Using the stock market development indicators viz., market size, liquidity, and volatility along with bank credit to GDP ratio as an indicator of banking sector development, and Index of Industrial Production (IIP) as the proxy for GDP, this paper examines the role of stock markets and banks in...

This paper addresses the important question of what happened to the Indian stock market following financial liberalisation. Considering three stock market indicators, viz., size, liquidity and volatility, and applying two time series trend break techniques of Perron (1989, 1997) on monthly data...