Stock market, real estate market, and economic growth: an ARDL approach

Thi Nguyen, My-Linh; Ngoc Bui, Toan

doi:10.21511/imfi.16(4).2019.25

Cited by 27Monetary Policy and Economic ImpactMarket Dynamics and VolatilityHousing Market and Economics

Stock market, real estate market, and economic growth: an ARDL approach

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Thi Nguyen, My-Linh, Ngoc Bui, Toan·2019·Investment Management and Financial Innovations

DOI 10.21511/imfi.16(4).2019.25

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Abstract

The paper investigates the correlation between stock market, real estate market, and economic growth in Vietnam, which is an emerging country. Quarterly data in Vietnam from the third quarter of 2004 to the third quarter of 2018 were utilized. By using the Autoregressive Distributed Lag (ARDL) approach, the results reveal that economic growth is positively associated with stock market and real estate market. An unprecedented finding of this study is that economic growth (GDP) is more correlated to stock market efficiency (SME) than net trading value by foreign investors (FI). Moreover, global financial crisis (GFC) exerts a negative impact on economic growth and real estate market in Vietnam. Further, net trading value by foreign investors (FI) also negatively influences real estate market (REM) in the short term. The study has greatly succeeded in giving first empirical evidence on the relationship between stock market, real estate market, and economic growth in Vietnam. More than that, the results show the key role of global financial crisis in this correlation. The findings are valuable to economies around the world, especially bringing a practical and meaningful value to developing countries like Vietnam.

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SMD plays a crucial role in promoting economic growth.
“Generally, SMD plays a crucial role in promoting EG.”
From The impact of stock market development on economic growth: A GMM approach (2021) · cites this paper as Nguyen & Bui, 2019

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Authors: Thi Nguyen, M.-L., & Ngoc Bui, T.
Affiliations: Ph.D., Associate Professor, Faculty of Finance and Banking, University of Finance-Marketing (UFM)
Faculty of Finance and Banking, Industrial University of Ho Chi Minh City (IUH)
ORCID: Thi Nguyen, My-Linh
Ngoc Bui, Toan
Venue: Investment Management and Financial Innovations
Publisher: LLC CPC Business Perspectives
Published: 2019-12-20
Volume: 16
Issue: 4
Pages: 290-302
ISSN: 1810-4967 (ISSN-L)
1812-9358
DOI: 10.21511/imfi.16(4).2019.25
OpenAlex: W2995457855
Cited by: 27
References: 48
Citations by year: 2026: 1 · 2025: 5 · 2024: 3 · 2023: 2 · 2022: 9 · 2021: 1 · 2020: 6
FWCI: 8.61
Type: journal article
Language: en
Open access: gold
doi.org
Licence: cc-by
creativecommons.org/licenses/by/3.0/deed.en_US (unspecified)
Locations: Investment Management and Financial Innovations (publishedVersion, cc-by)
DOAJ (DOAJ: Directory of Open Access Journals) (submittedVersion)
Greater South Information System
Topics: Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Market Dynamics and Volatility
Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Housing Market and Economics
Keywords: stock market, real estate market, economic growth, stock market efficiency, 2008 financial crisis, Vietnam, emerging markets, gross domestic product

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Stock market, real estate market, and economic growth: an ARDL approach

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