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Please use this identifier to cite or link to this item: http://dspace.bits-pilani.ac.in:8080/jspui/xmlui/handle/123456789/8776
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dc.contributor.authorGiri, Arun Kumar-
dc.date.accessioned2023-01-27T04:31:42Z-
dc.date.available2023-01-27T04:31:42Z-
dc.date.issued2015-07-
dc.identifier.urihttps://www.researchgate.net/profile/Arun-Giri-3/publication/308898659_Macroeconomic_Variables_and_Stock_Market_Development_in_India_An_Application_of_ARDL_Bounds_Testing_Approach/links/57f5f65c08ae280dd0b8f6ec/Macroeconomic-Variables-and-Stock-Market-Development-in-India-An-Application-of-ARDL-Bounds-Testing-Approach.pdf-
dc.identifier.urihttp://dspace.bits-pilani.ac.in:8080/xmlui/handle/123456789/8776-
dc.description.abstractThis paper examines the relationship between selected macroeconomic variables and stock market development in India using quarterly data from 1996:Q1 to 2012:Q3. Ng-Perron unit root test is utilized to check the order of integration of the variables. The long-run relationship is examined by implementing the ARDL bounds testing approach. VECM method is used to test the short and long-run causality, and variance decomposition is used to predict long-run exogenous shocks of the variables. Results confirm a long-run relationship among the variables. Evidence suggests that economic growth, FIIs and Trade openness in India influence the stock market capitalization positively. The VECM result indicates short-run unidirectional causality running from trade openness to stock market development. Result of variance decomposition shows that stock market development is mostly explained by trade openness. The Government can take steps to encourage FDI and trade openness to facilitate investment in stock markets, which will lead to increased economic activityen_US
dc.language.isoenen_US
dc.publisherThe Empirical Economics Lettersen_US
dc.subjectEconomics and Financeen_US
dc.subjectMarket Capitalizationen_US
dc.subjectEconomic Growthen_US
dc.subjectForeign Direct investmenten_US
dc.subjectForeign Institutional investmenten_US
dc.subjectAuto regressive distributed lag (ARDL)en_US
dc.titleMacroeconomic Variables and Stock Market Development in India: An Application of ARDL Bounds Testing Approachen_US
dc.typeArticleen_US
Appears in Collections:Department of Economics and Finance

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