Rahman, Mohammad Mafizur and Salahuddin, Mohammad (2009) The determinants of economic growth in Pakistan: does stock market development play a major role? In: 38th Australian Conference of Economists (ACE 2009), 28-30 Sep 2009, Adelaide, Australia.
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This paper provides an empirical analysis of relationship between economic growth and its determinants with special focus on the stock market development in Pakistan. Using data for the period from 1971 to 2006 we have employed FMOLS and ARDL bounds-testing for the long run relationship and ECM for the short run dynamics. The findings suggest a positive relationship between efficient stock market and economic growth both in short run and long run. Financial instability and inflation have negative effect, and human capital and foreign direct investment have positive effect on growth. The results are consistent with the theoretical predictions.
|Item Type:||Conference or Workshop Item (Commonwealth Reporting Category E) (Paper)|
|Additional Information:||Authors retains copyright.|
|Uncontrolled Keywords:||stock market development; economic growth; co-integration|
|Subjects:||340000 Economics > 340200 Applied Economics > 340213 Economic Development and Growth
340000 Economics > 340400 Econometrics > 340403 Time-Series Analysis
340000 Economics > 340200 Applied Economics
|Depositing User:||Dr Mafiz Rahman|
|Date Deposited:||29 Oct 2009 02:41|
|Last Modified:||02 Jul 2013 23:25|
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