Please use this identifier to cite or link to this item: http://scholarbank.nus.edu.sg/handle/10635/147002
Title: A STUDY OF THE RELATIONSHIP BETWEEN STOCK MARKET DEVELOPMENT AND ECONOMIC GROWTH IN SINGAPORE OVER THE PERIOD 1999 TO 2017.
Authors: TEO WEI LUN SHAWN
Keywords: stock market development, economic growth, Singapore, Global Financial Crisis, Vector Autoregression, Impulse Response Function.
Issue Date: 9-Apr-2018
Citation: TEO WEI LUN SHAWN (2018-04-09). A STUDY OF THE RELATIONSHIP BETWEEN STOCK MARKET DEVELOPMENT AND ECONOMIC GROWTH IN SINGAPORE OVER THE PERIOD 1999 TO 2017.. ScholarBank@NUS Repository.
Abstract: This study examines the relationship between stock market development and economic growth in Singapore from 1999Q1 to 2017Q3. By focusing on the two sub-sample periods before (1999Q1-2007Q3) and after (2009Q1-2017Q3) the Global Financial Crisis (GFC), this study investigates how the stock market-economic growth relationship has changed over time, especially when subjected to major financial shocks. Preliminary analysis is conducted using Vector Autoregression followed by the subsequent application of the Impulse Response Function to better study the dynamic interrelationships between stock market development and economic growth. This study observed that there is a weakly positive bi-directional causal relationship between stock market development and economic growth before the GFC, and this relationship strengthened and increased in persistence after the GFC. In this paper, we interpret the results and formulate an analysis to account for the relationship patterns. We also discuss implications for future policy considerations and potential areas for further research.
URI: http://scholarbank.nus.edu.sg/handle/10635/147002
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