THE IMPACT OF FOREIGN DIRECT INVESTMENT ON STOCK MARKET DEVELOPMENT: EVIDENCE FROM PAKISTAN

被引：18
|
作者：
Shahbaz, Muhammad [1 ]
Lean, Hooi Hooi [1 ]
Kalim, Rukhsana [1 ]
机构：
[1] Univ Sains Malaysia, Sch Social Sci, Econ Program, George Town, Malaysia
来源：
ECONOMIC RESEARCH-EKONOMSKA ISTRAZIVANJA | 2013年 / 26卷 / 01期
关键词：
Stock Market development; Foreign Direct Investment; Pakistan; Complementary; Cointegration; COINTEGRATION; VARIABLES; NEXUS;
D O I：
10.1080/1331677X.2013.11517588
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Developing countries are witnessing changes in the composition of capital flows in their economies due to the expansion and integration of the world equity market. This paper investigates the impact of foreign direct investment on the stock market development in Pakistan. The key interest revolves around the complementary or substitution role of foreign direct investment to the development of stock market. ARDL bounds testing approach to cointegrationand ECM are employed for the analysis. Our results support the complementary role of foreign direct investment to the stock market development in Pakistan. Moreover, domestic savings, income and inflation are the other macroeconomic variables that affect the development of stock market in Pakistan.
引用
收藏
页码：17 / 32
页数：16
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