Macroeconomic Determinants of Stock Market Development
Valeriano F. GarcÃa and
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Valeriano F. GarcÃa: World Bank, http://www.worldbank.org/
Lin Liu: University of Kentucky
Journal of Applied Economics, 1999, vol. 2, 29-59
Using pooled data from fifteen industrial and developing countries from 1980 to 1995, this paper examines the macroeconomic determinants of stock market development, particularly market capitalization. The paper finds that: (1) real income, saving rate, financial intermediary development, and stock market liquidity are important determinants of stock market capitalization; (2) macroeconomic volatility does not prove significant; and (3) stock market development and financial intermediary development are complements instead of substitutes.
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Persistent link: https://EconPapers.repec.org/RePEc:cem:jaecon:v:2:y:1999:n:1:p:29-59
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