CoChat
Sign Up
Cited by 428Monetary Policy and Economic ImpactFinance, Markets, and RegulationFinancial Markets and Investment Strategies

The DOI matches its Crossref record.

Macroeconomic Determinants of Stock Market Development

Open access
Garcia, Valeriano F., Liu, Lin·1999·Journal of Applied Economics
DOI 10.1080/15140326.1999.12040532
Open this paper in CoChat — free account

Abstract

Using pooled data from fifteen industrial and developing countries from 1980 to 1995, this paper examines the macroeconomic determinants of stock market development, particularly market capitalization. The paper finds that: (1) real income, saving rate, financial intermediary development, and stock market liquidity are important determinants of stock market capitalization; (2) macroeconomic volatility does not prove significant; and (3) stock market development and financial intermediary development are complements instead of substitutes.

Overview

Integrity signals

Registry

Crossref · 10.1080/15140326.1999.12040532

Cites

Statistics

Recomputing p-values needs the paper’s full text.

Verification

Claims the paper makes

We couldn’t retrieve this paper’s full text, so its claims and self-check weren’t run. The registry and citation checks still apply.

Claims other papers make about this one

Each is checked against this paper’s own text: does it say what the citing paper says it does?

Citations

Cites

No references could be resolved yet.

Research works printed but not linked: 27

  1. 10.1016/0014-2921(93)90053-D · DOI · Paper page
  2. 10.1093/wber/10.2.241 · DOI
  3. 10.1093/wber/10.2.371 · DOI
  4. 10.1111/j.1540-6261.1989.tb04385.x · DOI
  5. 10.1093/wber/10.2.223 · DOI
  6. 10.1093/wber/10.2.291 · DOI · Paper page
  7. 10.2307/2527072 · DOI
  8. Goldsmith Raymond W., 1969, Financial Structure and Development
  9. Gurley John, 1960, Money in a Theory of Finance
  10. Gurley John, 1967, Economic Development and Cultural Change, 34, 333
  11. 10.2307/2118406 · DOI · Paper page
  12. 10.1016/0304-3932(93)90028-E · DOI · Paper page
  13. 10.1017/CBO9780511752056.011 · DOI
  14. 10.3386/w5661 · DOI
  15. 10.1111/j.1540-6261.1991.tb04625.x · DOI
  16. Levine Ross., 1997, Journal of Economic Literature, 35, 688
  17. 10.1093/wber/10.2.323 · DOI
  18. Levine Ross, 1998, The World Bank Policy Research Working Paper
  19. Levine Ross, 1998, American Economic Review, 88, 537
  20. McKinnon Ronald I., 1973, Money and Capital in Economic Development
  21. Modigliani F., 1958, American Economic Review, 48, 261
  22. Obstfeld Maurice., 1994, American Economic Review, 85, 1310
  23. 10.1257/jep.10.2.3 · DOI
  24. 10.1016/0014-2921(93)90051-B · DOI · Paper page
  25. Shaw Edward S., 1973, Financial Deepening in Economic Development
  26. 10.1111/j.1468-0297.1997.tb00042.x · DOI
  27. World Bank., 1989, World Development Report

Cited by

Sorted by citations

See all 428

Metadata

Authors
Garcia, V. F., & Liu, L.
ORCID
Liu, Lin
Venue
Journal of Applied Economics
Publisher
Informa UK Limited
Published
1999-05
Volume
2
Issue
1
Pages
29-59
ISSN
  • 1514-0326 (ISSN-L)
  • 1667-6726
DOI
10.1080/15140326.1999.12040532
OpenAlex
W1583013028
Cited by
428
References
0
Citations by year
2026: 6 · 2025: 8 · 2024: 17 · 2023: 45 · 2022: 32 · 2021: 24 · 2020: 26 · 2019: 22 · 2018: 19 · 2017: 25 · 2016: 16 · 2015: 32 · 2014: 46 · 2013: 20 · 2012: 16
FWCI
0.87
Type
journal article
Language
en
Open access
Locations
  • Journal of Applied Economics (publishedVersion)
  • RePEc: Research Papers in Economics (submittedVersion)
  • SSRN Electronic Journal (submittedVersion)
Topics
  • Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
  • Social Sciences › Economics, Econometrics and Finance › Finance › Finance, Markets, and Regulation
  • Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
Keywords
stock market development, market capitalization, macroeconomic factors, real income, savings rate, financial intermediation, stock liquidity, macroeconomic volatility, developing countries, developed countries

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

What counts as a claim ›How we measure confidence ›How we check this ›

Are you an author, or do you see a problem with this page? Request a review

How to cite

Cite CoChat for the checks on this page, and the paper for its own findings.

This page
CoChat. (2026). Citation check: Macroeconomic Determinants of Stock Market Development. https://app.cochat.ai/papers/10.1080/15140326.1999.12040532
The paper
Garcia, V. F., & Liu, L. (1999). Macroeconomic Determinants of Stock Market Development. Journal of Applied Economics. https://doi.org/10.1080/15140326.1999.12040532