Aren't small stock markets the same?

Ho-Chuan Huang () and Shu-Chin Lin

Applied Economics Letters, 2007, vol. 14, issue 10, 743-748

Abstract: In a recent interesting article, Minier (2003) uses results from regression tree techniques to conclude that, for countries with high stock market capitalization, there exists a significantly positive relationship between the level of financial development and economic growth. However, the relationship becomes significantly negative for low-capitalization subsample. Using same data set, this short article re-examines Minier's results by the threshold regression approach of Hansen (2000), but finds no evidence supporting that the full sample can be classified into two distinct regimes as in Minier (2003). Our formal test result suggests that one should be more cautious regarding the conclusions made by Minier (2003).

Date: 2007
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DOI: 10.1080/13504850600592432

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