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Stock Market Development and Economic Growth in BelgiumStijn Van NieuwerburghNew York University Stern School of Business, Department of Finance; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR) Frans BuelensUniversity of Antwerp Ludo Cuyversaffiliation not provided to SSRN July 2005 NYU Working Paper No. FIN-05-024 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.
Number of Pages in PDF File: 36 working papers seriesDate posted: November 3, 2008Suggested CitationContact Information
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