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February 11, 2026EconomiesOpen Access

Stock Market Development and Economic Growth Nexus: Evidence from the Fragile Five Countries

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Authors

YHYeşim Helhel

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Overview

Explores the causal relationship between stock market development and economic growth in the Fragile Five, indicating significant implications for growth strategies.

Key Points

  • This research investigates how stock market development impacts economic growth in the Fragile Five countries.
  • Analyzed data from Brazil, India, Indonesia, South Africa, and Turkey covering 2001-2024.
  • Employed second-generation panel cointegration tests to evaluate relationships.
  • Applied causality tests that consider cross-sectional dependence and structural heterogeneity.
  • Found significant long-term cointegration between stock market development and economic growth.
  • Confirmed causality from stock market development to economic growth, supporting the supply-led growth hypothesis.
  • Panel DOLS and FMOLS analyses showed stock market capitalization positively affects domestic productivity.

Cite This Study

Yeşim Helhel (2026) studied this question.

synapsesocial.com/papers/698c1cb3267fb587c655f4e1https://doi.org/10.3390/economies14020052
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Also Consider

Synapse has enriched 5 closely related papers on similar clinical questions. Consider them for comparative context:

  1. 1Economic growth and stock market development: Evidence from some selected countries2024
  2. 2FRAGILITY MEASURES AND ECONOMETRIC ANALYSIS OF EXTERNAL FRAGILITY IN FRAGILE FIVE COUNTRIES2026
  3. 3Evaluation of Stock Market Development in an Emerging Economy2024
  4. 4Macroeconomic Determinants of Stock Market Development: Evidence from a Panel of Ten Most Capitalized African Stock Markets2025
  5. 5An Analysis of the Stock Market's Impact on Economic Growth: Insights from an Indian Context2024