رابطه علت و معلول میان رشد اقتصادی، تورم، و توسعه بازار سهام: مورد کشورهای OECD

This paper investigates cointegration relationships and Granger causality nexus in a trivariate framework among economic growth, inflation, and stock market development. Utilizing three measures of stock market development and employing a panel vector autoregressive model, we study 34 OECD countries over the time period of 1960–2012. Our novel panel-data estimation method allows us to identify important causal links between the variables both in the short run and in the long run.