Guglielmo Maria Caporale
Endogenous growth models and stock market development: Evidence from four countries
Caporale, Guglielmo Maria; Howells, Peter; Soliman, Alaa M.
Authors
Peter Howells
Alaa M. Soliman
Abstract
This paper re-examines the relationship between stock market development and economic growth. It provides a theoretical basis for establishing the channel through which stock markets affect economic growth in the long run. It examines the hypothesis of endogenous growth models that financial development causes higher growth through its influence on the level of investment and its productivity. The empirical part of this study exploits techniques recently developed to test for causality in VARs. The evidence obtained from a sample of four countries suggests that investment productivity is the channel through which stock market development enhances the growth rate in the long run. © Blackwell Publishing Ltd 2005.
Citation
Caporale, G. M., Howells, P., & Soliman, A. M. (2005). Endogenous growth models and stock market development: Evidence from four countries. Review of Development Economics, 9(2), 166-176. https://doi.org/10.1111/j.1467-9361.2005.00270.x
Journal Article Type | Article |
---|---|
Publication Date | May 1, 2005 |
Journal | Review of Development Economics |
Print ISSN | 1363-6669 |
Publisher | Wiley |
Peer Reviewed | Peer Reviewed |
Volume | 9 |
Issue | 2 |
Pages | 166-176 |
DOI | https://doi.org/10.1111/j.1467-9361.2005.00270.x |
Keywords | endogenous growth models, stock market development |
Public URL | https://uwe-repository.worktribe.com/output/1049773 |
Publisher URL | http://dx.doi.org/10.1111/j.1467-9361.2005.00270.x |
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