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Stock Market Development and Economic Growth in Sri Lanka
S. A. U. Niranjala, Wei Jianguo
Volume 15 Issue 8
Global Journal of Management and Business
Volume 15 Issue 8
Global Journal of Management and Business
Stock markets have long played an important role in economic life (Stijn, V. N., Frans, B., Ludo, C., 2006). The objective of this study is to explore the presence of a causal relationship between stock market development and economic growth in Sri Lanka. Sample period uses annual time series data over the period from 1990 to 2013. To address this relationship, a Granger Causality Test was employed. Nominal GDP values are used as a proxy for economic growth, and market capitalization ratio (MCR) is used as a proxy for stock market development. The results of this study support that the stock market performance plays a major role in economic growth in Sri Lanka.
