메뉴 건너뛰기




Volumn 27, Issue , 2015, Pages 98-111

Causal nexus between economic growth, inflation, and stock market development: The case of OECD countries

Author keywords

Economic growth; Granger causality; Inflation; OECD countries; Panel VAR; Stock market development

Indexed keywords


EID: 84942195021     PISSN: 10440283     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.gfj.2015.04.006     Document Type: Article
Times cited : (49)

References (79)
  • 1
    • 55249093887 scopus 로고    scopus 로고
    • Financial Development and Economic Growth: Empirical Evidence from Six MENA Countries
    • Abu-Bader S., Abu-Qarn A.S. Financial Development and Economic Growth: Empirical Evidence from Six MENA Countries. Review of Development Economics 2008, 12(4):803-817.
    • (2008) Review of Development Economics , vol.12 , Issue.4 , pp. 803-817
    • Abu-Bader, S.1    Abu-Qarn, A.S.2
  • 2
    • 77957889665 scopus 로고    scopus 로고
    • Stock returns and inflation: An ARDL econometric investigation utilizing Pakistani data
    • Akmal M.S. Stock returns and inflation: An ARDL econometric investigation utilizing Pakistani data. Pakistan Economic and Social Review 2007, 45(1):89-105.
    • (2007) Pakistan Economic and Social Review , vol.45 , Issue.1 , pp. 89-105
    • Akmal, M.S.1
  • 5
    • 34248204524 scopus 로고    scopus 로고
    • Financial liberalization, financial sector development and growth: Evidence from Malaysia?
    • Ang J.B., McKibbin Financial liberalization, financial sector development and growth: Evidence from Malaysia?. Journal of Development Economics 2007, 84(1):215-233.
    • (2007) Journal of Development Economics , vol.84 , Issue.1 , pp. 215-233
    • Ang, J.B.1    McKibbin2
  • 7
    • 21344432533 scopus 로고    scopus 로고
    • Analyzing inflation by the fractionally integrated ARFIMA-GARCH model
    • Baillie R., Chung C., Tieslau M. Analyzing inflation by the fractionally integrated ARFIMA-GARCH model. Journal of Applied Econometrics 1996, 11(1):23-40.
    • (1996) Journal of Applied Econometrics , vol.11 , Issue.1 , pp. 23-40
    • Baillie, R.1    Chung, C.2    Tieslau, M.3
  • 8
    • 84874034943 scopus 로고    scopus 로고
    • Inflation and economic growth
    • Barro R.J. Inflation and economic growth. Annals of Economics and Finance 2013, 14(1):121-144.
    • (2013) Annals of Economics and Finance , vol.14 , Issue.1 , pp. 121-144
    • Barro, R.J.1
  • 10
    • 0345868349 scopus 로고    scopus 로고
    • Stock markets, banks, and growth: Panel evidence
    • Beck T., Levine R. Stock markets, banks, and growth: Panel evidence. Journal of Banking and Finance 2004, 28(3):423-442.
    • (2004) Journal of Banking and Finance , vol.28 , Issue.3 , pp. 423-442
    • Beck, T.1    Levine, R.2
  • 11
    • 58649106879 scopus 로고    scopus 로고
    • What drives stock market development in emerging markets- Institutions, remittances, or natural resources?
    • Billmeier A., Massa I. What drives stock market development in emerging markets- Institutions, remittances, or natural resources?. Emerging Markets Review 2009, 10(1):23-35.
    • (2009) Emerging Markets Review , vol.10 , Issue.1 , pp. 23-35
    • Billmeier, A.1    Massa, I.2
  • 12
    • 33845251125 scopus 로고    scopus 로고
    • Euro area inflation: Long run determinants and short run dynamics
    • Boschi M., Cirardi A. Euro area inflation: Long run determinants and short run dynamics. Applied Financial Economics 2007, 17(1):9-24.
    • (2007) Applied Financial Economics , vol.17 , Issue.1 , pp. 9-24
    • Boschi, M.1    Cirardi, A.2
  • 13
    • 77956471281 scopus 로고    scopus 로고
    • Long run determinants and short run dynamics of inflation in Tunisia
    • Boujelbene T., Boujelbene Y. Long run determinants and short run dynamics of inflation in Tunisia. Applied Economics Letters 2010, 17(13):1255-1263.
