Are small stock markets different?

• 成果类型: Article
• 署名作者: Minier, JA
• 署名单位: University of Miami
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2003.08.006
• 发表日期: 2003
• 页码: 1593-1602
• 关键词: stock markets; Economic growth; financial development

摘要

Recent literature has established a positive correlation between financial development and economic growth. While papers such as Bencivenga et al. (J. Econom. Theory 67 (1995) 53) identify potential nonlinearifies in this relationship, empirical research to date has allowed for only linear relationships. This paper uses regression tree techniques to investigate whether the partial correlation between growth and financial development differs based on countries' levels of financial and economic development. As in previous studies, growth and financial development are positively correlated in countries with high levels of market capitalization; however, this relationship does not appear to hold for countries with low levels of market capitalization. (C) 2003 Elsevier B.V. All rights reserved.