Impacto do mercado de capitais no crescimento económico em Moçambique (1999-2022)

Abstract

Capital markets are institutions that actively play a role in the development of an economy. This study investigates the impact of capital markets on economic growth in Mozambique between 1999-2022. The research uses an annual time series model with gross domestic product representing the dependent variable and market capture, total transaction volume, exchange rate, representing the independent variables. The results show that the capital market in Mozambique played a significant role in the country’s economic growth between 1999 and 2022. During this period, the Mozambican government implemented several reforms to promote and organize the capital market, including the creation of the Mozambique Stock Exchange (BVM) and the approval of laws regulating stock market activities. The capital market in Mozambique is still relatively small compared to other countries in the region. In 2020, stock market capitalization represented about 15% of GDP, with a trading volume of approximately 1.4 billion US dollars. The majority of securities traded on the BVM are Treasury bonds, while stocks represent a smaller share of the market. Capital market development is positively correlated with economic growth. Well-structured capital markets ensure that companies and investors obtain fair prices for their securities, thus promoting efficiency and transparency in the financial market. However, the Mozambican capital market faces challenges, such as lack of knowledge on the subject among companies, poor dissemination of information, and low diversification of traded products. The capital market in Mozambique has had a positive impact on the country’s economic growth between 1999 and 2022, despite significant challenges. With continued reforms and efforts to improve market infrastructure, there is potential for more inclusive and sustainable economic growth in the future.