Can Stock Market Development Predict Economic Growth
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Stock Market Development And Long Run Growth
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Author : Ross Levine
language : en
Publisher: World Bank Publications
Release Date : 1996
Stock Market Development And Long Run Growth written by Ross Levine and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Aumentoa de la produccion categories.
Stock Market Development And Long Run Growth
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Author : Sara Zervos
language : en
Publisher:
Release Date : 2016
Stock Market Development And Long Run Growth written by Sara Zervos and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Is there a strong empirical association between stock market development and long-term economic growth? Cross-country regressions suggest that there is a positive and robust association.Levine and Zervos empirically evaluate the relationship between stock market development and long-term growth. The data suggest that stock market development is positively associated with economic growth. Moreover, instrumental variables procedures indicate a strong connection between the predetermined component of stock market development and economic growth in the long run.While cross-country regressions imply a strong link between stock market development and economic growth, the results should be viewed as suggestive partial correlations that stimulate additional research rather than as conclusive findings. Much work remains to be done to shed light on the relationship between stock market development and economic growth. Careful case studies might help identify causal relationships and further research could be done on the time-series property of such relationships.Research should also be done to identify policies that facilitate the development of sound securities markets.This paper - a product of the Finance and Private Sector Development Division, Policy Research Department - is part of a larger effort in the department to study the relationship between financial systems and economic growth. The study was funded by the Bank's Research Support Budget under the research project Stock Market Development and Financial Intermediary Growth (RPO 679-53).
Stock Market Development And Long Run Growth
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Author : Ross Levine
language : en
Publisher:
Release Date : 1999
Stock Market Development And Long Run Growth written by Ross Levine and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Electronic books categories.
March 1996 Is there a strong empirical association between stock market development and long-term economic growth? Cross-country regressions suggest that there is a positive and robust association. Levine and Zervos empirically evaluate the relationship between stock market development and long-term growth. The data suggest that stock market development is positively associated with economic growth. Moreover, instrumental variables procedures indicate a strong connection between the predetermined component of stock market development and economic growth in the long run. While cross-country regressions imply a strong link between stock market development and economic growth, the results should be viewed as suggestive partial correlations that stimulate additional research rather than as conclusive findings. Much work remains to be done to shed light on the relationship between stock market development and economic growth. Careful case studies might help identify causal relationships and further research could be done on the time-series property of such relationships. Research should also be done to identify policies that facilitate the development of sound securities markets. This paper -- a product of the Finance and Private Sector Development Division, Policy Research Department -- is part of a larger effort in the department to study the relationship between financial systems and economic growth. The study was funded by the Bank's Research Support Budget under the research project Stock Market Development and Financial Intermediary Growth2 (RPO 679-53).
Stock Markets Banks And Economic Growth
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Author : Ross Levine
language : en
Publisher:
Release Date : 2005
Stock Markets Banks And Economic Growth written by Ross Levine and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Do well-functioning stock markets and banks promote long-term economic growth? Yes, but stock markets and banks differ in the financial services they provide. Using data on 49 countries from 1976 to 1993, the authors investigate whether measures of stock market liquidity, size, volatility, and integration in world capital markets predict future rates of economic growth, capital accumulation, productivity improvements, and private savings. They find that stock market liquidity-as measured by stock trading relative to the size of the market and economy - is positively and significantly correlated with current and future rates of economic growth, capital accumulation, productivity growth, even after controlling for economic and political factors. Stock market size, volatility, and integration are not robustly linked with growth. Nor are financial indicators closely associated with private savings rates. Significantly, banking development - as measured by bank loans to private enterprises divided by GDP - when combined with stock market liquidity predicts future rates of growth, capital accumulation, and productivity growth when entered together in regressions. The authors determine that these results are consistent with views that (1)financial markets and institutions provide important services for long-run growth, and (2)stock markets and banks provide different financial services. This paper - a product of the Finance and Private Sector Development Division, Policy Research Department - is part of a larger effort in the department to understand the links between the financial system and economic growth. The study was funded by the Bank's Research Support Budget under the research project "Stock Market Development and Financial Intermediary Growth" (RPO 679-53).
From Main Street To Wall Street
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Author : Jesper Rangvid
language : en
Publisher: Oxford University Press
Release Date : 2021-01-21
From Main Street To Wall Street written by Jesper Rangvid and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-01-21 with Business & Economics categories.
