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Economic growth, capital structures, and market interdependence: Three essays on the role of stock markets in emerging economies.

机译：经济增长，资本结构和市场相互依存：关于新兴市场中股票市场作用的三篇文章。

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摘要

The role of the Stock Market is being examined in three contexts. The first essay investigates whether stock market development leads to long run economic growth using panel data for twenty-two developing countries from 1975--1992. Statistical findings indicate that the relationship between stock market development and longrun economic growth remains strong even after controlling for lagged growth, market liquidity, and other control variables. Hence, I believe that governments should play a more positive role in order to foster stock market development, especially in emerging economies. The second essay analyzes the role of stock market development and capital structures using panel data of twenty-two developing countries from 1982--1992. In particular, I look at the effect of stock market development on emerging market firms' financing choice between debt and equity, based on standard considerations of cost, risk, control, and disclosure. It can be concluded that stock market as measured by market capitalization is statistically significant and negatively correlated with both long-term and short-term debt to equity ratio of the firm. Furthermore, the results also show that the banking sector is positively correlated with short-term debt to equity ratio. This conclusion has an interesting implication in that firms consider the stock market and the banking sector as substitutes to each other, i.e., firms substitute equity for long term debt and not as much for short term debt. The third essay examines the co-movement of international stock markets using structural cointegrating vector autoregressive approach (VAR), for eight stock exchanges in developed and developing countries using both daily and monthly data from March 1st, 1994 through October 28th, 1998 and January 1991 to July 1998 respectively. The study investigates whether domestic stock market volatility is effected by foreign stock markets (following the contagion argument) or is it effected by internal macroeconomic fundamental factors. The results indicate that a substantial amount of interdependence exists among world stock markets on a daily basis, but not at the monthly basis. This leads me to believe that world stock markets are efficient.
机译：在三种情况下正在研究股票市场的作用。第一篇文章使用1975--1992年间22个发展中国家的面板数据调查了股市发展是否会导致长期的经济增长。统计结果表明，即使控制了滞后增长，市场流动性和其他控制变量，股市发展与长期经济增长之间的关系仍然很牢固。因此，我认为政府应在促进股票市场发展方面发挥更积极的作用，特别是在新兴经济体中。第二篇论文使用1982--1992年间22个发展中国家的面板数据分析了股票市场发展和资本结构的作用。特别是，我基于成本，风险，控制和披露的标准考虑，研究了股票市场发展对新兴市场公司在债务和股权之间的融资选择的影响。可以得出结论，以市值衡量的股票市场具有统计学意义，并且与公司的长期和短期债务与权益比率均呈负相关。此外，结果还表明，银行业与短期债务权益比率呈正相关。该结论具有有趣的含义，因为企业将股票市场和银行部门视为彼此替代，即企业用股权替代长期债务，而不是替代短期债务。第三篇文章使用1994年3月1日至1998年10月28日以及1991年1月的每日和每月数据，使用结构协整矢量自回归方法（VAR）研究了发达国家和发展中国家的八个证券交易所的国际联动。至1998年7月。该研究调查了国内股票市场的波动性是受到国外股票市场的影响（遵循传染理论）还是受到内部宏观经济基本因素的影响。结果表明，世界股票市场之间每天存在大量的相互依存关系，而每月却不存在。这使我相信世界股票市场是有效的。

著录项

  • 作者

    Agarwal, Sumit.;

  • 作者单位

    The University of Wisconsin - Milwaukee.;

  • 授予单位 The University of Wisconsin - Milwaukee.;
  • 学科 Economics Finance.;Economics General.
  • 学位 Ph.D.
  • 年度 1999
  • 页码 144 p.
  • 总页数 144
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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