On Stock Market Development, Banks And Economic Growth In India

Pratap chandra Biswal and B Kamaiah
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Pratap chandra Biswal: Institute for Social and Economic Change

No 69, Working Papers from Institute for Social and Economic Change, Bangalore

Abstract: Using the stock market development indicators viz., market size, liquidity, and volatility along with bank credit to GDP ratio as an indicator of banking sector development, and Index of Industrial Production (IIP) as the proxy for GDP, this paper examines the role of stock markets and banks in promoting economic growth in India. On the basis of monthly data (1991:1–1998:12), the present study shows that stock market size and banking development are positively correlated with economic growth. The paper also finds that the stock market liquidity and volatility are not robustly linked with economic growth.

Keywords: Banking; Stock Market Development; Volatility; Economic Growth (search for similar items in EconPapers)
Pages: 16 pages
Date: 2000
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Citations: View citations in EconPapers (5)

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