The Influence of the Capital Market on Economic Growth in the USA

Rafał Czupryn; Łukasz Wójtowicz

doi:10.24136/ceref.2021.013

Authors

Rafał Czupryn Kazimierz Pulaski University of Technology and Humanities in Radom
Łukasz Wójtowicz Kazimierz Pulaski University of Technology and Humanities in Radom

DOI:

https://doi.org/10.24136/ceref.2021.013

Keywords:

capital market, economic growth, OLS, GARCH, GRETL

Abstract

This article analyzes the impact of the capital market on economic growth in the US with the use of annual data. The study covers the years 1975-2019. As part of the analysis, the construction and estimation of an econometric model was made using the GRETL program. The obtained results confirmed the statistically significant influence of the capital market on the economic growth in the USA.

Downloads

Download data is not yet available.

References

Ang J. B., What are the mechanisms linking financial development and economic growth in Malaysia?, ?Economic Modelling? 25, 2008.

Beck T., Levine R., Stock markets, banks, and growth: Panel evidence, ?Journal of Banking & Finance? 2004, vol. 28.

Brainard W., Tobin J., Pitfalls in Financial Model-building, American Economic Review, vol. 58, 1968.

Caporale G. M., Howells P. G. A., Soliman A. M., Endogenous Growth Models and Stock Market Development: Evidence from Four Countries, ?Review of Development Economics? Vol. 9, No. 2, 2005.

Didier T., Levine R., Montanes R. L., Schmikler S. L., Capital Market Financing and Firm Growth, Policy Research Paper 9337, World Bank Group, 2020, s. 1-16

Domańska S. A., Dopasowanie modeli GARCH a jakość uzyskanych prognoz, Metody Ilościowe w Badaniach Ekonomicznych, t. XXI/3, 2020.

Filipowicz K., Wpływ interakcji przestrzennych na zróżnicowanie rozwoju gospodarczego Polski, wydawnictwo Uniwersytetu Jagielońskiego, wydanie I, Kraków, 2019.

Fiszeder P., Modele klasy GARCH w empirycznych badaniach finansowych, Wydawnictwo Naukowe Uniwersytetu Mikołaja Kopernika, Toruń, 2009.

Gruszczyński M., Kuszewski T., Podgórska M., Ekonometria i badania operacyjne, Wydawnictwo Naukowe PWN, Warszawa 2009.

Jin D., Boubakari A., The Role of Stock Market Development in Economic Growth: Evidence from Some Euronext Countries, International Journal of Financial Research, 2010, vol. 1, no. 1.

King R. G., Levine R., Finance and Growth. Schumpeter Might Be Right, ?The Quarterly Journal of Economics?, Vol. 108, No. 3, August, 1993.

Kozioł L., Instytucjonalne problemy ładu korporacyjnego w spółkach kapitałowych sektora publicznego, Zeszyty Naukowe Małopolskiej Wyższej Szkoły Ekonomicznej w Tarnowie, z. 1(10), 2007.

Maciejewska J., Metody odpornej estymacji dla modeli klasy GARCH, Studia i Prace Wydziału Nauk Ekonomicznych i Zarządzania, nr 10, 2008.

Malkiel B., A Random Walk Down Wall Street, W.W. Norton&Company, New York, 1999.

Peter L., Wachtel P., Economic Growth and Financial Depth: Is the Relationship Extinct Already?, September 12, 2005, Available at SSRN: https://ssrn.com/abstract=825744, [access 01.03.2022]

Ritter J., Is Economic Growth Good for Investors, ?Journal of Applied Corporate Finance?, vol. 24 (3), 2012.

Stulz R., Does Financial Structure Matter for Economic Growth? A Corporate Financew Perspectives, [w:] A. Demirgüç-Kunt, R. Levine (ed.), Financial Structure and Economic Growth. A Cross- Country Comparison of Banks, Markets, and Development, The MIT Press, Cambridge Masschussets, London, 2004.

Zhao R., Technology and economic growth: From Robert Solow to Paul Romer, Human Behavior and Emerging Technologies, vol. 1 2019.

https://data.worldbank.org/ [access 01.03.2022]

https://www.bea.gov/ [access 01.03.2022]