Interação entre o mercado acionista e o crescimento económico: Uma apreciação do caso português (1993-2010)

Interaction between the stock market and economic growth: An assessment of the Portuguese case (1993-2010)

Luís Miguel Marques, José Alberto Fuinhas () and António Marques ()

MPRA Paper from University Library of Munich, Germany

Abstract: The relationship between stock market development and domestic product are tested for Portugal in a fast economic transformation period (1993-2010). Dynamics are analyzed using a VAR model through Granger causality tests, variance decomposition and impulse-response function. Results show that stock market contributes positively to economic growth. They also conclude that banking system is not a determinant factor in economic growth. There was no causality from economic growth to the development of stock market.

Keywords: Stock Market; Economic Growth; Causality; and VAR (search for similar items in EconPapers)
JEL-codes: C22 G10 O10 (search for similar items in EconPapers)
Date: 2012-07-02
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