BibTex RIS Kaynak Göster

Linkages Between Market Capitalization and Economic Growth: The Case of Emerging Markets

Yıl 2015, Cilt: 1 Sayı: 1, 39 - 48, 01.09.2015

Öz

Recent years has seen a market rise in the debate among academic and policy circles regarding the relationship stock markets and economic growth. In this study, the linkages between market capitalization and economic growth is analyzed using annual data of 8 emerging countries for the period 1991 to 2012. The main objectives of this study are to determine the reaction of economic growth in the face of a shock in market capitalization rate and to examine whether stock market development has a positive or negative effect on national economies. Using Panel Vector Autoregressive models, we find positive and statistically significant responses to a market capitalization rate shock

Kaynakça

  • Alajekwu Udoka Bernard and Achugbu Austin (2011); “The Role of Stock Market Development on Economic Growth in Nigeria: A Time Series Analysis,” African Research Review Vol. 5 (6), Serial No. 23, November.
  • Alghamedı, Ahmed, Mısfer, A. (2012); “Assessing the Impact of Stock Market Development on Economic Growth in Saudi Arabia: An Empirical Analysis,” Durham theses, Durham University.
  • Antonios, A. (2010); “Stock Market and Economic Growth: An Empirical Analysis for Germany,” Business and Economics Journal, Volume 2010: BEJ-1.
  • Arestis, A. Demetriades, P. and Luintel, K. (2001); “Financial Development and Economic Growth: The Role of Stock Markets.” Journal of Money, Credit and Banking, Vol. 33 (1), pp 16 - 41.
  • Atje, R. and Jovanovic, B. (1993); “Stocks markets and development,” European Economic Review, 31, pp. 634-640.
  • Beck, T. and R. Levine (2004); “Stock Markets, Banks and Growth: Panel Evidence.” Journal of Banking and Finance, 28(3), pp. 423-42.
  • Boubakari Ake and Dehuan Jin (2010); “The Role of Stock Market Development in Economic Growth: Evidence from Some Euronext Countries,” International Journal of Financial Research Vol. 1, No. 1; December.
  • Boubtane, Ekrame and Dramane Coulibaly (2011); “Immigration, Growth and Unemployment: Panel Var http://www.univorleans.fr/leo/infer/COULIBALY.pdf, Date of Access: 14.05.2012. from OECD Countries,” Internet Address
  • Bouvatier, Vincent, Antonia López-Villavicencio And Valérie Mignon (2012); “Does The Banking Sector Structure Matter For Credit Procyclicality?,” Economic Modelling, 29, pp. 1035–1044.
  • Caporale, G.M. and N. Spagnolo (2011); “Stock Market Integration between three CEECs, Russia and the UK,” Review of International Economics, 19(1), pp. 158-169.
  • Cheung, Y.W. and L.K. N. (1998); “International Evidence on the Stock Market and Aggregate Economic Activity,” Journal of Empirical Finance, 5, pp. 281–96.
  • Chizea, John (2012); “Stock Market Development and Economic Growth in Nigeria: A Time Series Study for the period 1980-2007,” Doctoral thesis, Northumbria University.
  • Choi, In (2001); “Unit Root Tests for Panel Data,” Journal of International Money and Finance, 20, p. 249–272.
  • Demirguc, Kunt, Asli and Levine, Ross (1996); “Stock markets, corporate finance, and economic growth: an overview,” World Bank Economic Review, 10(2), May, 223-239.
