Stock Market Development and Economic Growth in Belgium

Van Nieuwerburgh, Stijn; Buelens, Frans; Cuyvers, Ludo

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Stock Market Development and Economic Growth in Belgium

NYU Working Paper No. FIN-05-024

36 Pages Posted: 3 Nov 2008

See all articles by Stijn Van Nieuwerburgh

Stijn Van Nieuwerburgh

Columbia University Graduate School of Business; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR); ABFER

Ludo Cuyvers

affiliation not provided to SSRN

Date Written: July 2005

Abstract

This paper investigates the long-term relationship between financial market development and economic development in Belgium. We use a new data set of stock market development indicators to argue that financial market development substantially affected economic growth. We find strong evidence that stock market development caused economic growth in Belgium, especially in the period between 1873 and 1935. Institutional changes affecting the stock exchange explain the time-varying nature of the link between stock market development and economic growth.

Suggested Citation: Suggested Citation

Van Nieuwerburgh, Stijn and Buelens, Frans and Cuyvers, Ludo, Stock Market Development and Economic Growth in Belgium (July 2005). NYU Working Paper No. FIN-05-024, Available at SSRN: https://ssrn.com/abstract=1294160