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Determinants of economic growth in Hong Kong: The role of stock market development

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  • Sin-Yu Ho

Abstract

We assessed the impact of stock market development on growth in Hong Kong for the period 1986Q2 to 2015Q4. By constructing a composite index of stock market development and controlling for the key determinants of growth, we found stock market development to promote growth both in the short and long run. We further constructed an alternative index of stock market development and found this conclusion to be robust. Our findings are broadly consistent with the growth experience of Hong Kong. Policies meant to promote stock market development may enhance growth in Hong Kong as well.

Suggested Citation

  • Sin-Yu Ho, 2018. "Determinants of economic growth in Hong Kong: The role of stock market development," Cogent Economics & Finance, Taylor & Francis Journals, vol. 6(1), pages 1510718-151, January.
    • Handle: RePEc:taf:oaefxx:v:6:y:2018:i:1:p:1510718
    DOI: 10.1080/23322039.2018.1510718
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    Cited by:

    1. KHAIRUNNISA ZULKIFLI & Sharulshahida Shakrein Safian & RAZIDA HANEM MOHD RADZIL & NORHASIMAH SHAHARUDDIN, 2024. "The Impact of Stock Market Development on Economic Growth a Case of Malaysia," Information Management and Business Review, AMH International, vol. 16(1), pages 86-104.
    2. Manuel Ennes Ferreira & João Dias & Jelson Serafim, 2022. "Stock Market and Economic Growth: Evidence from Africa," Working Papers REM 2022/0228, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    3. Kodongo, Odongo & Mukoki, Paul & Ojah, Kalu, 2023. "Bond market development and infrastructure-gap reduction: The case of Sub-saharan Africa," Economic Modelling, Elsevier, vol. 121(C).
    4. Nguyen, Trang & Chaiechi, Taha & Eagle, Lynne & Low, David, 2020. "Dynamic impacts of SME stock market development and innovation on macroeconomic indicators: A Post-Keynesian approach," Economic Analysis and Policy, Elsevier, vol. 68(C), pages 327-347.

    More about this item

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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