期刊
ECONOMIC MODELLING
卷 32, 期 -, 页码 316-324出版社
ELSEVIER
DOI: 10.1016/j.econmod.2013.02.015
关键词
Stock market; Economic growth; Economic regime change; Granger causality; VAR
类别
The relationship between stock market and economic growth is tested for Portugal (1993-2011), which is a small open economy dependent on bank financing. The relationship between economic growth and bank financing is also appraised. Using Vector Autoregressive (VAR) modeling, Granger causality, variance decomposition and impulse response function are discussed. The physical replacement of the currency, as a consequence of the integration in the European Monetary Union, proves to be an economic regime change. The effect of the subprime crisis was also proved. There is evidence of Granger bidirectional causality between the stock market and economic growth. Meanwhile, there was no evidence of causality running from bank financing to economic growth. (C) 2013 Elsevier B.V. All rights reserved.
作者
我是这篇论文的作者
点击您的名字以认领此论文并将其添加到您的个人资料中。
推荐
暂无数据