English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 93861/124308 (76%)
Visitors : 28927111      Online Users : 513
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/83084


    Title: 股市發展與經濟成長
    Stock Market Development and Economic Growth
    Authors: 賴龍興
    Lai, Lung-Hsing
    Contributors: 胡聯國
    Hu, Len-Kuo
    賴龍興
    Lai, Lung-Hsing
    Keywords: 股票市場
    經濟成長
    工具變數
    stock market
    economic growth
    instrumental variable legal origin
    Date: 2000
    Issue Date: 2016-03-30 17:36:52 (UTC+8)
    Abstract: 股市發展是否影響長期經濟成長?本研究以Levine(1991)的內生成長模型作為實證分析之理論依據,股票市場的出現可以消弭流動性風險與生產性風險對個人投資決策的負面影響,進而促進經濟體的成長。我們採取一般成長文獻所最常使用之跨國橫斷面迴歸方式,分析52國1985-1997的平均股市與社會經濟資料,以法系與法律環境做為工具變數,來捕捉股市發展之外生部分對經濟成長的影響。實證結果如下:1.整體而言股市發展的確顯著促進了一國的經濟成長,而影響成長的主要管道則為資本成長。2.對於先進工業化國家而言,我們無法證明其股票市場對於經濟成長具有影響力。3.相反的,對開發中國家而言,股票市場則扮演著重要的角色,不僅促進經濟的成長,對於資本成長與要素生產力成長也有顯著的提升。4.股市與私人儲蓄之間的關係則較為模糊,雖然實證結果隱約透露,對開發中國家而言,發展股市有助於提升私人儲蓄,但我們無法找到統計上顯著強固的證據來加以支持。5.法律因子對於各國股市發展差異所具有的顯著解釋能力給予我們一個啟示:倘若一國的法律對於股東權益的保障越好,執行法律的品質與效率越高,那麼一國將會擁有一個功能完善與發展良好的股票市場,進而對其經濟成長有所助益。
    Do well-developed stock markets promote long-run economic growth? This study evaluates the empirical relationship between the level of stock market development and (i) economic growth, (ii) physical capital accumulation, (iii) total factor productivity, and (iv) private saving rate. By using a pure cross-country instrumental variable estimator to extract the exogenous component of stock market development, we find that (1) stock market development (measured by liquidity) is positively associated with economic growth and physical capital growth; (2) the links between stock market development and both productivity growth and private saving rates are tenuous; (3) for the developing sub-sample, the growth-promoting effect is as strong as with the full sample; for the developed sub-sample, however, this effect is at best very weak; and (4) legal reforms that strengthen shareholder rights and contract enforcement can boost stock market development and therefore accelerate economic growth.
    Reference: 【中文部分】
    由嶸,外國法制史,五南圖書出版公司,民國82年
    許僑蕊,金融中介與經濟成長,國立政治大學經濟學系未出版碩士論文,民國88年
    【英文部分】
    Allen, Franklin and Gale, Douglas. Comparing Financial Systems. Cambridge, MA: The MIT Press, 2000.
    Arestis, Philip and Demetriades, Panicos. “Financial Development and Economic Growth: Assessing the Evidence,” Economic Journal, May 1997, 107, 771-782.
    Atje, Raymond and Javanovic, Boyan. “Stock Market and Development,” European economic review, April 1993, 37(2/3), 632-40.
    Bagehot, Walter. Lombard Street. Homewood, IL: Richard D. Irwin, 1873 (1962 edition)
    Barro, Robert J. “Democracy and Growth,” Journal of Economic Growth, March 1996, 1, 1-27.
    Barro, Robert J. Determinant of Economic Growth: A Cross-Country Empirical Study. Cambridge, MA: The MIT Press, 1997.
    Barro, Robert J. and Lee, Jong-Hua. “International Measures of Schooling Years and Schooling Quality,” AER Papers and Proceedings, April 1996, 86, 218-223.
