The DOI matches its Crossref record.
Macroeconomic Determinants of Stock Market Development
Open accessAbstract
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.
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In the citing paper
“Garcia and Liu (1999) finds that sound macroeconomic environments and sufficiently high income levels-GDP per capita, domestic savings, and domestic investments-are important determinants of stock market development in emerging markets.”
From Stock Market Development in Sub-Saharan Africa: Critical Issues and Challenges (2007) · cites this paper as Garcia and Liu (1999)
In the citing paper
“Garcia and Liu (1999) found income level, banking sector development, domestic savings and investment, and stock market liquidity as important determinants of stock market development in emerging markets.”
From Stock Market Development in Sub-Saharan Africa: Critical Issues and Challenges (2007) · cites this paper as Garcia and Liu (1999)
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Research works printed but not linked: 27
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Cited by
Sorted by citations
Stock Market Development in Sub-Saharan Africa: Critical Issues and Challenges
Adjasi, C. K., & Yartey, C. A. (2007) · IMF Working Papers · doi:10.2139/ssrn.1012992 · Cited by 260
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
- 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
- green
- papers.ssrn.com
- 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
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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.
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