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Nicholas M. Odhiambo - One of the best experts on this subject based on the ideXlab platform.

  • Determinants of the Brazilian stock Market Development
    The Journal of Developing Areas, 2020
    Co-Authors: Sheilla Nyasha, Nicholas M. Odhiambo
    Abstract:

    It has become well-known now that stock Markets play a key role in stimulating economic growth process. As economists and politicians alike, battle in finding ways of growing economies, it becomes imperative to establish the drivers of stock Market Development as they have an ultimate bearing on the stimulants of economic growth. In recent years, studies on the stock Market determinants have sprung up, however, with results far from being conclusive. What turned out to be determinants in one study may not be in another study. Therefore, in this paper, we examine the key determinants of stock Market Development in Brazil using annual time-series data spanning from 1980 to 2016. The study was motivated by the growing important role of stock Market Development in economic Development, on the one hand, and the conflicting findings on the determinants of stock Market Development, on the other hand; coupled with little to no study coverage of the topic on Brazil. Unlike some previous studies that used cross-sectional data, the current study has used time-series techniques that take into consideration the Brazilian country-specific issues. Furthermore, the current study has also employed the ARDL bounds testing procedure to determine the determinants of stock Market Development in Brazil. This procedure is well known for its superior small sample properties; hence it is considered more suitable for this study. The results of the study reveal that the stock Market Development in Brazil is positively determined by trade openness, banking sector Development and exchange rate, irrespective of whether the analysis is done in the long run or in the short run. Contrary to the results of some previous studies, investment and stock Market liquidity are found to have a negative influence on the Development of stock Market in Brazil – both in the long run and in the short run. The study, therefore, recommends that policies that favour international trade, bank-based financial sector Development and exchange rate stability should be pursued in Brazil, as this would translate into further stock Market Development.

  • the macroeconomic drivers of stock Market Development evidence from hong kong
    Journal of Financial Economic Policy, 2019
    Co-Authors: Nicholas M. Odhiambo
    Abstract:

    This paper examines the macroeconomic drivers of stock Market Development in Hong Kong during the period 1992Q4 to 2016Q3. Specifically, it investigates the impact of banking sector Development, economic growth, the inflation rate, the exchange rate, trade openness and stock Market liquidity on stock Market Development. By employing autoregressive distributed lag (ARDL) bounds testing procedure, we find that banking sector Development and economic growth have positive impacts on stock Market Development, whereas the inflation rate and the exchange rate have negative impacts on stock Market Development both in the long and short run. In addition, the results show that trade openness has a positive long-run impact but a negative short-run impact on stock Market Development. Policy recommendations are provided based on these findings.

  • analysing the macroeconomic drivers of stock Market Development in the philippines
    Cogent economics & finance, 2018
    Co-Authors: Nicholas M. Odhiambo
    Abstract:

    This paper analyses the macroeconomic drivers of stock Market Development in the Philippines during the period 2001Q4 to 2016Q4. In particular, the paper examines the impact of banking sector Development, inflation rate, exchange rate, economic growth, trade openness, and stock Market liquidity on the Development of the Philippine stock Market. Theoretical and empirical literature reveals diverse views on the relationship between each determinant and stock Market Development. In addition, the Philippine stock Market has experienced remarkable growth in recent decades. However, there is no similar study on this country in the literature. The paper, therefore, enriches the literature by investigating the macroeconomic drivers of stock Market Development in the Philippines using ARDL bounds testing procedure. The results show that, trade openness has had a negative impact on Philippine stock Market Development in the long run, whereas the banking sector Development and exchange rate have had positive impacts on the Development of the Philippine stock Market in the short run.

  • THE DYNAMICS OF CAPITAL Market Development IN ZIMBABWE
    Corporate Ownership and Control, 2012
    Co-Authors: Kunofiwa Tsaurai, Nicholas M. Odhiambo
    Abstract:

    This paper takes stock of the achievements, the trends, as well as the challenges facing the stock Market Development in Zimbabwe. The study has been motivated by the recent debate on the role of stock Market Development in economic growth in developing countries. Apart from highlighting the role of stock Market Development, as well as the efficacy of the stock Market in bolstering economic growth in Zimbabwe, the study also pinpoints some of the factors that limit the stock Market Development in Zimbabwe. The findings of this study show that the experience of Zimbabwe with stock Market Development, just as in many other developing countries, is mixed. In particular, the positive influence of stock Market Development on savings and investment remains low in Zimbabwe. While stock Market Development has been increasing, the country’s gross domestic savings and investment have been low and subsiding. This suggests that Zimbabwe’s gross national savings could be stock Market Development inelastic.

Mohsin Khawaja - One of the best experts on this subject based on the ideXlab platform.

