Financial Development, Growth and Stock Market Development: The Trilateral Analysis in India

Rudra P. Pradhan

Journal of Quantitative Economics, 2011, vol. 9, issue 1, 134-145

Abstract: The paper examines the long run relationship between financial development and growth in India in a trivariate framework by incorporating stock market development. It finds that stock market development has substantial impact on finance- growth nexus. While financial development and economic growth are bidirectional, economic growth and stock market development are unidirectional. The paper concludes that stock market development is an integral part economic growth, which is, in turn, associated with financial development in the Indian economy.

Date: 2011
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