EIRP Proceedings, Vol 3 (2008)
RELAŢIA DINTRE PIAŢA DE CAPITAL SI DEZVOLTAREA ECONOMICA: TESTARE EMPIRICA ÎN CAZUL ROMÂNIEI
Abstract
The positive relationship between stock market development and economic growth has been
empirical tested and proved în the financial literature. This study investigates the relationship between several
indicators of the stock market and macro-economic growth în the case of Romania. Several measures of stock
market development are included în the analysis, such as: market capitalization, market turnover, trade volume
and number of listed companies. Historical yearly data on the considered indicators are used, covering a ten
years period. We employ further regression models (OLS) to estimate the long-run effects of stock market on
economic growth. A significance level of 0.05% has been chosen în interpreting regression results.
empirical tested and proved în the financial literature. This study investigates the relationship between several
indicators of the stock market and macro-economic growth în the case of Romania. Several measures of stock
market development are included în the analysis, such as: market capitalization, market turnover, trade volume
and number of listed companies. Historical yearly data on the considered indicators are used, covering a ten
years period. We employ further regression models (OLS) to estimate the long-run effects of stock market on
economic growth. A significance level of 0.05% has been chosen în interpreting regression results.
References
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