文章基本信息

标题：On the Growth Effects of Equity Market Liberalization
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作者：ZHEN LI
期刊名称：Journal of Economic Development - Seoul
印刷版ISSN：0254-8372
出版年度：2012
卷号：37
期号：2
出版社：Economic Research Institute
摘要：While equity market liberalization has been found to be associated with faster economic growth, such a correlation alone cannot identify the direction of causation. Using instrumental variables (IV) methodology, this paper presents empirical evidence of strong growth effects of equity market liberalization. Systematic differences exist in the growth effects across countries at different income levels, and with different size of equity markets. Equity market liberalization benefits high-income and middle-income countries through productivity improvements, while growth instead increases in low-income countries as a result of increased physical capital accumulation. Additional growth effects are found for countries having larger equity markets.
关键词：Equity Market Liberalization; Growth; Instrumental Variables