金融学英语论文:全球股市 [10]
论文作者:英语论文论文属性:作业 Assignment登出时间:2014-09-05编辑:yangcheng点击率:18408
论文字数:6000论文编号:org201409022200296052语种:英语 English地区:美国价格:免费论文
关键词:全球股市飙升Stock MarketsEconomics Essay经济学英语论文
摘要:在20世纪90年代初,全球股票市场与新兴市场都有较大涨幅,股票在留学生的金融学研究中一直是热点,所以,本文就是一篇十分优秀的案例,综述了金融经济中的经济发展时代中股票对经济的影响力。
Table 1, the calculated F statistic F (SP/GDP) is also indicate to lower bound critical value at 5% level provided by Pesaran et al. (2001).
These suggest that the null hypothesis of no co-integration cannot be rejected for five selected ASEAN countries from both comparisons. In other words, the null hypothesis of no co-integration cannot be rejected when variable Y or SP is the dependent variable.
From that result, it’s shown that only the Philippines and Indonesia that have bidirectional which is larger than confidence interval 0.05 where it indicate that do not reject null hypothesis, and D(GDP) does not Granger cause D(SP) and D(SP) does not Granger cause D(GDP). However, there are only unidirectional causality from D(SP) to D(GDP) where, causality from D(GDP) to D(SP) is smaller than confidence interval 0.05. Furthermore, only Singapore does not follow the trend from this study where causality in share prices and GDP are found to be independent of one another. This result outlined statistically insignificant in that both the F-statistics where the null hypothesis of no causality is accepted for both directions of causality. Hence, this result reveal and consistent with some studies (Bencivenga et al. 1996; Naceur and Gazouani, 2005; and Adjasi and Biekpe, 2005) which did not find the role of stock markets to be significant in determining economic growth.
CHAPTER 5
CONCLUSION
5.1 Conclusion
This study examines empirically the relationship five ASEAN countries between stock market and the GDP in the case of Malaysia, Thailand, Indonesia and the Philippine (1988 -20117) and Singapore (1982-2011) using the Bound Test – ARDL approach. Theoretically, there is sizeable evidence that stock markets are a necessary part of the economic development process. The empirical results of this paper demonstrate that the period from 1982-2011, shown inconsistent with the theoretical literature where, the authors argue that market development has a significant and positive impact on economic growth and development in long run.
However, this study reveal that selected five ASEAN countries (Malaysia, Singapore, Thailand, the Philippines and Indonesia) indicate stock market and economic development induce no co-integration relationship and they not have a trend to move together in the long run towards the part of equilibrium. In other words, the results enlighten that there is no long-run relationship exists between share price and GDP in five ASEAN countries. In addition there is no causal relation between share price and the economic development.
From this results, it concludes that the possibility of seemingly abnormal relationship between the stock market and the economic development of these for ASEAN countries. However, these results should be interpreted with cautious since they may be affected if have a large data set could gather and it may be useful to disaggregate share price and add other policy variables and see how this affects the economy.
Through of the results of this paper do not concur with the results of pasts studies, this paper clearly shows that the effect of the relationship between stock market and economic development, has created a new scenario especially towards the influences of five ASEAN countries.
Limitation of Study
The data obtained from this study is mainly
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