Economics, Econometrics and Finance
8 years ago

Stock market development found to have no impact on economic growth.

Artha Vijnana Journal of The Gokhale Institute of Politics and Economics
Financial Market and Economic Growth: Panel Cointegration Evidence for Developing Economies
Chandan Sharma

Paper Summary

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The study looked at how financial markets affect economic growth in developing countries from 1990 to 2006. They used a special technique called Panel Cointegration to analyze data from fourteen countries. The results showed that stock market development didn't have a big impact on economic growth. However, there was some evidence that a deeper financial system could lead to higher income in these countries.