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首页> 外文期刊>International Journal of Economics, Finance and Management Sciences >Stock market development and economic growth: Empirical evidence for emerging market economies
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Stock market development and economic growth: Empirical evidence for emerging market economies

机译：股票市场发展与经济增长：新兴市场经济体的经验证据

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Contemporary economies of developing countries are changing due to rapid changes in the world economy. The economies of emerging market countries are witnessing changes in the composition of capital flows because world stock markets are expanding rapidly. Foreign direct investment and stock market boom are the indicators of the changing world economic order. The objective of this study is to examine the relationship between stock market development and economic Growth. Empirically, based on the data for 17 emerging market and 10 developed market economies during the 12 years' period, from 2000 - 2011 using the generalized method of momentum (GMM) for dynamic panel data. To control for the country specific effect, the model is further estimated for the developed and emerging member economies. The key findings of the study reveal that there exists statistically significant relationship between stock market development and economic growth both directly, as well as indirectly by boosting investment behavior. The results also indicate robustly that stock market development is an important wheel for economic growth.
机译：由于世界经济的迅速变化，发展中国家的当代经济正在发生变化。新兴市场国家的经济正在见证资本流动构成的变化，因为世界股票市场正在迅速扩张。外国直接投资和股市繁荣是世界经济秩序变化的指标。这项研究的目的是检验股票市场发展与经济增长之间的关系。根据经验，基于2000年至2011年这12年间17个新兴市场和10个发达市场经济体的数据，使用动态面板数据的广义动量法（GMM）。为了控制特定国家的影响，对发达和新兴成员经济体进一步估算了该模型。该研究的主要发现表明，直接和间接地通过促进投资行为，在股票市场发展与经济增长之间存在统计上显着的关系。结果也有力地表明，股市发展是经济增长的重要动力。

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