Empirical Determinants of Equity Market Development: Analysis of High Income and Middle Income Economies

Authors

  • Muhammad Shafiq-ur- Rehman PhD Scholar, Applied Economics Research Centre, University of Karachi, Pakistan
  • Mohammed Nishat Professor and Dean Management Sciences, SalimHabib University, Karachi, Pakistan

Keywords:

High Income Economies, Middle Income Economies, Liquidity, Stock Market, Banking Sector Development

Abstract

This paper examines the macroeconomic determinants of stock market development using panel data of high and middle income economies for the period 1996 to 2019. The findings indicate that liquidity, income level and banking sector development are important macroeconomic determinants of equity market. Results further manifests that there is a nonlinear and U shaped relationship between stock market development and banking sector development in high income economies.

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Published

2022-06-30

How to Cite

Rehman, M. S.- ur-., & Nishat, M. . (2022). Empirical Determinants of Equity Market Development: Analysis of High Income and Middle Income Economies. Pakistan Journal of Social Sciences, 42(2), 329-340. Retrieved from http://pjss.bzu.edu.pk/index.php/pjss/article/view/1093