Artikel
Financial innovation, stock market development, and economic growth: An application of ARDL model
This study aims to explore the relationship between economic growth, financial innovation, and stock market development of Bangladesh for the period 1980-2016. To investigate long-run cointegration, this study used the autoregressive distributed lagged (ARDL) bounds testing approach. In addition, the Granger-causality test is used to identify directional causality between research variables under the error correction term. Study findings from the ARDL bound testing approach confirm the existence of a long-run association between financial innovation, stock market development, and economic growth. Furthermore, the findings from the Granger-causality test support bidirectional causality between financial innovation, economic growth and stock market development, and economic growth both in the long run and short run. These findings support the theory that market-based financial development and financial innovation in the financial system can spur economic development.
- Language
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Englisch
- Bibliographic citation
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Journal: International Journal of Financial Studies ; ISSN: 2227-7072 ; Volume: 6 ; Year: 2018 ; Issue: 3 ; Pages: 1-30 ; Basel: MDPI
- Classification
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Wirtschaft
Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
Socialist Institutions and Their Transitions: Financial Economics
General Equilibrium and Disequilibrium: Financial Markets
Economywide Country Studies: Asia including Middle East
- Subject
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ARDL
economic growth
financial innovation
stock market development
Granger-causality
- Event
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Geistige Schöpfung
- (who)
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Qamruzzaman, Md.
Wei, Jianguo
- Event
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Veröffentlichung
- (who)
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MDPI
- (where)
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Basel
- (when)
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2018
- DOI
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doi:10.3390/ijfs6030069
- Handle
- Last update
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10.03.2025, 11:44 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Qamruzzaman, Md.
- Wei, Jianguo
- MDPI
Time of origin
- 2018
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