Sarkar, Prabirjit (2007): Stock Market Development and Capital Accumulation: What the Time Series Evidence Shows.
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The present study analysed time series data of 37 developed and less developed countries over the period 1976-2002. It shows that in the majority of cases (including France, UK and USA) the stock market turnover ratio - an important indicator of stock market development- has no positive long-term relationship with the growth rates of gross fixed capital formation. For some developed countries such as Austria, Italy, Japan and Germany and less-developed countries such as Chile, Egypt, Jamaica, Jordan, Philippines and Venezuela we get a positive long-term relationship. These are by and large the so-called French or German-origin civil law countries.
|Item Type:||MPRA Paper|
|Original Title:||Stock Market Development and Capital Accumulation: What the Time Series Evidence Shows|
|Keywords:||stock market; capital accumulation; growth and liberalisation|
|Subjects:||O - Economic Development, Technological Change, and Growth > O5 - Economywide Country Studies
O - Economic Development, Technological Change, and Growth > O1 - Economic Development > O16 - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
|Depositing User:||Prabirjit Sarkar|
|Date Deposited:||26. Sep 2007|
|Last Modified:||18. Feb 2013 15:22|