    • (2010) Applied Economics Letters , vol.17 , Issue.13 , pp. 1255-1263
    • Boujelbene, T.1    Boujelbene, Y.2
  • 14
    • 84880283217 scopus 로고    scopus 로고
    • Non-linear causality between stock returns and inflation uncertainty: Evidence from the US and the UK
    • Cakan E. Non-linear causality between stock returns and inflation uncertainty: Evidence from the US and the UK. International Business and Economics Research Journal 2013, 12(1):63-70.
    • (2013) International Business and Economics Research Journal , vol.12 , Issue.1 , pp. 63-70
    • Cakan, E.1
  • 15
    • 84861328339 scopus 로고    scopus 로고
    • Substitution or complementary effects between banking and stock markets: Evidence from financial openness in Taiwan
    • Cheng S. Substitution or complementary effects between banking and stock markets: Evidence from financial openness in Taiwan. Journal of International Financial Markets, Institutions and Money 2012, 22(3):508-520.
    • (2012) Journal of International Financial Markets, Institutions and Money , vol.22 , Issue.3 , pp. 508-520
    • Cheng, S.1
  • 16
    • 0036218084 scopus 로고    scopus 로고
    • Does inflation affect economic growth: The relevance of the debate for Indonesia
    • Chowdhury A. Does inflation affect economic growth: The relevance of the debate for Indonesia. Journal of the Asia Pacific Economy 2002, 7(1):20-34.
    • (2002) Journal of the Asia Pacific Economy , vol.7 , Issue.1 , pp. 20-34
    • Chowdhury, A.1
  • 18
    • 84942191125 scopus 로고
    • Does inflation inhibit or promote growth? Some time series evidence
    • Darrat A.F. Does inflation inhibit or promote growth? Some time series evidence. Journal of Business and Economics 1988, 27(4):113-134.
    • (1988) Journal of Business and Economics , vol.27 , Issue.4 , pp. 113-134
    • Darrat, A.F.1
  • 19
    • 33745855077 scopus 로고    scopus 로고
    • Finance and macroeconomic performance: Some evidence from emerging markets
    • Darrat A.F., Elkhal K., McCallum B. Finance and macroeconomic performance: Some evidence from emerging markets. Emerging Markets Finance and Trade 2006, 42(3):5-28.
    • (2006) Emerging Markets Finance and Trade , vol.42 , Issue.3 , pp. 5-28
    • Darrat, A.F.1    Elkhal, K.2    McCallum, B.3
  • 20
    • 33746888649 scopus 로고    scopus 로고
    • What triggers inflation in emerging market economies?
    • Domac I., Yucel E.M. What triggers inflation in emerging market economies?. Review of World Economics 2005, 141(1):141-164.
    • (2005) Review of World Economics , vol.141 , Issue.1 , pp. 141-164
    • Domac, I.1    Yucel, E.M.2
  • 21
    • 33745939870 scopus 로고    scopus 로고
    • The causal relationship between stock, credit market and economic development: An empirical evidence of Greece
    • Dritsaki C., Dritsaki-bargiota M. The causal relationship between stock, credit market and economic development: An empirical evidence of Greece. Economic Change and Restructuring 2005, 38(1):113-127.
    • (2005) Economic Change and Restructuring , vol.38 , Issue.1 , pp. 113-127
    • Dritsaki, C.1    Dritsaki-bargiota, M.2
  • 22
    • 58549101470 scopus 로고    scopus 로고
    • Stock market development and economic growth: Evidence from seven sub-Sahara African countries
    • 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, 61(2):162-171.
    • (2009) Journal of Economics and Business , vol.61 , Issue.2 , pp. 162-171
    • Enisan, A.A.1    Olufisayo, A.O.2
  • 23
    • 43949162194 scopus 로고
    • The role of macroeconomic factors in growth
    • Fischer S. The role of macroeconomic factors in growth. Journal of Monetary Economics 1993, 32(3):485-512.
