The aim of this study is to analyze the relationship between stock market development and economic growth in Brazil, India, Indonesia, South Africa and Turkey as defined Fragile Five by applying panel co-integration and causality tests for the period 2002-2016. Three parameters representing stock market development and per capita GDP as economic growth indicator are used and long-run co-integration relationship between stock market and growth is found. The findings reveal that direction of causality relationship is from stock market development to economic growth and “supply leading hypothesis” is corroborated. Panel DOLS and FMOLS test results show parallelism with the general results in the impact of stock market capitalization and stocks traded value on growth
The aim of this study is to analyze the relationship between stock market development and economic growth in Brazil, India, Indonesia, South Africa and Turkey as defined Fragile Five by applying panel co-integration and causality tests for the period 2002-2016. Three parameters representing stock market development and GDP per capita as economic growth indicator are used and long-run co-integration relationship between stock market and growth is found. The findings reveal that the direction of causality relationship is from stock market development to economic growth and "supply leading hypothesis" is corroborated. Panel DOLS and FMOLS test results show parallelism with the general results in the impact of stock market capitalization and stocks traded value on growth
Alan : Sosyal, Beşeri ve İdari Bilimler
Dergi Türü : Ulusal
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