In the long run, economies grow. Over the shorter-term business cycle, economic activity contracts and expands. From Main Street to Wall Street examines both the long-run relation between economic growth and stock returns and the shorter-term business-cycle relation. It examines the complex relationship between the economy and the stock market, and guides readers through the fascinating interaction between economic activity and financial markets. From Main Street to Wall Street draws heavily on data, supporting academic theories with empirical facts, and backing up arguments in intuitive ways. It discusses how investors can use knowledge of economic activity and financial markets to formulate expectations to future stock returns, and helps scholars and practitioners navigate financial markets by understanding the economy.
Can Stock Market Development Predict Economic Growth
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Author : Ejibola Folashade Fajimi
language : en
Publisher:
Release Date : 2009
Can Stock Market Development Predict Economic Growth written by Ejibola Folashade Fajimi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Nigeria categories.
Stock Market Development And Economic Growth
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Author : Daniel Lazar
language : en
Publisher: LAP Lambert Academic Publishing
Release Date : 2011-12
Stock Market Development And Economic Growth written by Daniel Lazar and has been published by LAP Lambert Academic Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-12 with categories.
The finance literature suggests that stock markets serve important functions even in those economies in which a well-developed banking sector already exists.Stock markets also provide entrepreneurs with liquidity and for opportunities to diversify their portfolios. The primary purpose or objective is to study the interrelationship between stock market development and economic growth of India in both pre and post-liberalized periods between 1971 and 2002.For want of consistency of the data used and for statistical analysis, annual data are used for pre liberalization period. In order to have a reasonable number of observations for statistical significance, quarterly data are used for twelve years in the post liberalization period.Empirical testing is done by various classifications namely: stock market development, comparison of stock market development and economic growth variables and interrelationship between stock market development and economic growth during pre and post liberalization separately.Descriptive statistics, bi-variate correlations, exponential growth, elasticity and conglomerate indexes step wise regressions are the tools used in the study.
Examining The Impact Of Stock Market Development On Economic Growth
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Author : Pramod Kumar Naik
language : en
Publisher:
Release Date : 2014
Examining The Impact Of Stock Market Development On Economic Growth written by Pramod Kumar Naik and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This study empirically reexamines the impact of stock market development on economic growth using data on twenty-seven emerging market economies over the period 1995-2012. We use market capitalization, trade value and turnover ratio as indicators of stock market development. Also, we construct three alternate composite indices of stock market development and used them in the growth regression each at a time. Methodologically, we employ the dynamic panel 'system GMM' estimators which is free from the problem of endogeneity and measurement errors; secondly, a 2nd generation panel unit root test of Pesaran (2007) is employed to test the stationary properties of data; finally, in order to test the direction of causality we make use of a newly developed panel non-causality test of Dumitrescu and Hurlin (2012) which is designed for heterogeneous panel. Our empirical findings indicate that stock market development significantly contributes to economic growth. This is evident in all the three alternate indices of financial development employed in the study. Further, we find a unidirectional causation running from stock market development to economic growth, supporting the supply-leading hypothesis. We also find that macroeconomic variables, such as investment ratio, trade openness and exchange rate have strong influence on economic growth. Thus, the study suggests that significant improvement of stock markets, making the economy internationally open, and improving the aggregate investment the emerging market economies can improve their economy.
Global Stock Market Development
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Author : Marcin Kalinowski
language : en
Publisher: Routledge
Release Date : 2021-09-27
Global Stock Market Development written by Marcin Kalinowski and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-27 with Business & Economics categories.
In the current era of globalised financial markets, the stock market cannot be assessed solely by comparing quantitative features such as the number of listed companies or capitalisation on the stock exchange. This is of secondary importance from an investor's point of view. What is important, however, is how a given stock market behaves towards the environment – whether it is ‘hyperactive’ or ‘excessively lethargic’ in response to information. This book provides an innovative tool for assessing global stock markets. It describes the complex concept of ‘stock market development’ in light of classical and behavioural finance theories and considers both quantitative (the number of listed companies, turnover, etc.) and behavioural aspects (price volatility, the behaviour of fundamental indicators of listed companies). Based on an innovative method for assessing development, the author analyses 130 stock markets, indicating those that are more developed in terms of quantity and behaviour. Ultimately, this enables the assessment of which markets are more or less developed and why. This knowledge, used properly, offers an advantage over other financial market participants, and allows for the comprehensive assessment of individual stock markets, which can support the process of making good investment decisions. The book is an invaluable resource for research fellows and students in economics, particularly the field of finance. It is also addressed to business and stock market practitioners, such as financial market analysts, brokers and investment advisers.
Do Stock Markets Promote Economic Growth
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Author : RANDALL K. FILER, JAN HANOUSEK AND NAURO F. CAMPOS
language : en
Publisher:
Release Date : 1999
Do Stock Markets Promote Economic Growth written by RANDALL K. FILER, JAN HANOUSEK AND NAURO F. CAMPOS and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.