scholarly journals Do financial inclusion, stock market development attract foreign capital flows in developing economy: a panel data investigation

2019 ◽  
Vol 3 (1) ◽  
pp. 88-108 ◽  
Author(s):  
Md Qamruzzaman ◽  
◽  
Jianguo Wei ◽  
Keyword(s):  
Panel Data ◽  
Stock Market ◽  
Capital Flows ◽  
Foreign Capital ◽  
Financial Inclusion ◽  
Market Development ◽  
Developing Economy ◽  
Stock Market Development ◽  
Foreign Capital Flows ◽  
Data Investigation

scholarly journals Institutional and Macroeconomic Determinants of Stock Market Development in Mena Region: New Results From a Panel Data Analysis

2010 ◽  
Author(s):  
Mondher Cherif ◽  
Kaouthar Gazdar
Keyword(s):  
Panel Data ◽  
Stock Market ◽  
Institutional Environment ◽  
Panel Data Analysis ◽  
Risk Index ◽  
Market Liquidity ◽  
Market Development ◽  
Mena Region ◽  
Stock Market Development ◽  
Mena Countries

This paper provides new evidence on the influence of macroeconomic environment and institutional quality on stock market development, using data from 14 MENA countries over the period of 1990-2007. Using both panel data and instrumental variable techniques, we found that income level, saving rate, stock market liquidity, and interest rate influence stock market development with the expected theoretical signs. Our results also showed that the banking and the stock market sectors are complementary instead of being substitutes. We found that the institutional environment as captured by a composite policy risk index does not appear to be a driving force for the stock market capitalization in the region. Our last results are robust to different specifications and empirical techniques.

scholarly journals The Influence of Financial Inclusion and Macroeconomic on Foreign Direct Investment (FDI) Flows in The Organization of Islamic Cooperation (OIC) Countries

2021 ◽  
Vol 11 (1) ◽  
pp. 71
Author(s):  
Farma Andiansyah
Keyword(s):  
Interest Rates ◽  
Capital Flows ◽  
Foreign Capital ◽  
Panel Data Analysis ◽  
Rapid Development ◽  
Financial Inclusion ◽  
Analysis Tool ◽  
Macroeconomic Variables ◽  
Negative Effect ◽  
Foreign Capital Flows

Foreign capital flows are important factors in the development of sustainable economies, especially in developing countries such as the OIC countries. Lately, the rapid development of the financial sector and macroeconomic stability became a serious concern by foreign investors, where financial inclusion and macroeconomics played an important role in attracting direct foreign capital flows (FDI). The study aims to investigate the role of financial inclusion and macroeconomic variables on the foreign direct flow of capital (FDI) by using data panels in 8 OKI member States during the 2012-2018 time span. The research uses the Fix Effect Model (FEM) Panel data Analysis tool, which is believed to be able to explain the correlation between independent variables and more accurate dependents. As for the results of the study showed that in partial only variable avaibility (the number of branches of the bank/100,000 adults) is a significant positive draws FDI in the OKI country. While on macroeconomic variables the exchange rates have significant negative effect on FDI, while interest rates and economic growth have significant positive relationships in attracting FDI.

scholarly journals STOCK MARKET DEVELOPMENT IN CEE COUNTRIES – THE PANEL DATA ANALYSIS

Ekonomika ◽  
2010 ◽  
Vol 89 (3) ◽  
pp. 20-29 ◽  
Author(s):  
Radosław Kurach
Keyword(s):  
Panel Data ◽  
Stock Market ◽  
Transition Economies ◽  
System Development ◽  
Panel Data Analysis ◽  
Market Development ◽  
Necessary Condition ◽  
Market Segment ◽  
Stock Market Development ◽  
Long Run

Since financial system development is a necessary condition of the long-run economic growth, in this paper we address the question about the factors that may drive in particular the development of stock market segment. We propose a set of potential determinants and then empirically verify their importance, employing panel data methodology. We focus our attention on the thirteen CEE states and look for the conclusions that may be specific for transition economies in this region. Finally, we formulate the finding that large budget deficitshave affected significantly and adversely the CEE countries’ stock markets growth.p>

scholarly journals Macroeconomic Determinants of Stock Market Development in Ghana

2016 ◽  
Vol 3 (2) ◽  
pp. 33 ◽  
Author(s):  
Alexander Owiredu ◽  
Moses Oppong ◽  
Sandra A Asomaning
Keyword(s):  
Stock Market ◽  
Capital Flows ◽  
Real Income ◽  
Market Liquidity ◽  
Market Development ◽  
Private Capital ◽  
Stock Market Development ◽  
Private Capital Flows ◽  
Domestic Savings ◽  
Macroeconomic Stability

Financial systems have been found to have a positive influence on the economic development of most countries. The stock market, which is also a component of the financial system is said to play an integral role in economic growth. This paper examines the macroeconomic determinants of stock market development in Ghana for the period 1992 to 2012 using annual secondary data from Bank of Ghana Quarterly Economic Bulletins, Ghana Statistical Service, Ghana Stock Exchange Market Statistics, the World Bank and IMF’s International Financial Statistics. The macroeconomic indicators such as the real income (GDP per capita income), domestic saving, stock market liquidity, financial intermediary growth, macroeconomic stability (inflation) and private capital flows with stock market capitalization used as a proxy for the study were collected and used for the analysis. These variables were examined to establish a relationship with stock market developments based on a linear regression model.The regression analysis found stock market liquidity to be statistically significant to stock market developments as opposed to the other determinants (such as macroeconomic stability (inflation) real income and domestic savings and private capital flows) which were found to be non-significant. This result suggests that macroeconomic stability (inflation), real income, domestic savings and private capital flows proved not to have any significant impact on stock market development, since their regression coefficients were not statically significant at the 5% level of significance.

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