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

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  • Sarkar, Prabirjit

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.

Suggested Citation

  • Sarkar, Prabirjit, 2007. "Stock Market Development and Capital Accumulation: What the Time Series Evidence Shows," MPRA Paper 5054, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:5054
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    File URL: https://mpra.ub.uni-muenchen.de/5054/1/MPRA_paper_5054.pdf
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    References listed on IDEAS

    as
    1. 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.
    2. 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.
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    1. repec:khe:scajes:v:4:y:2018:i:1:p:12-20 is not listed on IDEAS

    More about this item

    Keywords

    stock market; capital accumulation; growth and liberalisation;

    JEL classification:

    • O5 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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