On Stock Market Development, Banks and Economic Growth in India

Pratap Chandra Biswal and B. Kamaiah
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Pratap Chandra Biswal: UGC Research Fellow, Department of Economics, University of Hyderabad, Hyderabad- 500 046
B. Kamaiah: Department of Economics, University of Hyderabad, Hyderabad-500 046.

Journal of Social and Economic Development, 2001, vol. 3, issue 1, 44-56

Abstract: This paper examines the role of stock markets and banks in promoting economic growth in India. 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 Industrial Production (IP) as the proxy for GDP, the present study shows that it is not the banking development but the stock market growth, which shares a relationship with economic growth in India during the period 1991:01–2000:05.

Date: 2001
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