Rynek akcji a wzrost gospodarczy - analiza przekrojowa

• Autorzy: Marcin Kalinowski

Warianty tytułu

Stock Market and Economic Growth: A Cross-Country Study

• Języki publikacji: PL

Abstrakty

Artykuł dotyczy wzajemnej zależności pomiędzy rozwojem rynków kapitałowych i rozwojem realnej sfery gospodarki. Pierwsza część artykułu zawiera obszerny przegląd teoretycznej i empirycznej literatury na ten temat. Druga część przedstawia wyniki empirycznego badania zależności statystycznej między wielkością i dynamiką rynku akcji (mierzoną jego kapitalizacją) a wielkością i dynamiką gospodarki (mierzoną wartością PKB). Analiza została oparta na danych rocznych z okresu 1995-2010, obejmujących 65 krajów. Zarówno analiza przekrojowa wolumenów kapitału akcyjnego i wielkości produkcji, jak i dynamiczna analiza stóp wzrostu obu tych wielkości pokazuje ścisłą korelację między rozwojem rynków kapitałowych a rozwojem gospodarki. Chociaż zależność ta jest z pewnością obustronna, wyniki tego badania dostarczają dodatkowego dowodu na wpływ ewolucji rynków kapitałowych na poziom aktywności gospodarczej i wzrost gospodarczy. (abstrakt oryginalny)

EN

The article deals with the mutual dependence between the development of the capital market and the development of the real sphere of the economy. The fi rst part of the paper includes a comprehensive review of the theoretical and empirical literature on the subject. The second part brings an empirical examination of the statistical dependence between the size and growth of the stock market (measured by its capitalization) and the size and growth of the economy (measured by the value of GDP). The analysis is based on yearly data for 65 countries for the period of 1995-2010. Both a cross-section study of the stock and output volumes and a dynamic examination of the growth rates of the stock market and total output shows a close correlation between the development of the capital market and the development of the economy. Even if this relationship is presumably mutual, the results of the examination bring an additional evidence of the impact of capital market developments on the level of economic activity and economic growth. (original abstract)

Słowa kluczowe

PL

Wzrost gospodarczy; Rynek akcji; Koniunktura gospodarcza; Analiza statystyczna

EN

Economic growth; Equity market; Business trends; Statistical analysis

• Czasopismo: Ekonomista
• Rocznik: 2015
• Numer: nr 6
• Strony: 760--778

Twórcy

autor

Marcin Kalinowski

• Wyższa Szkoła Bankowa w Gdańsku

Bibliografia

• Abu-Sharia R., Junankar P., Stock Market Development, Economic Reform and Economic Growth: A Case Study of Arab Stock Markets, "Working Paper University of Sydney" 2003.
• Adjasi C.K.D., Biekpe B.N., Stock Market Development and Economic Growth: The Case of Selected African Countries, " African Development Review" 2005, nr 15.
• Agarwal S., Stock Market Development and Economic Growth: Preliminary Evidence from African Countries, "Journal of Sustainable Development in Africa" 2001, t. 3, nr 2.
• Allen E, Gale D., The Comparing Financial Systems, MIT Press, Cambridge 1999.
• Arestis P., Demetriades P., Finance and Growth: is Schumpeter Right? "Analise Economics 1998, nr 16.
• Atje R., Jovanovic B., Stock Markets and Development, "European Economic Review" 1993, nr 37.
• Beck T. A., Demirguc-Kunt R.L., Maksimovic V, Financial Structure and Economic Development: Firm, Industry and Country Evidence, "Policy Research Working Paper Series" 2001, nr 2423.
• Beck T., Financial Development and International Trade: is There a Eink, "Journal of International Economics" 2002, nr 57.
• Beck T, Levine R., Stock Markets, Banks and Growth: Panel Evidence, "Journal of Banking and Finance" 2004, t. 28, nr 3.
• BencivengaB.S., Starr R., Equity Markets, Transactions Costs and CapitalAcumulation: An Illustration, "World Bank Economic Review" 1996, nr 10.
• Bhide A., The Hidden Costs of Stock Market Liquidity, " Journal of Financial Economics" 1993, nr 34.
• Boyd J., Smith B., The Evolution of Debt and Equity Markets in Economic Development, "Economic Theory" 1996, nr 12.
• Chandavarkar A., Of Finance and Development: Neglected and Unsettled Questions, "World Development" 1992, nr 1.
• Chen L., Wong A., Is Rate of Stock Returns a Leading Indicator of Output Growth ? In Case of Four East Asian Countries, "American Economic Review" 2006, nr 71.
• Deb S.G., Mukherjee J., Does Stock Market Development Cause Economic Growth? A Time Series Analysis for Indian Economy international Research Journal of Finance and Economics" 2008, nr 21.
• Demetriades P. O., Khaled A. H., Does Financial Development Cause Economic Growth: Time Series Evidence for 16 Countries, " Journal of Development Economics" 1996, nr 51.
• Demirguc-Kunt A., Levine R., Stock Market, Corporate Finance and Economic Growth: An Overview, " World Bank Economic Review" 1996, nr 2.
• Dritsaki C, Dritsaki-Bargiota Casual Relationship between Stock, Credit Market and Economic Development: An Empirical Evidence for Greece, "Economic Change and Restructuring" 2005, nr 38.
• Enisan A. A., Olufisayo A.O., Stock Market Development and Economic Growth: Evidence from Seven Sub-Sahara African Countries, "Journal of Economics and Business" 2009, nr 61.
• Goldsmith R. W, The Financial Structure and Development, Yale University Press, New Haven 1969.
• Guiso L., P. Sapienza, L. Zingales, Does Local Financial Development Matter?, "The Quaterly Journal of Economics" 2004, nr 3.
• Gurley J., Shaw E., Financial Aspects of Economic Development, "American Economic Review" 1955, nr 45.
• Hicks J., The Theory of Economic History, Clarendon Press, Oxford 1969.
• Holmstrom B., Jean T, Market Liquidity and Performance Monitoring, "Journal of Political Economics" 1993, nr 4.
• Jamil M., Impact of Financial Markets Development and Stock Market Volatility on Economic Growth: A Dynamic Panel Data Analysis, Vienna 2010.
• Jung W., Financial Development and Economic Growth: International Evidence, "Economic Development Cultural Change" 1986, nr 32.
• Kar M., Pentcost E., Financial Development and Economic Growth in Turkey: Further Evidence on the Casuality Issue, Loughborough 2000.
• King R., Levine R., Finance and Growth: Schumpeter Might Be Right, "Quaterly Journal of Economics" 1993, nr 108.
• Levine R., Financial Development and Economic Growth: Views and Agenda, " Journal of Economic Literature" 1997, nr 35.
• Levine R., Zervos S., Stock Markets, Banks and Economic Growth, "American Economic Review" 1998, nr 88.
• Levine R., Zervos S., What We Have Learned About Policy and Growth from Cross-country Regressions?, "American Economic Review" 1993, nr 83.
• Lucas R., On the Mechanics of Economic Development, "Journal of Monetary Economics", 1988, nr 22.
• Luintel K., Khan M.,yl Quantitive Reassessment of the Finance-Growth Nexus: Evidence from Multivariate Var, "Journal of Development Economics" 1999, nr 60.
• Mayer C, New Issues in Corporate Finance, "European Economic Review" 1988, nr 5.
• Mishkin F.S., The Economics of Money, Banking and Financial Markets, Addison Wesley Longman, New York 2001.
• North D.C., Structure and Change in Economic History, New York 1981.
• Nowbutsing B.M., Stock Market Development and Economic Growth: The Case of Mauritius, international Business & Economic Research Journal" 2009, nr 2.
• Obstfeld M., Risk-sharing, Global Diversification and Growth, "American Economic Review" 2009, nr 5.
• Oręziak L., Globalizacja rynków finansowych, w: Globalizacja od A do Z, Narodowy Bank Polski, Warszawa 2004.
• Patrie H.T., Financial Development and Economic Growth in Underdeveloped Countries, "Economic Development Cultural Change" 1966, nr 2.
• Robinson J., The Generalization of the General Theory, w: The Rate of Interest, and Other Essays, London 1952.
• Romer P.M., Endogenous Technological Change, "Journal of Political Economy" 1990, nr 98.
• Rousseau P., Sylla R., Financial Systems, Economic Growth and Globalization, "National Bureau of Economic Research", Cambridge 2001.
• Rousseau P., Wachtel P., Equity Markets and Growth: Cross-country Evidence on Timing and Outcomes 1980-1995, "Journal of Banking and Finance" 2000, nr 24.
• Schumpeter J., The Theory of Economic Development, Harvard University Press, Cambridge 1912.
• Shahbaz M., Ali M., Stock Market Development and Economic Growth: Ardl Casuality in Pakistan, "International Reasearch Journal of Finance and Economics" 2008, nr 14.
• Shan J., Morris A., Does Financial Development Lead Economic Growth?, "International Review Applied Economics" 2002, nr 16.
• Singh A., Financial Liberalization, Stock Markets and Economic Development, "The Economic Journal" 1997, nr 5.
• Stern N., The Economics of Development: A Survey, "The Economic Journal" 1989, nr 100.
• Wurgler J., Financial Markets and the Allocation of Capital, "Journal of Financial Economics" 2000, nr 58.