(LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam
➤ Gửi thông báo lỗi ⚠️ Báo cáo tài liệu vi phạmNội dung chi tiết: (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam
(LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam
412 I Policies and Sustainable Economic DevelopmentDeterminants of stock Market Development: The Case of Developing Countries and VietnamSƯ DINH THANH (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam HUniversity of Economics HCMC - dinhthanh@ueh.edu.vnBUI THI MAI HOAIUniversity of Economics HCMC - maihoai@ueh.edu.vnNGUYEN VAN BONUniversity of Economics HCMC - bonvnguven@vahoo.comAbstractStock market is a key channel to (he mobilization of long-term capital in an economy, and determinants of stoc (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam k market development in developing countries are still undecided. This paper aims to investigate these determinants in Vietnam and other developing co(LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam
untries, whose differences are also pointed out by applying two-way Generalized Method of Moments to the panel data of36 developing countries over the412 I Policies and Sustainable Economic DevelopmentDeterminants of stock Market Development: The Case of Developing Countries and VietnamSƯ DINH THANH (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam itive determinants of the development of stock market, while the effect of money supply is negative, institutional factors such as government effectiveness and rule of law have significantly positive impacts, in contrast to corruption control and political stability (whose impacts are significant an (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam d negative). Second, regarding the development of the stock market in Vietnam, the effects of such macroeconomic factors as economic growth, domestic(LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam
investment, foreign direct investment, domestic credit, broad money supply, stock market liquidity, and inflation are significant and negative, wherea412 I Policies and Sustainable Economic DevelopmentDeterminants of stock Market Development: The Case of Developing Countries and VietnamSƯ DINH THANH (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam and voice and accountability, are significant and positive. This implies that well-established institutions are crucial for promoting a demand for stocks and stock market performance in Vietnam.Keywords: stock market development: macroeconomic factors; institutions: two-way GMM estimationPolicies a (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam nd Sustainable Economic Development I 4131.IntroductionOver two past decades. slock market development has surged as an noteworthy financial channel t(LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam
o raise long-run capital in developing countries. As a result, stock marker has a considerable contribution to long-run economic grow th, hl the liter412 I Policies and Sustainable Economic DevelopmentDeterminants of stock Market Development: The Case of Developing Countries and VietnamSƯ DINH THANH (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam f stock market development in developing countries (Quartcy & Gaddah, 2007; l .l-Nader & Alraimony, 2013; Ev rim-Mandaci el al.. 2013; Phan & Vo, 2013; Shahbaz el al. 2015; Acquah-Sam, 2016). However, empirical results are still debatable due to rhe inconsistency5 of data and empirical estimators. I (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam n addition, there have been very few investigations into the role of institutional quality in determining stock market development.The Vietnam stock m(LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam
arket has been developed since early 2000s with the first establishment of stock exchange in Ho Chi Minh City and the later in Hanoi. It has grown sha412 I Policies and Sustainable Economic DevelopmentDeterminants of stock Market Development: The Case of Developing Countries and VietnamSƯ DINH THANH (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam e are over 800 listed firms in the two exchanges. Further growth of the stock market is expected as the Vietnam's government is carrying out polity reforms and restructuring of the market to raise funds in order to meet the demand for long-run capital in Vietnam's industrialization process. However, (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam the literature on determinants of insightful stock market development in Vietnam is still limited.Our study is motivated by the following reasons. Th(LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam
e first motivation is from the huge literature central to the question of whether macroeconomic factors affect the development of stock market (Evrim-412 I Policies and Sustainable Economic DevelopmentDeterminants of stock Market Development: The Case of Developing Countries and VietnamSƯ DINH THANH (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam stock markets are stressed by policy makers, practitioners, and academic researchers. Recent evidence pros ided by Claessens el al. (2001), Gani &Ngassam (2008). Yartcy (2010), Asongu (2012), and Ayaydin & Baltaci (2013) supports the argument that institutional quality is crucial to the development (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam ol stock market. However, it is the inconsistency of data and estimators that restrains empirical findings. .Another is generated from the Vietnamese(LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam
