chapter  6
20 Pages

Tests of capital market integration between the CFA and France

In Chapter 1 we raised the possibility that the institutions of the CFA with respect to currency convertibility, transferability and exchange harmonisation might promote the integration of capital markets, both within the CFA and between the CFA and France. The next three chapters pursue this idea. In this chapter, we will investigate ways of testing for the degree of capital market integration, and then in Chapters 7 and 8 we will investigate in more detail the determinants of investment performance in CFA countries.