  • Devereux, M. B. and G. W. Smith, (1994); “International Risk Sharing and Economic Growth,” International Economic Review, 35, pp. 535-50.
  • Diamond, D. W. (1996); “Financial Intermediation as Delegated Monitoring: A Simple Example,” Federal Reserve Bank of Richmond Economic Quarterly (82/3), pp. 51-66.
  • Enisan A. A. and Olufisayo A.O. (2009); “Stock Market Development and Economic Growth: Evidence from Seven sub-Sahara African Countries,” Journal of Economics and Business, 61, pp. 162- 171.
  • Greenwood, J. & Smith, B. (1997); “Financial Markets in Development and the Development of Financial Markets,” Journal of Economic Dynamic and Control 21, pp. 145-181.
  • Gurley, J. and E. Shaw (1955); “Financial Aspects of Economic Development,” American Economic Review, Vol. 45, pp. 515-537.
  • Harris, R. (1997); “Stock Markets and Development: A Re-assessment,” European Economic Review, 41, pp. 139-146.
  • Hartmann, Philipp, Ferrando Annalisa, Fritzer Friedrich Heider, Florian Lauro Bernadette and Marco Lo Duca (2006); “The Performance of the European Financial System,” European Central Bank, August.
  • Im, Kyung So, M. Hashem Pesaran and Yongcheol Shin (2003); “Testing for Unit Roots in Heterogeneous Panels,” Journal of Econometrics, 115, pp. 53–74.
  • Kassimatis, Konstantinos (2000); “Stock market development and economic growth in emerging economies,” PhD thesis, Middlesex University.
  • Levin, Andrew, Chien-Fu and Chia-Shang Chu (2002); “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties,” Journal of Econometrics, 108, pp. 1–24.
  • Levine, R. (1991); “Stock Markets, Growth, and the Tax Policy,” Journal of Finance, 46, pp. 1445- 1465.
  • Levine, R. and Zervos, S. (1998); “Capital Control Liberalization and Stock Market Development”, Vol.26, No.7, pp. 1169-1183.
  • Levine, Ross (2005); Finance and Growth: Theory and Evidence. In Handbook of Economic Growth, (Ed. Philippe Aghion and Steven N. Durlauf), pp. 865–93, Amsterdam.
  • Levine, Ross and Sara Zervos (1996); “Stock Market Development and Long-run Growt,” Policy Research Working Paper Series 1852, The World Bank.
  • Love, Inesa and Lea Zicchino (2006); “Financial Development and Dynamic Investment Behavior; Evidence from Panel VAR,” The Quarterly Journal Review of Economics and Finance, 46, pp. 190-210.
  • Lütkepohl, Helmut (2005); New Introduction to Multiple Time Series Analysis, First Edition, Berlin.
  • Maddala, Gangadharrao Soundalyarao and Shaowen Wu (1999); “A Comparative Study of Unit Root Tests with Panel Data and A New Simple Test,” Oxford Bulletin of Economics and Statistics, 61, pp. 631–52.
  • Mora, N. and A. Logan (2010); Shocks to Bank Capital: Evidence fromUK Banks at Home and away. The Bank of England Working Paper Series, Working Paper No. 387.
  • Rousseau, P.L. and Wachtel, P. (2000); “Equity Markets and Growth: Cross-country Evidence on Timing and Outcomes,” Journal of Banking and Finance, 24, pp. 1933-1957.
  • Santiago, Zegada (2011); “Capital Market Development and Economic Growth in Bolivia,” Master of Science Thesis.
  • Smith, Adam (1937); An Inquiry into the Nature and Causes of the Wealth of Nations. New York: Random House.

