Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/128761 
Autor:innen: 
Erscheinungsjahr: 
2004
Schriftenreihe/Nr.: 
WIFO Working Papers No. 223
Verlag: 
Austrian Institute of Economic Research (WIFO), Vienna
Zusammenfassung: 
Recent empirical OECD studies provide new empirical evidence confirming that financial development is closely linked to economic growth in OECD countries. Using new dynamic panel regression techniques, these appraisals indicate that within the group of high income countries stock market size as a measure of financial advancement contributes significantly to overall economic activity. Applying the same advanced techniques, this paper questions this conclusion by showing that the findings of the OECD studies seem to be not only not robust with respect to adding new observations but also likely to be plagued by a severe price bias which belittles the information content of the used financial indicator (stock market capitalization). We provide evidence that anticipative price effects (i. e., expectations of future growth, reflected in current stock prices) may be driving the empirical relationship between stock market activities and economic growth in high income countries to a much larger extent than recent analyses of the finance-growth link for OECD countries indicate.
Schlagwörter: 
growth
financial system
stock market
panel analysis
JEL: 
E22
G00
G30
O16
O40
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
222.49 kB





Publikationen in EconStor sind urheberrechtlich geschützt.