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Stock Market Development Effect on Poland's Economic Growth: An Econometric Analysis
Örebro University, Örebro University School of Business.
2014 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

This paper deals with the relationship between stock market development and economicgrowth in Poland from the second quarter of 2000 to the second quarter of 2011. Recently, anaugmented economic growth model which includes institutional factors has been developed toexplain the economic growth of transition economies like Poland. This paper is the first paperto apply this augmented growth model to analyze whether stock market development canaffect economic growth in Poland. Vector error correction model (VECM) approach is used toanalyze effect on economic growth in the short term and long term. Furthermore, the growtheffector level-effect of stock market development is estimated. The results show that thestock market size has positive and significant effect on GDP per capita growth in the shortterm in Poland. The effect is insignificant in the long term. Therefore, the effect of stockmarket size on GDP per capita growth is not stable. Furthermore, stock market liquidity hasan insignificant effect on GDP per capita growth in the both long and short term. A leveleffectof the short term stock market size is confirmed in this paper, but not a growth-effect.

Place, publisher, year, edition, pages
2014. , p. 31
Keywords [en]
Stock market development, Economic growth, Poland, Institutional quality level
National Category
Economics
Identifiers
URN: urn:nbn:se:oru:diva-33880OAI: oai:DiVA.org:oru-33880DiVA, id: diva2:698235
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Available from: 2014-04-29 Created: 2014-02-20 Last updated: 2017-10-17Bibliographically approved

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