TITLE

MACROECONOMIC DETERMINANTS OF STOCK MARKET DEVELOPMENT

AUTHOR(S)
Garcia, Valeriano F.; Lin Liu
PUB. DATE
May 1999
SOURCE
Journal of Applied Economics;May1999, Vol. 2 Issue 1, p29
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
Using pooled data from fifteen industrial and developing countries from 1980 to 1995, this paper examines the macroeconomic determinants of stock market development, particularly market capitalization. The paper finds that: (1) real income, saving rate, financial intermediary development, and stock market liquidity are important determinants of stock market capitalization; (2) macroeconomic volatility does not prove significant; and (3) stock market development and financial intermediary development are complements instead of substitutes.
ACCESSION #
10021832

 

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