000			01499pab a2200205 454500
008			180718b1999 xxu||||| |||| 00| 0 eng d
100			_aNagaishi, Makoto
245			_aStock market development and economic growth: dubious relationship
260			_c1999
300			_ap.2004-012
362			_a17 Jul
520			_aDoes the stock market play a positive role in the process of economic growth? This paper examines the controversial issue in the Indian context. The results of the investigation indicate: (i) so far as the function of domestic savings mobilisation is concerned, Indian stock market development from the 1980s onwards has not played a prominent role, (ii) if there is further deregulation of the stock market to attract more foreign portfolio inflows into India, there seems to be no way to avoid similar problems as Mexico, Korea and Thailand, such as more volatile movement of domestic stock prices and unstable BoP positions, (iii) bank credit to the commercial sector has no positive correlationship with indicators of stock market development. These findings indicate that the functional relationship between stock market development and economic growth is, at least so far, a fond hope in the Indian context. - Reproduced
650			_aCapital market - India
650			_aStock exchange - India
650			_aEconomic growth - India
650			_aFinancial markets - India
650			_aFinancial markets
773			_aEconomic and Political Weekly
909			_a41650
999			_c41650 _d41650