    Barro, Robert J. and Sala-I-Martin, Xavier. Economic Growth. NY: McGraw Hill, 1995.
    Beck, Thorsten; Levine, Ross and Loayza, Norman. “Finance and the Source of Growth,” forthcoming in Journal of Financial Economics, 1999.
    Bencivenga, Valerie R.; Smith, Bruce D. and Starr, Ross M. “Transaction Costs, Technological Choice and Endogenous Growth,” Journal of Economic Theory, October 1995, 67(1), 153-77.
    Berthelemy, Jean Claude and Varoudakis, Aristomene. “Models of Financial Development and Growth: A Survey of recent Literature,” in Financial Development and Economic Growth. Eds: Niels Hermes and Robert Lensink, London: Routledge, 1996.
    Bhide, Amar. “The Hidden Costs of Stock Market Liquidity,” Journal of Financial Economics, August 1993, 34(1), 31-51.
    Binswanger, Mathias. Stock Markets, Speculative Bubbles and Economic Growth. Edward Elgar Ltd, 1999.
    Corbett, J. and Jenkinson, T. “The Financing of Industry, 1970-89: An International Comparison,” Discussion Paper No.948, London: Centre for Economic Policy Research, 1994.
    Demetriades, Panicos and Hussein, Khaled A. “Does Financial Development Cause Economic Growth? Time-Series Evidence From 16 Countries,” Journal of Development Economics, December 1996, 51, 387-411.
    Demirguc-Kunt, Asli and Levine, Ross. “Stock market, Corporate Finance, and Economic Growth: An Overview,” World Bank Economic Review, May 1996a, 10(2), 223-39.
    Demirguc-Kunt, Asli and Levine, Ross. “Stock market Development and financial Intermediaries: Stylized Facts,” World Bank Economic Review, May 1996b, 10(2), 291-321.
    Demirguc-Kunt, Asli and Levine, Ross. “Bank-Based and Market-Based Financial Systems: Cross-Country Comparisons,” World Bank Policy Research Working Paper 2143, 1999.
    Demirguc-Kunt, Asli and Maksimovic, Vojislav. “Law, Finance, and firm Growth,” Journal of Finance, December 1998, 53(6), 2107-37.
    Devereux, Michael B. and Smith, Gregor W. “International Risk Sharing and Economic Growth,” International Economic Review, August 1994, 35(4), 535-50.
    Diamond, Douglas W. and Dybvig, Philip H. “Bank Runs, Deposit Insurance, and Liquidity,” Journal Political Economy, 1983, 91(3), 401-419.
    Diamond, Douglas W. and Verrecchia, Robert E. “Optimal Managerial Contracts and Equilibrium Security Prices,” Journal of Finance, May 1982, 37, 275-87.
    Goldsmith, Raymond W. Financial Structure and Development. New Haven, CT: Yale University Press, 1969.
    Goldsmith, Raymond W. The Financial development of India, Japan, and the United States, New Haven, CT: Yale University Press, 1983.
    Greenwood, Jeremy and Jovanovic, Boyan. “Financial Development, Growth, and the Distribution of Income,” Journal of Political Economy, October 1990, 98(5). 1076-1107.
    Greenwood, Jeremy and Smith, Bruce. “Financial Market in Development, and the Development of Financial Market,” Journal of Economic Dynamics and Control, January 1997, 21(1), 145-81.
    Grossman, Sanford J. and Stiglitz, Joseph E. “On the Impossibility of Informationally Efficient Market,” American Economic Review, June 1980, 70(3), 393-408.
    Gupta, Kanhaya L. Finance and Economic Growth in Developing Countries. Croom Helm Ltd, 1984.
    Gurley, John G. And Shaw, Edward S. “Financial Structure and Economic development,” Economic Development and Cultural Change, April 1967, 15.
    Harris, Richard D.F. “Stock Markets and Development: A Re-Assessment,” European Economic Review, 1997, 41, 139-46.
    Hicks, John. A Theory of Economic History. Oxford: Clarendon Press, 1969.
