Abstract:

Researchers have studied the role of capital markets in the economic development of a country for more than 100 years. They have unanimously agreed that capital markets have a positive influence on the economies. When analysing capital markets, we refer to a framework where capital or resources are exchanged and reallocated, from those who have an excess to those who are in demand of it. We analyse a database of 50 stock markets from 47 countries around the world during the 2008-2017.