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Economic Growth and Stock Market Development

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  • Aurora Sanchez

    (Institute of Developing Economies)

Abstract

The paper examines Japan’s equity capital market to find out whether stock market development proceeds from, or precedes, economic growth. It first starts with a general description of the capital market, its principal players and the various methods of financing investment. It then explores the relationship of economic growth and capital market development, focusing on the Japanese experience. The empirical evidence illustrates the case of growth first before stock market development, a finding which could prove useful for developing countries planning to develop their capital markets.

Suggested Citation

  • Aurora Sanchez, 1989. "Economic Growth and Stock Market Development," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 26(1), pages 109-140, June.
  • Handle: RePEc:phs:prejrn:v:26:y:1989:i:1:p:109-140
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    File URL: http://pre.econ.upd.edu.ph/index.php/pre/article/download/277/425
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