Skip navigation

Stock Market Development and Economic Growth in Belgium

Authors: Nieuwerburgh, Stijn Van
Buelens, Frans
Cuyvers, Ludo
Issue Date: 5-Jul-2005
Series/Report no.: FIN-05-024
Abstract: This paper investigates the long-term relationship between financial market development and economic development in Belgium. We use a new data set of stock market development indicators to argue that financial market development substantially affected economic growth. We find strong evidence that stock market development caused economic growth in Belgium, especially in the period between 1873 and 1935. Institutional changes affecting the stock exchange explain the time-varying nature of the link between stock market development and economic growth.
Appears in Collections:Finance Working Papers

Files in This Item:
File Description SizeFormat 
FIN-05-024.pdf312.8 kBAdobe PDFView/Open

Items in FDA are protected by copyright, with all rights reserved, unless otherwise indicated.