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Stock Market Development and Economic Growth: The Causal Linkage

Guglielmo Maria Caporale|Peter G, A Howells|Alaa M. Soliman
경제연구소 (Hanyang Economic Research Institute)|2004.06|Journal of Economic Development|제29권 제1호|pp. 33-50

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참고문헌

주제분류경제학

초록

Abstract

This paper addresses the question: does stock market development cause growth? It examines the causal linkage between stock market development, financial development and economic growth. The argument is that any inference that financial liberalisation causes savings or investment or growth, or that financial intermediation causes growth, drawn from bivariate causality tests may be invalid, as invalid causality inferences can result from omitting an important variable. The empirical part of this study exploits techniques recently developed by Toda and Yamamoto (1995) to test for causality in VARs, and emphasises the possibility of omitted variable bias. The evidence obtained from a sample of seven countries suggests that a well-developed stock market can foster economic growth in the long run. It also provides support to theories according to which well-functioning stock markets can promote economic development by fuelling the engine of growth through faster capital accumulation, and by tuning it through better resource allocation.

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관련 논문AI추천

STOCK MARKET DEVELOPMENT AND ECONOMIC GROWTH: EVIDENCE FROM BOOTSTRAP PANEL GRANGER CAUSALITY TESTRAJESH SHARMA, Samaresh Bardhan경제연구소 · Journal of Economic Development2018 · 제43권 제3호ON THE GROWTH EFFECTS OF EQUITY MARKET LIBERALIZATIONZHEN LI경제연구소 · Journal of Economic Development2012 · 제37권 제2호Evaluating Financial Development in Emerging Capital Markets with Efficiency BenchmarksAndrew C. Worthington, Helen Higgs경제연구소 · Journal of Economic Development2006 · 제31권 제1호The Stock Market and Macroeconomic Policy in Emerging Market Economics: The Case of KoreaKimTae-Joon, RyouJai-Won한국사회과학협의회 · Korean Social Science Journal2002 · 제29권 제1호Financial Development and Output Growth: A Panel Study for Asian Countries전상준대외경제정책연구원 · East Asian Economic Review2012 · 제16권 제1호FINANCE AND GROWTH NEXUS: WHAT ROLE FOR INSTITUTIONS IN DEVELOPED AND DEVELOPING COUNTRIES?ABDELAZIZ HAKIMI, Helmi Hamdi, RASHID SBIA경제연구소 · Journal of Economic Development2017 · 제42권 제4호

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