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One of the most enduring debates in economics is whether financial development causes economic growth or whether it is a consequence of increased economic activity. Little research into this question, however, has used a true causality framework. This paper fills this lacuna by using...
Persistent link: https://www.econbiz.de/10013149078
Efficiency in stock markets is essential for economic stability and growth. This study investigates the efficiency and herding behavior of the stock markets from the top economies of the world (known as G20 countries). We classify stock market indices using MSCI classification for the developed...
Persistent link: https://www.econbiz.de/10014636008
This paper provides compelling evidence that equity market liberalization, as the most efficient way to smooth financial market frictions such as credit constraints, can alleviate persistent cross-dynastic income inequality by promoting increased human capital accumulation. The authors examine...
Persistent link: https://www.econbiz.de/10010311850
The purpose of this paper is to analyze some leximetric data for a number of developed and less developed countries hitherto unavailable to examine (i) the changing state of shareholder protection and (ii) its connection with stock market development and capital accumulation. It finds a strong...
Persistent link: https://www.econbiz.de/10014050074
This paper investigates the impact of stock markets and banks on economic growth using a panel data set for the period 1976-98 and applying recent GMM techniques developed for dynamic panels. On balance, we find that stock markets and banks positively influence economic growth and these findings...
Persistent link: https://www.econbiz.de/10014115147
The purpose of this paper is to test whether cointegration and causality relationships exists among the Europrean Stock Markets come to be known as the PIIGS, an acronym for Portugal, Italy, Ireland, Greece and Spain. By testing whether such kind of relationships exist among these stock markets,...
Persistent link: https://www.econbiz.de/10012972481
This paper examines whether there is a threshold above which financial development no longer has a positive effect on economic growth. We use different empirical approaches to show that there can indeed be "too much" finance. In particular, our results suggest that finance starts having a...
Persistent link: https://www.econbiz.de/10013102199
This paper provides compelling evidence that equity market liberalization, the most efficient way to smooth financial market frictions such as credit constraints, can alleviate persistent cross-dynastic income inequality through increasing the accumulation of human capital. We examine the impact...
Persistent link: https://www.econbiz.de/10013106563
This paper provides compelling evidence that equity market liberalization, as the most efficient way to smooth financial market frictions such as credit constraints, can alleviate persistent cross-dynastic income inequality by promoting increased human capital accumulation. The authors examine...
Persistent link: https://www.econbiz.de/10009723948
This paper provides compelling evidence that equity market liberalization, the most efficient way to smooth financial market frictions such as credit constraints, can alleviate persistent cross-dynastic income inequality through increasing the accumulation of human capital. We examine the impact...
Persistent link: https://www.econbiz.de/10009528938