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Aktienmarkt und langfristiges Wirtschaftswachstum. Gibt es einen Nexus in den OECD-Ländern?

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  • Franz R. Hahn

    (WIFO)

Abstract

Die Annahme, dass Finanzmärkte sowohl das Niveau als auch die langfristige Wachstumsrate des Pro-Kopf-Einkommens direkt beeinflussen, gilt als eine der kontroversiellsten Propositionen der modernen Makroökonomie. Weniger umstritten ist die Hypothese, dass die Entwicklung der Finanzmärkte mit dem gesamtwirtschaftlichen Entwicklungsprozess positiv korreliert. Für viele Ökonomen in der Tradition des Keynesianismus gilt der Nexus zwischen Wirtschaftswachstum und Finanzmärkten als herausragendes Beispiel für "reverse causality". Neoklassisch orientierte Ökonomen halten die Bedeutung, die den Finanzmärkten in der empirischen Literatur zur Erklärung von langfristigem Wachstum zuerkannt wird, für nicht gerechtfertigt.

Suggested Citation

  • Franz R. Hahn, 2003. "Aktienmarkt und langfristiges Wirtschaftswachstum. Gibt es einen Nexus in den OECD-Ländern?," WIFO Monatsberichte (monthly reports), WIFO, vol. 76(3), pages 201-212, March.
    • Handle: RePEc:wfo:monber:y:2003:i:3:p:201-212
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    References listed on IDEAS

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    Keywords

    Aktienmarkt; Wirtschaftswachstum;

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