Causal nexus between economic growth, inflation, and stock market development: The case of OECD countries
نویسندگان
چکیده
Available online 30 April 2015 This paper investigates cointegration relationships and Granger causality nexus in a trivariate framework among economic growth, inflation, and stock market development. Utilizing three measures of stock market development and employing a panel vector autoregressive model, we study 34 OECD countries over the time period of 1960–2012. Our novel panel-data estimation method allows us to identify important causal links between the variables both in the short run and in the long run. © 2015 Elsevier Inc. All rights reserved. JEL classification:
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