학술논문
The Macroeconomic and Institutional Drivers of Stock Market Development: Empirical Evidence from BRICS Economies
이용수 0
- 영문명
- 발행기관
- 한국유통과학회
- 저자명
- Mohd Ziaur REHMAN
- 간행물 정보
- 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 8 No.2, 77~88쪽, 전체 12쪽
- 주제분류
- 경제경영 > 경제학
- 파일형태
- 발행일자
- 2021.02.28
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국문 초록
영문 초록
The stock markets in the BRICS (Brazil, Russia, India, China and South Africa) countries are the leading emerging markets globally. Therefore, it is pertinent to ascertain the critical drivers of stock market development in these economies. The currrent study empirically investigates to identify the linkages between stock market development, key macro-economic factors and institutional factors in the BRICS economies . The study covers the time period from 2000 to 2017. The dependent variable is the country’s stock market development and the independent variables consist of six macroeconomic variables and five institutional variables. The study employs a panel cointegration test, Fully Modified OLS (FMOLS), a Pooled Mean Group (PMG) approach and a heterogeneous panel non-causality test.The findings of the study indicate co-integration among the selected variables across the BRICS stock markets. Long-run estimations reveal that five macroeconomic variables and four variables related to institutional quality are positive and statistically significant. Further, short-run causalities between stock market capitalization and selected variables are detected through the test of non-causality in a heterogeneous panel setting. The findings suggest that policymakers in the BRICS countries should enhance robust macroeconomic conditions to support their financial markets and should strengthen the institutional quality drivers to stimulate the pace of stock market development in their countries.
목차
Ⅰ. Introduction
Ⅱ. Literature Review
Ⅲ. Data, Model and Methods
Ⅳ. Empirical Results and Discussion
Ⅴ. Conclusion and Policy Implications
키워드
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