Logo
Munich Personal RePEc Archive

Stock Market Development and Capital Accumulation: What the Time Series Evidence Shows

Sarkar, Prabirjit (2007): Stock Market Development and Capital Accumulation: What the Time Series Evidence Shows.

[thumbnail of MPRA_paper_5054.pdf]
Preview
PDF
MPRA_paper_5054.pdf

Download (70kB) | Preview

Abstract

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.

Atom RSS 1.0 RSS 2.0

Contact us: mpra@ub.uni-muenchen.de

This repository has been built using EPrints software.

MPRA is a RePEc service hosted by Logo of the University Library LMU Munich.