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학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2012.1
- 수록면
- 59 - 77 (19page)
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While equity market liberalization has been found to be associated with faster economic growth, such a correlation alone cannot identify the direction of causation. Using instrumental variables (IV) methodology, this paper presents empirical evidence of strong growth effects of equity market liberalization. Systematic differences exist in the growth effects across countries at different income levels, and with different size of equity markets. Equity market liberalization benefits high-income and middle-income countries through productivity improvements, while growth instead increases in low-income countries as a result of increased physical capital accumulation. Additional growth effects are found for countries having larger equity markets.
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참고문헌 (21)
참고문헌 신청
Alfaro, L / 2007 / Capital Flows and Capital Goods / Journal of International Economics 72 (1) : 128 ~ 150
Babajide Fowowe / 2011 / FINANCIAL SECTOR REFORMS AND PRIVATE INVESTMENT IN SUB-SAHARAN AFRICAN COUNTRIES / Journal of Economic Development 36 (3) : 79 ~ 97
Beck, T / 2000 / Finance and the Sources of Growth / Journal of Financial Economics 58 : 261 ~ 300
Bekaert, G / 2000 / Foreign Speculators and Emerging Equity Markets / Journal of Finance 55 (2) : 565 ~ 613
Bekaert, G / 2003 / Equity Market Liberalization in Emerging Markets / The Federal Reserve Bank of St. Louis Review 85 (4) : 53 ~ 74
Babajide Fowowe / 2011 / FINANCIAL SECTOR REFORMS AND PRIVATE INVESTMENT IN SUB-SAHARAN AFRICAN COUNTRIES / Journal of Economic Development 36 (3) : 79 ~ 97
Beck, T / 2000 / Finance and the Sources of Growth / Journal of Financial Economics 58 : 261 ~ 300
Bekaert, G / 2000 / Foreign Speculators and Emerging Equity Markets / Journal of Finance 55 (2) : 565 ~ 613
Bekaert, G / 2003 / Equity Market Liberalization in Emerging Markets / The Federal Reserve Bank of St. Louis Review 85 (4) : 53 ~ 74
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