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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2004.1
- 수록면
- 33 - 50 (18page)
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This paper addresses the question: does stock market development cause growth? It examines the causal linkage between stock market development, financial development and economic growth. The argument is that any inference that financial liberalisation causes savings or investment or growth, or that financial intermediation causes growth, drawn from bivariate causality tests may be invalid, as invalid causality inferences can result from omitting an important variable. The empirical part of this study exploits techniques recently developed by Toda and Yamamoto (1995) to test for causality in VARs, and emphasises the possibility of omitted variable bias. The evidence obtained from a sample of seven countries suggests that a well-developed stock market can foster economic growth in the long run. It also provides support to theories according to which well-functioning stock markets can promote economic development by fuelling the engine of growth through faster capital accumulation, and by tuning it through better resource allocation.
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참고문헌 (28)
참고문헌 신청
/ 1955 / Financial Aspects of Economic Development 45 : 515 ~ 537
/ 1973 / Money and Capital in Economic Development
/ 1981 / Credit Rationing in Markets With Imperfect Information 71 : 393 ~ 410
/ 1982 / Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation eco (metrica) : 987 ~ 1008
/ 1986 / Financial Liberalisation in Retrospect Interest Rate Policies in LDCs In the State of Development Economics
/ 1973 / Money and Capital in Economic Development
/ 1981 / Credit Rationing in Markets With Imperfect Information 71 : 393 ~ 410
/ 1982 / Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation eco (metrica) : 987 ~ 1008
/ 1986 / Financial Liberalisation in Retrospect Interest Rate Policies in LDCs In the State of Development Economics
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