    Holmstrom, Bengt and Tirole, Jean. “Market Liquidity and Performance Monitoring,” Journal of Political Economy, August 1993, 101(4), 678-709.
    Jappelli, Tulio and Pagano, Marco. “Saving, Growth, and liquidity Constraints,” Quarterly Journal of Economics, November 1990, 28(1/2), 149-71.
    Jensen, Michael C. and Murphy, Kevin J. “Performance Pay and Top–Management Incentives,” Journal of Political Economy, April 1990, 98(2), 225-64.
    Keynes, J. M. The General Theory of Employment, Interest and Money, New York: Harcourt Brace, 1932.
    King, Robert G. and Levine, Ross. “Finance and Growth: Schumpeter Might Be Right,” Quarterly journal of Economics, August 1993a, 108(3), 717-37.
    King, Robert G. and Levine, Ross. “Finance, Entrepreneurship, and Growth: Theory and Evidence,” Journal of Monetary Economics, December 1993b, 32(3), 513-42.
    Laporta, Rafael; Lopez-de-Silanes, Florencio; Shleifer, Andrei; and Vishny, Robert W. “Legal Determinants of External Finance,” Journal of Finance, July 1997, 52(3), 1131-50.
    Laporta, Rafael; Lopez-de-Silanes, Florencio; Shleifer, Andrei; and Vishny, Robert W. “Law and Finance,” Journal of Political Economy, December 1998, 106(6), 1113-55.
    Levine, Ross. “Stock market, Growth and Tax Policy,” Journal of Finance, September 1991, 46(4), 1445-65.
    Levine, Ross. “Financial Development and Economic Growth: Views and Agenda,” Journal of Economic Literature, June 1997, 35(2), 688-726.
    Levine, Ross. “The Legal Environment, Banks, and Long-Run Economic Growth,” Journal of Money, Credit, and Banking, August 1998, 30(3), 596-613.
    Levine, Ross; Loayza, Norman; and Beck, Thorsten. “Financial Intermediation and Growth: Causality and Causes,” forthcoming in Journal of Monetary Economics, 1999.
    Levine, Ross and Orlov, Alex. ”Capital Accumulation Redux,” mimeo, University of Virginia, 1998.
    Levine, Ross and Zervos, Sara. “Stock Market Development and Long-Run Growth,” World Bank Economic Review, May 1996, 10(2), 323-39.
    Levine, Ross and Zervos, Sara. “Stock Markets, Banks, and Economic Growth,” American Economic Review, June 1998, 88(3), 537-58.
    Loayza, Norman; Lopez, Humberto; Schmidt-Hebbel, Klaus; and Serven, Luis. “World Saving Database,” mimeo, The World Bank, 1998.
    Lucas, Robert E., Jr. “On the Mechanics of Economic Development,” Journal of Monetary Economics, July 1988, 22(1), 3-42.
    Mankiw, Gregory N. “The Growth of Nations,” Brooking Papers on Economic Activity, 1995, 1, 275-326.
    Mayer, Colin. “New Issues in Corporate Finance,” European Economic Review, June 1988, 32(5), 1167-83.
    McKinnon, Ronald I. Money and capital in Economic Development. Washington, DC: Brookings Institution, 1973.
    Murinde, Victor. “Financial Markets and Endogenous Growth: An Econometric Analysis for pacific Basin Countries,” in Financial Development and Economic Growth. Eds: Niels Hermes and Robert Lensink, London: Routledge, 1996.
    Obstfeld, Maurice. “Risk-Taking, Global Diversification, and Growth,” American Economic review, December 1994, 84(5), 10-29.
    Odedokun, M.O. “Alternative Econometric Approaches for Analyzing the Financial Sector in Economic Growth: Time-Series Evidences From LDCs,” Journal of Development Economics, 1996, 50(1), 119-46.
    Pagano, Marco. “Financial Markets and Growth: An Overview,” European economic review, April 1993, 37(2), 613-22.