  • The Determinants of Sukuk Market Development
    Emerging Markets Finance and Trade, 2016
    Co-Authors: Houcem Smaoui, Mohsin Khawaja
    Abstract:

    The objective of this article is to empirically investigate the structural, financial, Developmental, institutional, and macroeconomic determinants of Sukuk Market Development for a sample of 13 countries over the period 2001–2013. We employ the Generalized Method of Moments (GMM) procedure to tackle the problems of endogeneity of lagged dependent variable, heteroscedasticity, and serial correlation in the residuals. Our results suggest that a combination of structural, financial, and institutional factors seem to exert a significant effect on Sukuk Markets. Indeed, larger economic size, higher proportion of Muslims in the population, better investment profile (IP), and lower corruption are associated with larger Sukuk Markets, while higher interest rate spread is negatively related to Sukuk Market Development.

Ross Levine - One of the best experts on this subject based on the ideXlab platform.

  • Stock Market Development and Long-Run Growth - Stock Market Development and long-run growth
    The World Bank Economic Review, 1996
    Co-Authors: Ross Levine, Sara Zervos
    Abstract:

    The authors empirically evaluate the relationship between stock Market Development and long-term growth. The data suggest that stock Market Development is positively associated with economic growth. Moreover, instrumental variables procedures indicate a strong connection between the predetermined component in the long run. While cross-country regressions imply a strong link between stock Market Development and economic growth, the results should be viewed as suggestive partial correlations that stimulate additional research rather than as conclusive findings. Careful case studies might help identify causal relationships and further research could be done on the time-series property of such relationships.

  • stock Market Development and long run growth
    The World Bank Economic Review, 1996
    Co-Authors: Ross Levine, Sara Zervos
    Abstract:

    The authors empirically evaluate the relationship between stock Market Development and long-term growth. The data suggest that stock Market Development is positively associated with economic growth. Moreover, instrumental variables procedures indicate a strong connection between the predetermined component in the long run. While cross-country regressions imply a strong link between stock Market Development and economic growth, the results should be viewed as suggestive partial correlations that stimulate additional research rather than as conclusive findings. Careful case studies might help identify causal relationships and further research could be done on the time-series property of such relationships.

Sara Zervos - One of the best experts on this subject based on the ideXlab platform.

  • Stock Market Development and Long-Run Growth - Stock Market Development and long-run growth
    The World Bank Economic Review, 1996
    Co-Authors: Ross Levine, Sara Zervos
    Abstract:

    The authors empirically evaluate the relationship between stock Market Development and long-term growth. The data suggest that stock Market Development is positively associated with economic growth. Moreover, instrumental variables procedures indicate a strong connection between the predetermined component in the long run. While cross-country regressions imply a strong link between stock Market Development and economic growth, the results should be viewed as suggestive partial correlations that stimulate additional research rather than as conclusive findings. Careful case studies might help identify causal relationships and further research could be done on the time-series property of such relationships.

  • stock Market Development and long run growth
    The World Bank Economic Review, 1996
    Co-Authors: Ross Levine, Sara Zervos
    Abstract:

    The authors empirically evaluate the relationship between stock Market Development and long-term growth. The data suggest that stock Market Development is positively associated with economic growth. Moreover, instrumental variables procedures indicate a strong connection between the predetermined component in the long run. While cross-country regressions imply a strong link between stock Market Development and economic growth, the results should be viewed as suggestive partial correlations that stimulate additional research rather than as conclusive findings. Careful case studies might help identify causal relationships and further research could be done on the time-series property of such relationships.

Yilmaz Bayar - One of the best experts on this subject based on the ideXlab platform.

  • Foreign Capital Inflows and Stock Market Development in Turkey
    New Trends in Finance and Accounting, 2016
    Co-Authors: Yilmaz Bayar
    Abstract:

    Cross-country capital flows have increased substantially due to accelerating globalization as of 1990s, and these increases have important economic implications for all the countries. This study investigates the causal relationship among foreign capital inflows including foreign direct investment, foreign portfolio flows, remittances, and stock Market Development in Turkey during the period January 1992–December 2015 using Hacker and Hatemi-J (Appl Econ 38(13):1489–1500, 2006) bootstrap causality test. We found that there was unidirectional causality from foreign direct investment inflows to stock Market Development and unidirectional causality from stock Market Development to foreign portfolio investments.

  • macroeconomic determinants of stock Market Development evidence from borsa istanbul
    Studii Financiare (Financial Studies), 2016
    Co-Authors: Yilmaz Bayar
    Abstract:

    Stock Markets have experienced significant improvements especially during the past 30 years, fostered economic growth and become one of the important leading indicators for the economies. Economic growth, saving rate, banking sector Development, trade openness, foreign direct investments, institutional quality and stock Market liquidity are found to be major determinants behind stock Market Development in the literature. This study investigates major macroeconomic determinants of stock Market Development in Turkey during the period 2005:Q1-2015:Q3 using ARDL cointegration, Toda and Yamamoto (1995) causality test and regression analysis. We also found that both economic growth and stock Market liquidity had positive impact on stock Market Development in the long run, while inflation had negative impact on stock Market Development in the long run.