Stock Market Development and Economic Growth: Evidence from Developing Countries
نویسندگان
چکیده
This study examines the relationship between stock market development and economic growth for 21 emerging markets over 21 years, using a dynamic panel method. Results suggest a positive relationship between several indicators of the stock market performance and economic growth both directly, as well as indirectly by boosting private investment behavior. Thus they lend support both to the financial intermediation literature as well as to the traditional growth literature. ∗ Authors are, Associate Professor, University of Wisconsin-Milwaukee and Senior Quantitative Analyst, Fleet Financial, Providence, RI. For correspondence contact the first author, at Department of Economics, University of Wisconsin-Milwaukee, Milwaukee, WI 53201, email: [email protected]
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