Macroeconomic Determinants of Stock Market Development

Valeriano F. Garcia and Lin Liu

Journal of Applied Economics, 1999, vol. 2, issue 1, 29-59

Abstract: 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.

Date: 1999
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DOI: 10.1080/15140326.1999.12040532

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