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

Prabirjit Sarkar ()

MPRA Paper from University Library of Munich, Germany

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.

Keywords: stock market; capital accumulation; growth and liberalisation (search for similar items in EconPapers)
JEL-codes: O16 O5 (search for similar items in EconPapers)
Date: 2007-06-21
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:5054

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