Stock Market Development and Capital Accumulation: What the Time Series Evidence Shows

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Stock Market Development and Capital Accumulation: What the Time Series Evidence Shows

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Sarkar, Prabirjit

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Prabirjit Sarkar Dr

Abstract

The 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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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 5054.

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Date of creation: 21 Jun 2007
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Handle: RePEc:pra:mprapa:5054

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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

This paper has been announced in the following NEP Reports:

NEP-ALL-2007-09-30 (All new papers)

References listed on IDEAS
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Ross Levine & Sara Zervos, . "Stock markets, banks and economic growth ," CERF Discussion Paper Series 95-11, Economics and Finance Section, School of Social Sciences, Brunel University.
Other versions:
- Levine, Ross & Zervos, Sara, 1996. "Stock markets, banks, and economic growth," Policy Research Working Paper Series 1690, The World Bank. [Downloadable!]
- Levine, Ross & Zervos, Sara, 1998. "Stock Markets, Banks, and Economic Growth," American Economic Review, American Economic Association, vol. 88(3), pages 537-58, June. [Downloadable!] (restricted)
Arestis, Philip & Demetriades, Panicos O & Luintel, Kul B, 2001. "Financial Development and Economic Growth: The Role of Stock Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 33(1), pages 16-41, February.
Other versions:
- Philip Arestis & Panicos O. Demetriades & Kul B. Luintel, 1997. "Financial Development and Economic Growth: the Role of Stock Markets," Keele Department of Economics Discussion Papers (1995-2001) 97/05, Department of Economics, Keele University.
Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December. [Downloadable!] (restricted)
Other versions:
- Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
- Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," Harvard Institute of Economic Research Working Papers 1768, Harvard - Institute of Economic Research.

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