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On Stock Market Development, Banks And Economic Growth In India

Author

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  • Pratap chandra Biswal

    (Institute for Social and Economic Change)

  • B Kamaiah

Abstract

Using the stock market development indicators viz., market size, liquidity, and volatility along with bank credit to GDP ratio as an indicator of banking sector development, and Index of Industrial Production (IIP) as the proxy for GDP, this paper examines the role of stock markets and banks in promoting economic growth in India. On the basis of monthly data (1991:1–1998:12), the present study shows that stock market size and banking development are positively correlated with economic growth. The paper also finds that the stock market liquidity and volatility are not robustly linked with economic growth.

Suggested Citation

  • Pratap chandra Biswal & B Kamaiah, 2000. "On Stock Market Development, Banks And Economic Growth In India," Working Papers 69, Institute for Social and Economic Change, Bangalore.
    • Handle: RePEc:sch:wpaper:69
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    Cited by:

    1. Godfrey Osaseri & Ifuero Osad Osamwonyi, 2019. "Impact of Stock Market Development on Economic Growth in BRICS," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 10(1), pages 23-30, January.
    2. Srinivasan Palamalai & Karthigai Prakasam, 2014. "Stock Market Development and Economic Growth in India: An Empirical Analysis," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 3(3), pages 30-46, July.
    3. Hosamane, Manjappa & Rajanna, Niranjan, 2010. "Financial Liberalization, Development and Industrial Growth: Evidence from India," MPRA Paper 55624, University Library of Munich, Germany.
    4. P., Srinivasan, 2014. "Stock Market Development and Economic growth in India: An Empirical Analysis," MPRA Paper 55657, University Library of Munich, Germany.
    5. Madhu Sehrawat & A.K. Giri, 2017. "A Sectoral Analysis of the Role of Stock Market Development on Economic Growth: Empirical Evidence from Indian Economy," Global Business Review, International Management Institute, vol. 18(4), pages 911-923, August.

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