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

Marques, Luís Miguel and Fuinhas, José Alberto and Marques, António Cardoso (2012): Interação entre o mercado acionista e o crescimento económico: Uma apreciação do caso português (1993-2010).

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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.

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