Macroeconomic Determinants of Stock Market Development

  • VALERIANO F. GARCIA, Lin Liu, +5 authors Liliana Schumacher
  • Published 2001


Using pooled data from fifteen industrial and developing countries from 1980 to 1995, this paper examines the macroeconomic determinants of stock market development, particularly market capitalization. The paper finds that: (1) real income, saving rate, financial intermediary development, and stock market liquidity are important determinants of stock market… (More)


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