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Does the stock market cause economic growth? Portuguese evidence of economic regime change

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dc.contributor.authorMarques, Luís Miguel
dc.contributor.authorFuinhas, José Alberto
dc.contributor.authorMarques, António Cardoso
dc.date.accessioned2019-01-14T10:54:24Z
dc.date.available2019-01-14T10:54:24Z
dc.date.issued2013
dc.description.abstractThe relationship between stock market and economic growth is tested for Portugal (1993–2011), which is a small open economy dependent on bank financing. The relationship between economic growth and bank financing is also appraised. Using Vector Autoregressive (VAR) modeling, Granger causality, variance decomposition and impulse response function are discussed. The physical replacement of the currency, as a consequence of the integration in the European Monetary Union, proves to be an economic regime change. The effect of the subprime crisis was also proved. There is evidence of Granger bidirectional causality between the stock market and economic growth. Meanwhile, there was no evidence of causality running from bank financing to economic growth.pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.doi10.1016/j.econmod.2013.02.015pt_PT
dc.identifier.urihttp://hdl.handle.net/10400.6/6764
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.subjectStock marketpt_PT
dc.subjectEconomic growthpt_PT
dc.subjectEconomic regime changept_PT
dc.subjectGranger causalitypt_PT
dc.subjectVARpt_PT
dc.titleDoes the stock market cause economic growth? Portuguese evidence of economic regime changept_PT
dc.typejournal article
dspace.entity.typePublication
oaire.citation.endPage324pt_PT
oaire.citation.startPage316pt_PT
oaire.citation.volume32pt_PT
person.familyNameMarques
person.familyNameFuinhas
person.familyNameMarques
person.givenNameLuís Miguel
person.givenNameJosé Alberto
person.givenNameAntónio Cardoso
person.identifierR-000-7ZC
person.identifier1880954
person.identifier.ciencia-id9216-06B4-1DB0
person.identifier.ciencia-id7817-FFB9-9DC0
person.identifier.ciencia-idBE19-EAEF-30CF
person.identifier.orcid0000-0002-0955-1189
person.identifier.orcid0000-0002-6937-5420
person.identifier.orcid0000-0002-9906-3874
person.identifier.ridE-3792-2015
person.identifier.ridP-1603-2017
person.identifier.ridD-2235-2011
person.identifier.scopus-author-id55624689800
person.identifier.scopus-author-id36168979700
person.identifier.scopus-author-id36169680100
rcaap.embargofctCopyright cedido à editora no momento da publicaçãopt_PT
rcaap.rightsclosedAccesspt_PT
rcaap.typearticlept_PT
relation.isAuthorOfPublication6b0314e3-dc3f-4f65-ab90-cf1f8509aa46
relation.isAuthorOfPublication3261ccf1-fcd4-48ad-bf1d-a8834c5f17ad
relation.isAuthorOfPublication0dfb8b49-b2ad-4a47-8478-a3ac0a8c639f
relation.isAuthorOfPublication.latestForDiscovery3261ccf1-fcd4-48ad-bf1d-a8834c5f17ad

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