How far have we come and where should we go after 30+ years of research on Africa's emerging financial markets? A systematic review and a bibliometric network analysis

In this study, we perform a systematic literature review and a bibliometric network analysis of studies on Africa's financial markets from 1992 to 2021. The findings are as follows. First, we observe a steady growth of financial markets research in Africa over the 30-year period under consideration, which is suggestive of increasing interest and commitment to research on financial markets in Africa. Additionally, we note a lack of collaboration between or among researchers of financial markets studies in Africa, which implies very little knowledge exchange, ideas sharing, and innovations. We identify seven major areas of research based on the thematic network and content analysis, which are as follows: (i) asset pricing, (ii) financial integration, (iii) contagion, herding and extreme global events, (iv) efficiency and predictability of stock returns, (v) market interdependencies-sources and channels, (vi) portfolio diversification and risk management strategies, and (vii) impact of economic and financial news. We offer several avenues for future research that can set the agenda for financial market research in Africa in the coming years.