothwun, Noel |
| author2 | Alhassan, Abdul Latif |
| author_browse | Alhassan, Abdul Latif Orwothwun, Noel |
| author_facet | Alhassan, Abdul Latif Orwothwun, Noel |
| author_sort | Orwothwun, Noel |
| collection | Thesis |
| description | Capital markets within Eswatini have continued to grow, predominantly in size, as evidenced by leaps in the capitalisation of both equity and debt available to trade over recent years. That said, they remain relatively underdeveloped, driven by inefficiencies stemming from low levels of liquidity, low volumes of listings, and a thin investor base. Considering existing efforts to develop the capital markets, this study sought to examine the impact that capital markets development has on economic growth in Eswatini. To do so, the study applied ARDL and error correction model techniques to estimate the long-run and short-run effects of capital markets development on economic growth in Eswatini between 2013 and 2023. The model estimates indicated the existence of significantly positive long-run effects of capital market liquidity, proxied by equity turnover, and capital market size, proxied by corporate and government bonds outstanding, on economic growth in Eswatini. Conversely, the model estimates also indicated that capital market size proxied by equity market capitalisation had an insignificant effect on Eswatini's economic growth. Furthermore, the study found that Eswatini's net exportation of goods and inflation, which served as control variables, had significantly positive and negative long-run effects, respectively, on economic growth. That said, the study recommends that the Government of Eswatini's policy directions include mechanisms that focus on improving capital market efficiency through broadening the investor base and instruments available for investors to participate at low cost. |
| format | Thesis |
| id | oai:open.uct.ac.za:11427/42598 |
| institution | University of Cape Town (South Africa) |
| language | English eng |
| last_indexed | 2026-06-10T12:34:49.564Z |
| license_str | Not specified — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UCTD — University of Cape Town Open Access Repository |
| publishDate | 2026 |
| publishDateRange | 2026 |
| publishDateSort | 2026 |
| publisher | Graduate School of Business (GSB) |
| publisherStr | Graduate School of Business (GSB) |
| record_format | dspace |
| source_str | UCTD — University of Cape Town Open Access Repository |
| spelling | oai:open.uct.ac.za:11427/42598 Capital markets development and economic growth in eSwatini Orwothwun, Noel Alhassan, Abdul Latif eSwatini Capital markets Capital markets within Eswatini have continued to grow, predominantly in size, as evidenced by leaps in the capitalisation of both equity and debt available to trade over recent years. That said, they remain relatively underdeveloped, driven by inefficiencies stemming from low levels of liquidity, low volumes of listings, and a thin investor base. Considering existing efforts to develop the capital markets, this study sought to examine the impact that capital markets development has on economic growth in Eswatini. To do so, the study applied ARDL and error correction model techniques to estimate the long-run and short-run effects of capital markets development on economic growth in Eswatini between 2013 and 2023. The model estimates indicated the existence of significantly positive long-run effects of capital market liquidity, proxied by equity turnover, and capital market size, proxied by corporate and government bonds outstanding, on economic growth in Eswatini. Conversely, the model estimates also indicated that capital market size proxied by equity market capitalisation had an insignificant effect on Eswatini's economic growth. Furthermore, the study found that Eswatini's net exportation of goods and inflation, which served as control variables, had significantly positive and negative long-run effects, respectively, on economic growth. That said, the study recommends that the Government of Eswatini's policy directions include mechanisms that focus on improving capital market efficiency through broadening the investor base and instruments available for investors to participate at low cost. 2026-01-16T13:44:35Z 2026-01-16T13:44:35Z 2025 2026-01-15T11:08:11Z Thesis / Dissertation Masters Masters http://hdl.handle.net/11427/42598 en eng application/pdf Graduate School of Business (GSB) Faculty of Commerce University of Cape Town |
| spellingShingle | eSwatini Capital markets Orwothwun, Noel Capital markets development and economic growth in eSwatini |
| thesis_degree_str | Master's |
| title | Capital markets development and economic growth in eSwatini |
| title_full | Capital markets development and economic growth in eSwatini |
| title_fullStr | Capital markets development and economic growth in eSwatini |
| title_full_unstemmed | Capital markets development and economic growth in eSwatini |
| title_short | Capital markets development and economic growth in eSwatini |
| title_sort | capital markets development and economic growth in eswatini |
| topic | eSwatini Capital markets |
| url | http://hdl.handle.net/11427/42598 |
| work_keys_str_mv | AT orwothwunnoel capitalmarketsdevelopmentandeconomicgrowthineswatini |