Do Stock Markets Promote Economic Growth?

Jan Hanousek (), Nauro F. Campos () and Randall Filer ()

Finance from EconWPA

Abstract: One of the most enduring debates in economics is whether financial development causes economic growth or whether it is a consequence of increased economic activity. Little research into this question, however has used a true causality framework. This paper fills this lacuna by using Granger-causality tests to provide evidence of a positive and significant causal relationship going from stock market development to economic growth, particularly for less developed countries.

Keywords: Stock market; Financial development; Economic growth; Granger causality (search for similar items in EconPapers)
JEL-codes: G00 G14 O16 F36 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dev and nep-fmk
Date: 2001-02-16
Note: Type of Document - Acrobat PDF; pages: 21 ; figures: included
View list of references

Downloads: (external link)
http://129.3.20.41/eps/fin/papers/0012/0012006.pdf (application/pdf)

Related works:
Working Paper: Do Stock Markets Promote Economic Growth (1999)
Working Paper: Do Stock Markets Promote Economic Growth? (1999)
Working Paper: Do Stock Markets Promote Economic Growth? (1999)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpfi:0012006

Access Statistics for this paper

More papers in Finance from EconWPA
Series data maintained by EconWPA ().