Stock Market Development and Capital Accumulation: What the Time Series Evidence Shows
AbstractThe present study analysed time series data of 37 developed and less developed countries over the period 1976-2002. It shows that in the majority of cases (including France, UK and USA) the stock market turnover ratio - an important indicator of stock market development- has no positive long-term relationship with the growth rates of gross fixed capital formation. For some developed countries such as Austria, Italy, Japan and Germany and less-developed countries such as Chile, Egypt, Jamaica, Jordan, Philippines and Venezuela we get a positive long-term relationship. These are by and large the so-called French or German-origin civil law countries.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 5054.
Date of creation: 21 Jun 2007
Date of revision:
stock market; capital accumulation; growth and liberalisation;
Find related papers by JEL classification:
- O5 - Economic Development, Technological Change, and Growth - - Economywide Country Studies
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-09-30 (All new papers)
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