Aren't small stock markets the same?

機構典藏 > College of Business and Management > Graduate Institute & Department of Banking and Finance > Journal Article > Item 987654321/24814

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Title:	Aren't small stock markets the same?
Authors:	Huang, Ho-chuan;Lin, Shu-chin
Contributors:	淡江大學經濟學系
Date:	2007-08-01
Issue Date:	2009-11-30 18:38:09 (UTC+8)
Publisher:	Taylor & Francis
Abstract:	In a recent interesting article, Minier (2003) uses results from regression tree techniques to conclude that, for countries with high stock market capitalization, there exists a significantly positive relationship between the level of financial development and economic growth. However, the relationship becomes significantly negative for low-capitalization subsample. Using same data set, this short article re-examines Minier's results by the threshold regression approach of Hansen (2000), but finds no evidence supporting that the full sample can be classified into two distinct regimes as in Minier (2003). Our formal test result suggests that one should be more cautious regarding the conclusions made by Minier (2003).
Relation:	Applied Economics Letters 14(10), pp.743-748
DOI:	10.1080/13504850600592432
Appears in Collections:	[Graduate Institute & Department of Banking and Finance] Journal Article [Graduate Institute & Department of Economics] Journal Article

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