Small African Stock Markets – The Case of the Lusaka Stock Exchange

This study presents a theoretical discussion on the role of stock markets in facilitating economic growth, with a special focus on small-scale economies. It comprises of an empirical study of Zambia, presenting an overview of the current and historical development and functioning of the Lusaka Stock Exchange (LuSE) and its value added to the local financial systems and to the Zambian economy. It further discusses potential causes for the low liquidity on the LuSE.