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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:18646

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





World Stock Markets Have Surged Economics Essay

Since the early 1990s world stock markets have surged with emerging markets playing a significant role towards this boom. This unprecedented growth in emerging stock markets has led to the reform of both the financial structures of less developed countries, while also impacting on the capital movements from developed countries (Yartey, 2008). Whereas, economic development in the modern economy hinges on an efficient and effective financial institution and without it, the productive projects may remain unexploited and substantially cut growth from the levels that might have given appropriate policies and market structures

According to Garcia and Liu (1999), financial intermediaries (banks, insurance companies and pension funds) and the financial markets (stock markets and bonds) provide claims to future expected cash flows in financial system. Financial systems help to mobilize and pool savings, provide payment services that facilitate the exchange of goods and services as well as the efficient allocation of capital among others which enhance long-term economic growth Demirguc-kunt (2006). Nowadays, the increasingly emerging of financial intermediaries plays an important role in providing financial assistance for the expansion of corporation and enhances the economic development.

Levine and Zervos (1998), Rousseau and Wachtel (2000), Arestis et al. (2001), Beck and Levine (2004) and Dritsaki et al. (2005) have all considered stock markets and banks jointly with economic growth in their work. They further argue that omitting a stock market variable makes it difficult to appropriately examine bank development and economic growth when controlling for stock market system. However, in the case of causal relationship, some researchers have argued that it is the economic activities in a country that constitute the key drivers of stock market development while others are of the view that it is rather growth in the stock market that leads to economic growth Filer, R et al. (1999) and Yartey (2008).

In a nutshell, without development an economy operates as a zero – sum game in which the gains of some are obtained by taking from others, whereas with development, the problem is the much easier one of perhaps giving somewhat more to some than others. Therefore, this paper investigates the relationship between stock market and economic development in the five selected Association of Southeast Asian Nations (ASEAN) countries.

1.2 Research Issue

The development of stock market capitalization of ASEAN Exchanges was roses to US$2.1trillion, with over 3,600 listed companies, as at end August 2012 where government need to liberalize the financial system in order to achieve efficient of capital allocation. Hence, when it comes to the specific relationship between stock markets and banks in the economic development, there are also conflicting theoretical predictions.

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