Caporale, Guglielmo Maria; Spagnolo, Nicola - In: International Journal of Monetary Economics and Finance 5 (2012) 2, pp. 183-191
This paper estimates a bivariate VAR-GARCH (1,1) model to examine linkages between the stock market and economic growth in three CEEC countries (the Czech Republic, Hungary and Poland). The empirical findings suggest that there is unidirectional causality running from stock markets to growth in...