Stock Market Development and Economic Growth

Salvatore Capasso

No RP2006-102, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: Since the 1990s economists have devoted considerable attention to the study of the relationship between financial markets development and economic growth. In particular, the emergence of stock markets with economic development is an intriguing and interesting aspect of such a relationship, and yet relatively unexplored. This paper examines the most recent findings in the theoretical and empirical literature trying to determine the rationale behind the development of stock markets along the path of growth and the nature of the interrelationship between real and financial variables.

Keywords: Capital market; Economic development; Financial institutions; Stock exchanges (search for similar items in EconPapers)
Date: 2006
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Citations: View citations in EconPapers (15)

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