The global increased of market integration for the past few decades has been staggering. Although numerous research have shown market integration as one of the main drivers of economic growth, existing literature has yet to find a conclusive result. Hence, this study examines the impact of stock market integration on economic growth in 32 countries of Asia and Europe regions. The study utilizes the Kalman Filter method to generate the stock market integration index and heterogenous panel models to investigate its relationship towards economic growth. Overall, the result shows that stock market integration has positive impact on economic growth in Asia and Europe high-income countries. However, the impact is not significant in Asia Middle-Income Countries, which suggest the insufficient absorptive capacities in these countries to benefit from the market integration. Such findings call for more appropriate market liberalization policies that fits the economic environment and geographical location of these countries.
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18 November 2021
PROCEEDINGS OF THE INTERNATIONAL CONFERENCE ON MATHEMATICAL SCIENCES AND TECHNOLOGY 2020 (MATHTECH 2020): Sustainable Development of Mathematics & Mathematics in Sustainability Revolution
8–10 December 2020
Penang, Malaysia
Research Article|
November 18 2021
The impact of stock market integration on economic growth in Asia and Europe regions Available to Purchase
Zainudin Arsad;
Zainudin Arsad
a)
1
School of Mathematical Sciences, Universiti Sains Malaysia
, Penang Malaysia
2
School of Economics, Finance and Banking, Universiti Utara Malaysia
, Kedah, Malaysia
a)Corresponding author: [email protected]
Search for other works by this author on:
Airil Khalid
Airil Khalid
b)
1
School of Mathematical Sciences, Universiti Sains Malaysia
, Penang Malaysia
2
School of Economics, Finance and Banking, Universiti Utara Malaysia
, Kedah, Malaysia
Search for other works by this author on:
Zainudin Arsad
1,2,a)
Airil Khalid
3,4,b)
1
School of Mathematical Sciences, Universiti Sains Malaysia
, Penang Malaysia
2
School of Economics, Finance and Banking, Universiti Utara Malaysia
, Kedah, Malaysia
1
School of Mathematical Sciences, Universiti Sains Malaysia
, Penang Malaysia
2
School of Economics, Finance and Banking, Universiti Utara Malaysia
, Kedah, Malaysia
a)Corresponding author: [email protected]
AIP Conf. Proc. 2423, 070023 (2021)
Citation
Zainudin Arsad, Airil Khalid; The impact of stock market integration on economic growth in Asia and Europe regions. AIP Conf. Proc. 18 November 2021; 2423 (1): 070023. https://doi.org/10.1063/5.0075998
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