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Interação entre o mercado acionista e o crescimento económico: Uma apreciação do caso português (1993-2010)
[Interaction between the stock market and economic growth: An assessment of the Portuguese case (1993-2010)]

Author

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  • Marques, Luís Miguel
  • Fuinhas, José Alberto
  • Marques, António Cardoso

Abstract

The relationship between stock market development and domestic product are tested for Portugal in a fast economic transformation period (1993-2010). Dynamics are analyzed using a VAR model through Granger causality tests, variance decomposition and impulse-response function. Results show that stock market contributes positively to economic growth. They also conclude that banking system is not a determinant factor in economic growth. There was no causality from economic growth to the development of stock market.

Suggested Citation

  • Marques, Luís Miguel & Fuinhas, José Alberto & Marques, António Cardoso, 2012. "Interação entre o mercado acionista e o crescimento económico: Uma apreciação do caso português (1993-2010) [Interaction between the stock market and economic growth: An assessment of the Portugues," MPRA Paper 39808, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:39808
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    More about this item

    Keywords

    Stock Market; Economic Growth; Causality; and VAR;
    All these keywords.

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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