Linkages Between Market Capitalization and Economic Growth: The Case of Emerging Markets

Yıl 2015, Cilt: 1 Sayı: 1, 39 - 48, 01.09.2015

Öz

Kaynakça

  • Alajekwu Udoka Bernard and Achugbu Austin (2011); “The Role of Stock Market Development on Economic Growth in Nigeria: A Time Series Analysis,” African Research Review Vol. 5 (6), Serial No. 23, November.
  • Alghamedı, Ahmed, Mısfer, A. (2012); “Assessing the Impact of Stock Market Development on Economic Growth in Saudi Arabia: An Empirical Analysis,” Durham theses, Durham University.
  • Antonios, A. (2010); “Stock Market and Economic Growth: An Empirical Analysis for Germany,” Business and Economics Journal, Volume 2010: BEJ-1.
  • Arestis, A. Demetriades, P. and Luintel, K. (2001); “Financial Development and Economic Growth: The Role of Stock Markets.” Journal of Money, Credit and Banking, Vol. 33 (1), pp 16 - 41.
  • Atje, R. and Jovanovic, B. (1993); “Stocks markets and development,” European Economic Review, 31, pp. 634-640.
  • Beck, T. and R. Levine (2004); “Stock Markets, Banks and Growth: Panel Evidence.” Journal of Banking and Finance, 28(3), pp. 423-42.
  • Boubakari Ake and Dehuan Jin (2010); “The Role of Stock Market Development in Economic Growth: Evidence from Some Euronext Countries,” International Journal of Financial Research Vol. 1, No. 1; December.
  • Boubtane, Ekrame and Dramane Coulibaly (2011); “Immigration, Growth and Unemployment: Panel Var http://www.univorleans.fr/leo/infer/COULIBALY.pdf, Date of Access: 14.05.2012. from OECD Countries,” Internet Address
  • Bouvatier, Vincent, Antonia López-Villavicencio And Valérie Mignon (2012); “Does The Banking Sector Structure Matter For Credit Procyclicality?,” Economic Modelling, 29, pp. 1035–1044.
  • Caporale, G.M. and N. Spagnolo (2011); “Stock Market Integration between three CEECs, Russia and the UK,” Review of International Economics, 19(1), pp. 158-169.
  • Cheung, Y.W. and L.K. N. (1998); “International Evidence on the Stock Market and Aggregate Economic Activity,” Journal of Empirical Finance, 5, pp. 281–96.
  • Chizea, John (2012); “Stock Market Development and Economic Growth in Nigeria: A Time Series Study for the period 1980-2007,” Doctoral thesis, Northumbria University.
  • Choi, In (2001); “Unit Root Tests for Panel Data,” Journal of International Money and Finance, 20, p. 249–272.
  • Demirguc, Kunt, Asli and Levine, Ross (1996); “Stock markets, corporate finance, and economic growth: an overview,” World Bank Economic Review, 10(2), May, 223-239.
  • Devereux, M. B. and G. W. Smith, (1994); “International Risk Sharing and Economic Growth,” International Economic Review, 35, pp. 535-50.
  • Diamond, D. W. (1996); “Financial Intermediation as Delegated Monitoring: A Simple Example,” Federal Reserve Bank of Richmond Economic Quarterly (82/3), pp. 51-66.
  • Enisan A. A. and Olufisayo A.O. (2009); “Stock Market Development and Economic Growth: Evidence from Seven sub-Sahara African Countries,” Journal of Economics and Business, 61, pp. 162- 171.
  • Greenwood, J. & Smith, B. (1997); “Financial Markets in Development and the Development of Financial Markets,” Journal of Economic Dynamic and Control 21, pp. 145-181.
  • Gurley, J. and E. Shaw (1955); “Financial Aspects of Economic Development,” American Economic Review, Vol. 45, pp. 515-537.
  • Harris, R. (1997); “Stock Markets and Development: A Re-assessment,” European Economic Review, 41, pp. 139-146.
  • Hartmann, Philipp, Ferrando Annalisa, Fritzer Friedrich Heider, Florian Lauro Bernadette and Marco Lo Duca (2006); “The Performance of the European Financial System,” European Central Bank, August.
  • Im, Kyung So, M. Hashem Pesaran and Yongcheol Shin (2003); “Testing for Unit Roots in Heterogeneous Panels,” Journal of Econometrics, 115, pp. 53–74.
  • Kassimatis, Konstantinos (2000); “Stock market development and economic growth in emerging economies,” PhD thesis, Middlesex University.
  • Levin, Andrew, Chien-Fu and Chia-Shang Chu (2002); “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties,” Journal of Econometrics, 108, pp. 1–24.
  • Levine, R. (1991); “Stock Markets, Growth, and the Tax Policy,” Journal of Finance, 46, pp. 1445- 1465.
  • Levine, R. and Zervos, S. (1998); “Capital Control Liberalization and Stock Market Development”, Vol.26, No.7, pp. 1169-1183.
  • Levine, Ross (2005); Finance and Growth: Theory and Evidence. In Handbook of Economic Growth, (Ed. Philippe Aghion and Steven N. Durlauf), pp. 865–93, Amsterdam.
  • Levine, Ross and Sara Zervos (1996); “Stock Market Development and Long-run Growt,” Policy Research Working Paper Series 1852, The World Bank.
  • Love, Inesa and Lea Zicchino (2006); “Financial Development and Dynamic Investment Behavior; Evidence from Panel VAR,” The Quarterly Journal Review of Economics and Finance, 46, pp. 190-210.
  • Lütkepohl, Helmut (2005); New Introduction to Multiple Time Series Analysis, First Edition, Berlin.
  • Maddala, Gangadharrao Soundalyarao and Shaowen Wu (1999); “A Comparative Study of Unit Root Tests with Panel Data and A New Simple Test,” Oxford Bulletin of Economics and Statistics, 61, pp. 631–52.
  • Mora, N. and A. Logan (2010); Shocks to Bank Capital: Evidence fromUK Banks at Home and away. The Bank of England Working Paper Series, Working Paper No. 387.
  • Rousseau, P.L. and Wachtel, P. (2000); “Equity Markets and Growth: Cross-country Evidence on Timing and Outcomes,” Journal of Banking and Finance, 24, pp. 1933-1957.
  • Santiago, Zegada (2011); “Capital Market Development and Economic Growth in Bolivia,” Master of Science Thesis.
  • Smith, Adam (1937); An Inquiry into the Nature and Causes of the Wealth of Nations. New York: Random House.
Toplam 35 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Research Article
Yazarlar

