Do Stock Markets Promote Economic Growth

Randall Filer, Jan Hanousek and Nauro Campos

No 267, William Davidson Institute Working Papers Series from William Davidson Institute at the University of Michigan

Abstract: One of the most enduring debates in economics is whether financial development causes economic growth or whether it is a consequence of increased economic activity. Little research into this question, however has used a true causality framework. This paper fills this lacuna by using Granger-causality tests to provide evidence of a positive and significant causal relationship going from stock market development to economic growth, particularly for less developed countries.

Keywords: stock market; financial development; economic growth; Granger causality (search for similar items in EconPapers)
JEL-codes: F36 G00 G14 O16 (search for similar items in EconPapers)
Pages: pages
Date: 1999-09-01
New Economics Papers: this item is included in nep-dev, nep-fmk and nep-mfd
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (21)

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Related works:
Working Paper: Do Stock Markets Promote Economic Growth? (2001)
Working Paper: Do Stock Markets Promote Economic Growth? (1999)
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