    • (1993) Journal of Monetary Economics , vol.32 , Issue.3 , pp. 485-512
    • Fischer, S.1
  • 24
    • 79960905034 scopus 로고    scopus 로고
    • An explanation on the relationship between stock market and inflation: 1992-2007
    • Han X.H., Zhang Y.Y., Wu C.M. An explanation on the relationship between stock market and inflation: 1992-2007. Financial Research 2008, 4(1):21-36.
    • (2008) Financial Research , vol.4 , Issue.1 , pp. 21-36
    • Han, X.H.1    Zhang, Y.Y.2    Wu, C.M.3
  • 25
    • 0002816448 scopus 로고
    • Estimating vector auto regressions with panel data
    • Holtz-Eakin D., Newey W., Rosen H.S. Estimating vector auto regressions with panel data. Econometrica 1988, 56(6):1371-1395.
    • (1988) Econometrica , vol.56 , Issue.6 , pp. 1371-1395
    • Holtz-Eakin, D.1    Newey, W.2    Rosen, H.S.3
  • 26
    • 77953630840 scopus 로고    scopus 로고
    • The roles of stock market in the finance-growth nexus: Time series cointegration and causality evidence from Taiwan
    • Hou H., Cheng S.Y. The roles of stock market in the finance-growth nexus: Time series cointegration and causality evidence from Taiwan. Applied Financial Economics 2010, 20(12):975-981.
    • (2010) Applied Financial Economics , vol.20 , Issue.12 , pp. 975-981
    • Hou, H.1    Cheng, S.Y.2
  • 27
    • 0033397423 scopus 로고    scopus 로고
    • Macroeconomic variables and stock prices in Malaysia: An empirical analysis
    • Ibrahim M.H. Macroeconomic variables and stock prices in Malaysia: An empirical analysis. Asian Economic Journal 1999, 13(2):219-231.
    • (1999) Asian Economic Journal , vol.13 , Issue.2 , pp. 219-231
    • Ibrahim, M.H.1
  • 28
    • 84888424680 scopus 로고    scopus 로고
    • Fiscal deficit and inflation: New evidences from Pakistan using a bounds testing approach
    • Jalil A., Tariq R., Bibi N. Fiscal deficit and inflation: New evidences from Pakistan using a bounds testing approach. Economic Modelling 2014, 37(2):120-126.
    • (2014) Economic Modelling , vol.37 , Issue.2 , pp. 120-126
    • Jalil, A.1    Tariq, R.2    Bibi, N.3
  • 29
    • 84908215698 scopus 로고    scopus 로고
    • Financial development and economic growth: New evidence from Tunisia
    • Jedidia K.B., Boujelbene T., Helali K. Financial development and economic growth: New evidence from Tunisia. Journal of Policy Modelling 2014, 36(1):883-898.
    • (2014) Journal of Policy Modelling , vol.36 , Issue.1 , pp. 883-898
    • Jedidia, K.B.1    Boujelbene, T.2    Helali, K.3
  • 30
    • 0345510809 scopus 로고
    • Statistical analysis of cointegration vectors
    • Johansen S. Statistical analysis of cointegration vectors. Journal of Economic Dynamics and Control 1988, 12(1):231-254.
    • (1988) Journal of Economic Dynamics and Control , vol.12 , Issue.1 , pp. 231-254
    • Johansen, S.1
  • 31
    • 78650237808 scopus 로고    scopus 로고
    • Financial development and economic growth nexus in the MENA countries: Bootstrap panel Granger causality analysis
    • Kar M., Nazlioglu S., Agir H. Financial development and economic growth nexus in the MENA countries: Bootstrap panel Granger causality analysis. Economic Modelling 2011, 28(1-2):685-693.
    • (2011) Economic Modelling , vol.28 , Issue.1-2 , pp. 685-693
    • Kar, M.1    Nazlioglu, S.2    Agir, H.3
  • 32
    • 84859637359 scopus 로고    scopus 로고
    • Does productivity growth lower inflation in Korea?
    • Kim S., Lim H., Park D. Does productivity growth lower inflation in Korea?. Applied Economics 2013, 45(29):2183-2190.
