Stock market development and economic growth the causal linkage
This article investigates the dynamic causal relationship between bank-based financial development, stock market development and economic growth in South Africa — during the period — The study includes savings and investment as intermittent variables — thereby creating a multivariate Granger-causality model.
Using the newly developed autoregressive distributed lag ARDL -bounds testing approach, the empirical results of this study reveal that there is a distinct short- and long-run unidirectional causal flow from stock market development to economic growth in South Africa. The results also indicate that there is a unidirectional causal flow from bank-based financial development to stock market development in the short run.
The study, however, fails to find any causality between bank-based financial development and economic growth.
STOCK MARKET DEVELOPMENT AND ECONOMIC GROWTH: THE CAUSAL LINKAGE | nasir ahmad - wixequj.web.fc2.com
The study, therefore, concludes that the development of the real sector in South Africa is largely driven by stock market development. Article Purchase 24 hours access for EUR 35, Issue Purchase 30 days access for EUR , Journal Applied Economics Letters Volume 22, - Issue Submit an article Journal homepage. Sheilla Nyasha Department of Economics, University of South Africa, UNISA, Pretoria, South Africa Correspondence mylife.
Odhiambo Department of Economics, University of South Africa, UNISA, Pretoria, South Africa. Log in via your institution Shibboleth OpenAthens.
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