Gökhan Dökmen Bu kişi benim

Ahmet Aysu

Mehmet Fatih Bayramoğlu

Yayımlanma Tarihi 1 Eylül 2015
Yayımlandığı Sayı Yıl 2015 Cilt: 1 Sayı: 1

Kaynak Göster

APA Dökmen, G., Aysu, A., & Bayramoğlu, M. F. (2015). Linkages Between Market Capitalization and Economic Growth: The Case of Emerging Markets. Uluslararası Ekonomik Araştırmalar Dergisi, 1(1), 39-48.
AMA Dökmen G, Aysu A, Bayramoğlu MF. Linkages Between Market Capitalization and Economic Growth: The Case of Emerging Markets. UEAD. Eylül 2015;1(1):39-48.
Chicago Dökmen, Gökhan, Ahmet Aysu, ve Mehmet Fatih Bayramoğlu. “Linkages Between Market Capitalization and Economic Growth: The Case of Emerging Markets”. Uluslararası Ekonomik Araştırmalar Dergisi 1, sy. 1 (Eylül 2015): 39-48.
EndNote Dökmen G, Aysu A, Bayramoğlu MF (01 Eylül 2015) Linkages Between Market Capitalization and Economic Growth: The Case of Emerging Markets. Uluslararası Ekonomik Araştırmalar Dergisi 1 1 39–48.
IEEE G. Dökmen, A. Aysu, ve M. F. Bayramoğlu, “Linkages Between Market Capitalization and Economic Growth: The Case of Emerging Markets”, UEAD, c. 1, sy. 1, ss. 39–48, 2015.
ISNAD Dökmen, Gökhan vd. “Linkages Between Market Capitalization and Economic Growth: The Case of Emerging Markets”. Uluslararası Ekonomik Araştırmalar Dergisi 1/1 (Eylül 2015), 39-48.
JAMA Dökmen G, Aysu A, Bayramoğlu MF. Linkages Between Market Capitalization and Economic Growth: The Case of Emerging Markets. UEAD. 2015;1:39–48.
MLA Dökmen, Gökhan vd. “Linkages Between Market Capitalization and Economic Growth: The Case of Emerging Markets”. Uluslararası Ekonomik Araştırmalar Dergisi, c. 1, sy. 1, 2015, ss. 39-48.
Vancouver Dökmen G, Aysu A, Bayramoğlu MF. Linkages Between Market Capitalization and Economic Growth: The Case of Emerging Markets. UEAD. 2015;1(1):39-48.