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自20世纪90年代初以来，全球股票市场已经不断飙升。新兴市场在这次繁荣中起到重要作用。在新兴股市是前所未有的增长幅度导致了欠发达国家金融结构的改革，同时也冲击发达国家（Yartey，2008年）的资本流动。然而，在现代有赖于高效和有效的金融经济中的经济发展的时代，如果没有它，生产性项目可能会保持停滞，同时可能对政策和市场结构的水平大幅削减。

据加西亚和刘（1999）所说，未来的金融中介机构（银行，保险公司和养老基金）和金融市场（股票市场和债券）向债权金融体系提供索赔。金融体系有利于调动和游泳池储蓄，提供支付服务，促进货物和服务的交换，以及资本等等。这对提高Demirguc-衮（2006年）的长期经济增长有效配置起作用。如今，越来越多新兴的金融中介机构在提供资金援助的企业的扩张具有重要作用，增强了经济发展。

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.

The si