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Capital Market Performance and Bangladesh’s Economy: An Empirical Study

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  • Md. Shakhaowat Hossin
  • Md. Kaisar Hamid

Abstract

This article aims to analyse the effect of capital market performance on Bangladesh’s economy using the data of market capitalization, stock turnover and gross domestic product (GDP) growth from 2001 to 2018. This study employed unit root test, Johansen cointegration test, vector error correction model, autoregressive distributed lag model, non-linear autoregressive distributed lag model, Granger causality test and Toda–Yamamato Granger non-causality test to examine this effect. The result of the vector error correction model revealed the existence of a long-run association between market capitalization and stock turnover as independent variables with GDP. Again, the results of autoregressive distributed lag model and non-linear autoregressive distributed lag model also showed that there exists a significant positive relationship between the stock market and GDP of Bangladesh. Finally, Toda–Yamamato Granger non-causality test confirms that there is a unidirectional causality running from the capital market to GDP.

Suggested Citation

  • Md. Shakhaowat Hossin & Md. Kaisar Hamid, 2024. "Capital Market Performance and Bangladesh’s Economy: An Empirical Study," Global Business Review, International Management Institute, vol. 25(2_suppl), pages 165-183, April.
    • Handle: RePEc:sae:globus:v:25:y:2024:i:2_suppl:p:s165-s183
    DOI: 10.1177/0972150920982247
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