    Patrick, H.T. “Financial Development and Economic Growth in Underdeveloped Countries,” Economic Development and Cultural Change, January 1966, 14.
    Porter, Michael E. “Capital Disadvantage: America’s Falling Capital Investment System,” Harvard Business Review, September 1992, 65-82.
    Prescott, Edward C. and Boyd, John H. “Dynamic Coalitions, Growth, and The Firm,” in Contractual Arrangements for Intertemporal Trade. Eds: E.C.Prescott and N.Wallace, Minneapolis: University of Minnesota Press, 1987.
    Quah, Danny. “Empirical Cross-Section Dynamics in Economic Growth,” European Economic Review, 1993, 37, 426-34.
    Ram, Rati. “Financial Development and Economic Growth: Additional Evidence,” Journal of Development Studies, April 1999, 35(4), 164-174.
    Robinson, Joan. The generalization of the General Theory and Other Essays. London: The Macmillan Press, 1979.
    Saint-Paul, Gilles. “Technological Choice, Financial Market, and Economic Development,” European Economic Review, May 1992, 36(4), 763-81.
    Scharfstein, David. “The Disciplinary Role of Takeovers,” Review of Economic Studies, April 1988, 55(2), 185-99.
    Schumpeter, Joseph A. The Theory of Economic Development. 1912, translated by Redvers Opie. Cambridge, MA: Harvard University Press, 1934.
    Shaw, Edward S. Financial Deepening and Economic Development. New York, Oxford University Press, 1973.
    Shleifer, Andrei and Summers, Lawrence. “Breach of Trust in Hostile Takeovers,” in Corporate Takeovers: Causes and Consequences. Ed: A.J.Auerbach, Chicago: The University of Chicago Press, 1988.
    Shleifer, Andrei and Vishny, Robert W. “Large Shareholders and Corporate Control,” Journal of Political Economy, June 1986, 94(3), 461-88.
    Singh, Ajit. “Corporate Financial Patterns in Industrializing Economies: A Comparative International Study,” IFC Technical paper No.2, International Finance Corporation, Washington, DC, 1995.
    Singh, Ajit. “Financial Liberalization, Stock Markets, and Economic development,” Economic Journal, May 1997, 107, 771-82.
    Singh, Ajit and Hamid, J. “Corporate Financial Structures in Developing Countries,” IFC Technical paper No.1, International Finance Corporation, Washington, DC, 1992.
    Singh, Ajit. and Weiss, Bruce A. “Emerging Stock Markets, Portfolio Capital Flows and Long-Term Economic Growth: Micro and Macro Perspectives,” World Development, 1998, 26(4), 607-22.
    Stern, Nicholas. “The Economics of Development: A Survey,” Economic Journal, September 1989, 99, 597-685.
    Stiglitz, Joseph E. “Credit Markets and the Control for Capital,” Journal of Money, Credit, and Banking, May 1985, 17(2), 133-52.
    Description: 碩士
    國立政治大學
    國際經營與貿易學系
    87351034
    Source URI: http://thesis.lib.nccu.edu.tw/record/#A2002002044
    Data Type: thesis
    Appears in Collections:[國際經營與貿易學系 ] 學位論文

    Files in This Item:

    File Description SizeFormat
    204401.pdf119KbAdobe PDF90View/Open
    204402.pdf119KbAdobe PDF162View/Open
    204403.pdf119KbAdobe PDF155View/Open
    204404.pdf119KbAdobe PDF121View/Open
    204405.pdf119KbAdobe PDF131View/Open
    204406.pdf119KbAdobe PDF135View/Open
    204407.pdf119KbAdobe PDF142View/Open
    204408.pdf119KbAdobe PDF187View/Open
    204409.pdf119KbAdobe PDF166View/Open
    204410.pdf119KbAdobe PDF102View/Open
    204411.pdf119KbAdobe PDF141View/Open
    204412.pdf119KbAdobe PDF128View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback