Stock market development and economic growth in Sri Lanka.

Jahfer, Athambawa; Tohru, Inoue

dc.contributor.author	Jahfer, Athambawa
dc.contributor.author	Tohru, Inoue
dc.date.accessioned	2019-10-15T04:07:06Z
dc.date.available	2019-10-15T04:07:06Z
dc.date.issued	2014-01
dc.identifier.citation	International Journal of Business and Emerging Markets, 6(3), 271-282	en_US
dc.identifier.issn	1753-6219
dc.identifier.issn	1753-6227
dc.identifier.uri	http://ir.lib.seu.ac.lk/handle/123456789/3759
dc.description.abstract	This paper investigates the relationship between stock market development and economic growth in Sri Lanka using quarterly data from 1996 to 2011. The stationary of the data are tested using Augmented Dickey Fuller (ADF) test. It was found that all variables are stationary on first differencing. The relationships between economic growth and indicators of stock market development were investigated using Johansen co-integration tests, and vector error correction model (VECM). Co-integration results indicate the existence of long-run association between stock market development and economic growth in Sri Lanka. VECM results show unidirectional causality from stock market development to economic growth despite different variables used to measure the stock market development. The findings support the theoretical prediction that development of stock market would play a key role in economic growth. The study therefore concludes that stock market development leads the economic growth in Sri Lanka and efforts should be devoted to develop the stock market.	en_US
dc.language.iso	en_US	en_US
dc.publisher	Inderscience Enterprises Ltd.	en_US
dc.subject	Stock market	en_US
dc.subject	Economic growth	en_US
dc.subject	Sri Lanka	en_US
dc.title	Stock market development and economic growth in Sri Lanka.	en_US
dc.type	Article	en_US