Bibliographic citations
Castillon, K., (2022). Factores determinantes del desarrollo del mercado de valores en los países del MILA [Trabajo de investigación, Universidad Peruana de Ciencias Aplicadas (UPC)]. http://hdl.handle.net/10757/660455
Castillon, K., Factores determinantes del desarrollo del mercado de valores en los países del MILA [Trabajo de investigación]. PE: Universidad Peruana de Ciencias Aplicadas (UPC); 2022. http://hdl.handle.net/10757/660455
@misc{sunedu/4388506,
title = "Factores determinantes del desarrollo del mercado de valores en los países del MILA",
author = "Castillon Medina, Katia Liseth",
publisher = "Universidad Peruana de Ciencias Aplicadas (UPC)",
year = "2022"
}
Stock market development is a substantial part of financial development and, therefore, necessary for economic growth of developed and developing countries. The objective of this work is to examine the macroeconomic and institutional factors that determine stock market development in Latin American Integrated Market (MILA) member countries during the period 2005-2019, contributing to the scarce literature, of this topic, for Latin America. A fixed effects model with Driscoll-Kraay standard errors is used to analyze the relationship between the dependent variable (stock market development) and independents (income level, savings rate, private capital flows, development of financial intermediaries, macroeconomic instability and institutional quality). The results indicate that increases in the income level, the savings rate and institutional quality lead to an increase of the market capitalization/GDP ratio in MILA's countries, while an increase in the real interest rate leads to a reduction in it. Also, the relationship between the development of the banking sector and the development of the stock market is non-monotonic.
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