context. Different aspects of the stock marker in Vietnam, as an emerging marker where determinants of slock market development are insightfully unide412 I Policies and Sustainable Economic DevelopmentDeterminants of stock Market Development: The Case of Developing Countries and VietnamSƯ DINH THANH (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam ify the effects of institutional quality and macroeconomic factors on its development.rhe rest of rhe paper is structured as follows. Section 2 reviews rhe literature concerning determinants of slock market development. Section 3 introduces the model, method, and data for further empirical analysis. (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam Section 4 presents and discusses the results. Finally, Section 5 concludes the study.4U I Policies and Sustainable Economic Development2.Literature r(LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam
eviewStudies on stock market development can be categorized into three major strands. The first focuses on the macroeconomic determinants of stock mar412 I Policies and Sustainable Economic DevelopmentDeterminants of stock Market Development: The Case of Developing Countries and VietnamSƯ DINH THANH (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam flows in stock market development.Given the macroeconomic determinants of stock market development, most investigations ascribe the macroeconomic factors such as economic growth, saving rate, investment rate, development of financial intermediaries, and capital market liquidity to the critical deter (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam minants of stock market capitalization. Quartey and Gaddah (2007) find that economic growth, credit to private sector, exchange rate, and gross domest(LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam
ic savings have positive effects while interest rate has a negative impact on stock market development in Ghana over the period of 1991-2004, using VE412 I Policies and Sustainable Economic DevelopmentDeterminants of stock Market Development: The Case of Developing Countries and VietnamSƯ DINH THANH (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam t money supply, capital market liquidity, investment rate, inflation, and credit to private sector have positive influence while nominal gross domestic product and net remittances negatively affect stock market development in Jordan from 1990 to 2011. Meanwhile, Evrim-Mandaci et al. (2013) analyze t (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam he key determinants of stock market development in 30 advanced and emerging countries during the period between i960 and pre-financial global meltdown(LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam
(2007) using random-effect SUR estimation. The results show that credit to private sector, foreign direct investment, and remittances are a few posit412 I Policies and Sustainable Economic DevelopmentDeterminants of stock Market Development: The Case of Developing Countries and VietnamSƯ DINH THANH (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam Asian countries over the period of 1990-2008. recognize economic growth rate. Stock market, gross domestic savings, credit to private sector, M2 money supply, and inflation change as key determinants of stock market development. Accordingly, macroeconomic instability (inflation change) has a negati (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam ve impact while the remaining variables have positive effects on stock market capitalization. Conversely, the empirical results from Shahbaz et al. (2(LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam
015), which employ VECM with ARDL bounds test, show that inflation has a significantly positive impact on stock market development in Pakistan from 19412 I Policies and Sustainable Economic DevelopmentDeterminants of stock Market Development: The Case of Developing Countries and VietnamSƯ DINH THANH (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam ively on stock market development. More recently, using Structural Equation Modeling approach (SEM) for quarterly secondary data spanning from 1991 to 2011 in Ghana, Acquah-Sam (2016) provide empirical evidence that the effects of investment rate and economic growth on stock market development are s (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam ignificantly positive while the negative sign is found of interest rates.In parallel, some studies of this strand also find that financial intermediar(LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam
y development and stock market capitalization are complements instead of substitutes. The estimated results from Garcia and Liu (1999) using FEM confi412 I Policies and Sustainable Economic DevelopmentDeterminants of stock Market Development: The Case of Developing Countries and VietnamSƯ DINH THANH (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam om 1980 to 1995. Moreover, economic growth rate, saving rate, investment rate, and stock market liquidity are thePolicies and Sustainable Economic Development I 415positive determinants of stock market development in these countries. With the same methodology* and results as Garcia and Liu (1999), B (LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam en Naceur et al. (2007) show that financial intermediaries and stock markets arc complements rather than substitutes in the growth process in 12 Middl(LUẬN văn THẠC sĩ) determinants of stock market development, the case of developing countries and vietnam
e Eastern and North African (MENA) countries from 1979 to 1999. In addition, Ben Naceur el al. (.2007) also verify that saving rate, credit to privateGọi ngay
Chat zalo
Facebook