    • (2013) Applied Economics , vol.45 , Issue.29 , pp. 2183-2190
    • Kim, S.1    Lim, H.2    Park, D.3
  • 33
    • 34247482883 scopus 로고
    • Finance and growth: Schumpeter might be right
    • King R., Levine R. Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics 1993, 108(3):717-737.
    • (1993) The Quarterly Journal of Economics , vol.108 , Issue.3 , pp. 717-737
    • King, R.1    Levine, R.2
  • 34
  • 35
    • 44949172445 scopus 로고
    • Macroeconomic determinants of growth: Cross-country evidence
    • Kormendi R.C., Meguire P.G. Macroeconomic determinants of growth: Cross-country evidence. Journal of Monetary Economics 1985, 16(2):141-163.
    • (1985) Journal of Monetary Economics , vol.16 , Issue.2 , pp. 141-163
    • Kormendi, R.C.1    Meguire, P.G.2
  • 36
    • 0001931762 scopus 로고    scopus 로고
    • Cointegration and causality between macroeconomic variables and stock market returns
    • Kwon C.S., Shin T.S. Cointegration and causality between macroeconomic variables and stock market returns. Global Finance Journal 1999, 10(1):71-81.
    • (1999) Global Finance Journal , vol.10 , Issue.1 , pp. 71-81
    • Kwon, C.S.1    Shin, T.S.2
  • 37
    • 2942721437 scopus 로고    scopus 로고
    • Leading indicators of growth and inflation in Turkey
    • International Monetary Fund, Washington DC
    • Leigh D., Rossi M. Leading indicators of growth and inflation in Turkey. Working paper, no. 02/231 2002, International Monetary Fund, Washington DC.
    • (2002) Working paper, no. 02/231
    • Leigh, D.1    Rossi, M.2
  • 38
    • 0000391884 scopus 로고    scopus 로고
    • Unit root tests in panel data: Asymptotic and finite sample properties
    • Levin A., Lin C.F., Chu C.S. Unit root tests in panel data: Asymptotic and finite sample properties. Journal of Econometrics 2002, 108(1):1-24.
    • (2002) Journal of Econometrics , vol.108 , Issue.1 , pp. 1-24
    • Levin, A.1    Lin, C.F.2    Chu, C.S.3
  • 39
    • 84977735375 scopus 로고
    • Stock markets, growth, and the tax policy
    • Levine R. Stock markets, growth, and the tax policy. Journal of Finance 1991, 46(4):1445-1465.
    • (1991) Journal of Finance , vol.46 , Issue.4 , pp. 1445-1465
    • Levine, R.1
  • 40
    • 0000329790 scopus 로고    scopus 로고
    • Financial development and economic growth: Views and agenda
    • Levine R. Financial development and economic growth: Views and agenda. Journal of Economic Literature 1997, 35(2):688-726.
    • (1997) Journal of Economic Literature , vol.35 , Issue.2 , pp. 688-726
    • Levine, R.1
  • 41
    • 0030485586 scopus 로고    scopus 로고
    • Stock market development and long-run growth
    • Levine R., Zervos S. Stock market development and long-run growth. World Bank Economic Review 1996, 10(2):323-339.
    • (1996) World Bank Economic Review , vol.10 , Issue.2 , pp. 323-339
    • Levine, R.1    Zervos, S.2
  • 42
    • 0346613552 scopus 로고    scopus 로고
    • Stock markets, banks and economic growth
    • Levine R., Zervos S. Stock markets, banks and economic growth. American Economic Review 1998, 88(3):537-558.
    • (1998) American Economic Review , vol.88 , Issue.3 , pp. 537-558
    • Levine, R.1    Zervos, S.2
  • 43
    • 33846283821 scopus 로고    scopus 로고
    • The growth in equity market size and trading activity: An international study
    • Li K. The growth in equity market size and trading activity: An international study. Journal of Empirical Finance 2007, 14(1):59-90.
    • (2007) Journal of Empirical Finance , vol.14 , Issue.1 , pp. 59-90
    • Li, K.1
  • 44
    • 33750952071 scopus 로고    scopus 로고
    • Financial development and economic growth: Evidence from China
    • Liang Q., Teng J. Financial development and economic growth: Evidence from China. China Economic Review 2006, 17(4):395-411.
    • (2006) China Economic Review , vol.17 , Issue.4 , pp. 395-411
    • Liang, Q.1    Teng, J.2
  • 45
    • 33747841875 scopus 로고    scopus 로고
    • The role of financial development in economic growth: The experiences of Taiwan, Korea and Japan
    • Liu W., Hsu C. The role of financial development in economic growth: The experiences of Taiwan, Korea and Japan. Journal of Asian Economics 2006, 17(1):667-690.
    • (2006) Journal of Asian Economics , vol.17 , Issue.1 , pp. 667-690
    • Liu, W.1    Hsu, C.2
  • 46
    • 45949095511 scopus 로고    scopus 로고
    • Does the linkage between stock market performance and economic growth vary across greater China?
    • Liu X., Sinclair P. Does the linkage between stock market performance and economic growth vary across greater China?. Applied Economics Letters 2008, 15(7):505-508.
    • (2008) Applied Economics Letters , vol.15 , Issue.7 , pp. 505-508
    • Liu, X.1    Sinclair, P.2
  • 47
    • 3543028978 scopus 로고    scopus 로고
    • The relationship between REITS return and inflation: A vector error correction approach
    • Lu C., So R.W. The relationship between REITS return and inflation: A vector error correction approach. Review of Quantitative Finance and Accounting 2001, 16(2):103-115.
    • (2001) Review of Quantitative Finance and Accounting , vol.16 , Issue.2 , pp. 103-115
    • Lu, C.1    So, R.W.2
  • 49
    • 0038218257 scopus 로고    scopus 로고
    • Stock returns and output growth in emerging and advanced economies
    • Mauro P. Stock returns and output growth in emerging and advanced economies. Journal of Development Economic 2003, 71(1):129-153.
    • (2003) Journal of Development Economic , vol.71 , Issue.1 , pp. 129-153
    • Mauro, P.1
  • 50
    • 84861918276 scopus 로고    scopus 로고
    • Macroeconomic environment, country risk and stock market performance: Evidence for Brazil
    • Montes G.C., Tiberto B.P. Macroeconomic environment, country risk and stock market performance: Evidence for Brazil. Economic Modelling 2012, 29(3):1666-1678.
    • (2012) Economic Modelling , vol.29 , Issue.3 , pp. 1666-1678
    • Montes, G.C.1    Tiberto, B.P.2
  • 51
    • 0036172719 scopus 로고    scopus 로고
    • Output, consumption and the stock market implications for European convergence
    • Morley B. Output, consumption and the stock market implications for European convergence. Applied Economics 2002, 34(3):317-323.
    • (2002) Applied Economics , vol.34 , Issue.3 , pp. 317-323
    • Morley, B.1
  • 52
    • 34047182001 scopus 로고    scopus 로고
    • Stock Markets, Banks, and Economic Growth: Empirical Evidence from the MENA Region
    • Naceur S.B., Ghazouani S. Stock Markets, Banks, and Economic Growth: Empirical Evidence from the MENA Region. Research in International Business and Finance 2007, 21(2):297-315.
    • (2007) Research in International Business and Finance , vol.21 , Issue.2 , pp. 297-315
    • Naceur, S.B.1    Ghazouani, S.2
  • 54
    • 79960302040 scopus 로고    scopus 로고
    • Causality between housing returns, inflation and economic growth with endogenous breaks
    • Nguyen T.T., Wang K. Causality between housing returns, inflation and economic growth with endogenous breaks. Journal of Chinese Economic and Business Studies 2010, 8(1):95-115.
    • (2010) Journal of Chinese Economic and Business Studies , vol.8 , Issue.1 , pp. 95-115
    • Nguyen, T.T.1    Wang, K.2
  • 56
    • 0026273487 scopus 로고
    • The stock market and Pakistan economy
    • Nishat M., Saghir M. The stock market and Pakistan economy. Savings and Development 1991, 15(2):131-145.
    • (1991) Savings and Development , vol.15 , Issue.2 , pp. 131-145
    • Nishat, M.1    Saghir, M.2
  • 57
    • 69849094834 scopus 로고    scopus 로고
    • Financial development in Kenya: A dynamic test of the finance-led growth hypotheses
    • Odhiambo N.M. Financial development in Kenya: A dynamic test of the finance-led growth hypotheses. Economic Issues 2008, 13(2):21-36.
    • (2008) Economic Issues , vol.13 , Issue.2 , pp. 21-36
    • Odhiambo, N.M.1
  • 59
    • 69849112923 scopus 로고    scopus 로고
    • Financial variables and Euro area growth: A non-parametric causality analysis
    • Panopoulou E. Financial variables and Euro area growth: A non-parametric causality analysis. Economic Modelling 2009, 26(6):1414-1419.
    • (2009) Economic Modelling , vol.26 , Issue.6 , pp. 1414-1419
    • Panopoulou, E.1
  • 60
    • 0041110046 scopus 로고    scopus 로고
    • Critical values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors
    • Pedroni P. Critical values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors. Oxford Bulletin of Economics and Statistics 1999, 61(1):653-670.
    • (1999) Oxford Bulletin of Economics and Statistics , vol.61 , Issue.1 , pp. 653-670
    • Pedroni, P.1
  • 61
    • 35448955395 scopus 로고    scopus 로고
    • Fully Modified OLS for Heterogeneous Cointegrated Panels
    • Pedroni P. Fully Modified OLS for Heterogeneous Cointegrated Panels. Advanced in Econometrics 2000, 15(1):93-130.
    • (2000) Advanced in Econometrics , vol.15 , Issue.1 , pp. 93-130
    • Pedroni, P.1
  • 62
    • 2542568123 scopus 로고    scopus 로고
    • Panel cointegration: Asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis: New results
    • Pedroni P. Panel cointegration: Asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis: New results. Econometric Theory 2004, 20(3):597-627.
    • (2004) Econometric Theory , vol.20 , Issue.3 , pp. 597-627
    • Pedroni, P.1
  • 63
    • 84880307569 scopus 로고    scopus 로고
    • Financial development, growth and stock market development: The trilateral analysis in India
    • Pradhan R.P. Financial development, growth and stock market development: The trilateral analysis in India. Journal of Quantitative Economics 2011, 9(1):134-145.
    • (2011) Journal of Quantitative Economics , vol.9 , Issue.1 , pp. 134-145
    • Pradhan, R.P.1
  • 66
    • 53949120861 scopus 로고    scopus 로고
    • Macroeconomic variables and stock market performance: Testing for dynamic linkages with a known structural break
    • Rashid A. Macroeconomic variables and stock market performance: Testing for dynamic linkages with a known structural break. Savings and Development 2008, 32(1):77-102.
    • (2008) Savings and Development , vol.32 , Issue.1 , pp. 77-102
    • Rashid, A.1
  • 67
    • 0040531748 scopus 로고    scopus 로고
    • Financial intermediation and economic performance: Historical evidence from five industrialized countries
    • Rousseau P.L., Wachtel P. Financial intermediation and economic performance: Historical evidence from five industrialized countries. Journal of Money, Credit, and Banking 1998, 30(3):657-678.
    • (1998) Journal of Money, Credit, and Banking , vol.30 , Issue.3 , pp. 657-678
    • Rousseau, P.L.1    Wachtel, P.2
  • 68
    • 34547780829 scopus 로고    scopus 로고
    • Banks, stock markets and China's great leap forward
    • Rousseau P.L., Wachtel P. Banks, stock markets and China's great leap forward. Emerging Markets Review 2000, 8(3):206-217.
    • (2000) Emerging Markets Review , vol.8 , Issue.3 , pp. 206-217
    • Rousseau, P.L.1    Wachtel, P.2
  • 69
    • 0000275069 scopus 로고    scopus 로고
    • Equity Markets and Growth: Cross Country Evidence on Timing and Outcomes, 1980-1995
    • Rousseau P.L., Xiao S. Equity Markets and Growth: Cross Country Evidence on Timing and Outcomes, 1980-1995. Journal of Banking and Finance 2007, 24(12):1933-1957.
