Equity Markets and Economic Development: Does the Primary Market Matter?

Equity Markets and Economic Development: Does the Primary Market Matter?

This article examines the role played by primary and secondary equity markets in economic growth. It departs from standard literature to integrate both markets and to explicitly acknowledge the primary equity market. By employing a variety of dynamic panel estimators for 54 countries over the period...

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Veröffentlicht in:The Economic record 2014-06, Vol.90 (s1), p.127-141
Hauptverfasser: Andriansyah, Andriansyah, Messinis, George
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Sprache:eng
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Economic analysis
Economic development
Economic growth
Economic theory
Equity
Liquidity
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Messinis, George
description This article examines the role played by primary and secondary equity markets in economic growth. It departs from standard literature to integrate both markets and to explicitly acknowledge the primary equity market. By employing a variety of dynamic panel estimators for 54 countries over the period 1995‐2010, we show that the primary equity market is not an important determinant of economic growth, although it facilitates the development of the secondary market. This study also confirms the importance of liquidity provided by the secondary market. The evidence here calls for further investigation into the capital‐raising function of equity markets.
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source Wiley Journals; Business Source Complete
subjects Economic analysis
Economic development
Economic growth
Economic theory
Equity
Liquidity
title Equity Markets and Economic Development: Does the Primary Market Matter?
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