Articlebronze1999

DOES FINANCIAL MARKET DEVELOPMENT STIMULATE SAVINGS? EVIDENCE FROM EMERGING STOCK MARKETS

Catherine Bonser‐Neal · Kathryn L. Dewenter

28 citations0/0 files storedContemporary Economic Policy

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Abstract

This paper examines the empirical relation between financial market development, as measured by the stock market, and gross private savings rates in 16 emerging markets over 1982‐1993. With data from all 16 countries, there is evidence of a significant positive relation between savings and stock market size and liquidity. When countries with outlying values for the stock market measures are excluded, however, all significance disappears. The results suggest that a growing or deepening stock market will not necessarily be associated with higher savings rates. (JEL E21, 016)

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References

1996Stock Markets, Banks, and Economic Growth 1999Stock Markets, Banks, and Economic Growth 1991Financial Intermediation and Endogenous Growth 1993Financial markets and growth 1991Stock Markets, Growth, and Tax Policy 1971Increasing risk II: Its economic consequences 1988Money, interest, and banking in economic development 1988Handbook of development economics

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