    • (2007) Journal of Banking and Finance , vol.24 , Issue.12 , pp. 1933-1957
    • Rousseau, P.L.1    Xiao, S.2
  • 70
    • 70449652477 scopus 로고    scopus 로고
    • Inflation, financial development, and growth: A trilateral analysis
    • Rousseau P.L., Yilmazkuday H. Inflation, financial development, and growth: A trilateral analysis. Economic Systems 2009, 33(4):310-324.
    • (2009) Economic Systems , vol.33 , Issue.4 , pp. 310-324
    • Rousseau, P.L.1    Yilmazkuday, H.2
  • 71
    • 84937115740 scopus 로고    scopus 로고
    • Is the relationship between financial development and economic growth monotonic? Evidence from a sample of middle-income countries
    • Samargandi N., Fidrmuc J., Ghosh S. Is the relationship between financial development and economic growth monotonic? Evidence from a sample of middle-income countries. World Development 2015, 68(1):66-81.
    • (2015) World Development , vol.68 , Issue.1 , pp. 66-81
    • Samargandi, N.1    Fidrmuc, J.2    Ghosh, S.3
  • 73
    • 64649103785 scopus 로고    scopus 로고
    • Stock Returns and Economic Activity in Nature and Emerging Markets
    • Tsouma E. Stock Returns and Economic Activity in Nature and Emerging Markets. Quarterly Review of Economics and Finance 2009, 49(2):668-685.
    • (2009) Quarterly Review of Economics and Finance , vol.49 , Issue.2 , pp. 668-685
    • Tsouma, E.1
  • 74
    • 0036523842 scopus 로고    scopus 로고
    • Openness, stock market development, and industrial growth in Nigeria
    • Udegbunam R.I. Openness, stock market development, and industrial growth in Nigeria. Pakistan Development Review 2002, 41(1):69-92.
    • (2002) Pakistan Development Review , vol.41 , Issue.1 , pp. 69-92
    • Udegbunam, R.I.1
  • 75
    • 84857062765 scopus 로고    scopus 로고
    • Inflation and growth in the long run: A new Keynesian theory and further semiparametric evidence
    • Vaona A. Inflation and growth in the long run: A new Keynesian theory and further semiparametric evidence. Macroeconomic Dynamics 2012, 16(1):94-132.
    • (2012) Macroeconomic Dynamics , vol.16 , Issue.1 , pp. 94-132
    • Vaona, A.1
  • 76
    • 77649313228 scopus 로고    scopus 로고
    • An research on the relationship between economic growth and fluctuation of stock price: Evidence from HK (China)
    • Wei Z.Y., Yong Z.Z. An research on the relationship between economic growth and fluctuation of stock price: Evidence from HK (China). Financial Research 2007, 3(1):112-124.
    • (2007) Financial Research , vol.3 , Issue.1 , pp. 112-124
    • Wei, Z.Y.1    Yong, Z.Z.2
  • 77
    • 0036217967 scopus 로고    scopus 로고
    • Stock market and macroeconomic fundamental dynamic interactions: ASEAN-5 countries
    • Wongbangpo P., Sharma S.C. Stock market and macroeconomic fundamental dynamic interactions: ASEAN-5 countries. Journal of Asian Economics 2002, 13(2):27-51.
    • (2002) Journal of Asian Economics , vol.13 , Issue.2 , pp. 27-51
    • Wongbangpo, P.1    Sharma, S.C.2
  • 78
    • 0039776356 scopus 로고    scopus 로고
    • Stock prices, inflation and output: Evidence from China
    • Zhao X.-Q. Stock prices, inflation and output: Evidence from China. Applied Economics Letters 1999, 6(8):509-511.
    • (1999) Applied Economics Letters , vol.6 , Issue.8 , pp. 509-511
    • Zhao, X.-Q.1
  • 79
    • 1142268816 scopus 로고    scopus 로고
    • Stock market liquidity and economic growth: A critical appraisal of the Levine/ Zervos model
    • Zhu A., Ash M., Pollin R. Stock market liquidity and economic growth: A critical appraisal of the Levine/ Zervos model. International Review of Applied Economics 2004, 18(1):63-71.
    • (2004) International Review of Applied Economics , vol.18 , Issue.1 , pp. 63-71
    • Zhu, A.1    Ash, M.2    Pollin, R.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.