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Stock Market And Economic Growth: An Empirical Analysis For Germany

Keywords: Stock market , Economic growth , VAR model , Granger causality

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Abstract:

This paper investigates the causal relationship between stock market development and economic growth for Germany for the period1965-2007 using a Vector Error Correction Model (VECM). The purpose of this paper was to examine the long-run relationshipbetween these variables, applying the Johansen co-integration analysis based on the classical unit roots tests. The results of Grangercausality tests indicated that there is a unidirectional causality between stock market development and economic growth withdirection from stock market development to economic growth.

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