Browsing by Subject "Stock index futures"

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    Do stock index futures affect economic growth? Evidence from 32 countries
    (Routledge, 2017-12-29) Yüncü, İ. Ş; Akdeniz, Levent; Aydoğan, Kürşat
    This article investigates the relationship between stock index futures markets development and economic growth using time-series methods for 32 developed and developing countries. Evidence of cointegration between stock index futures and real economy in 29 countries suggests the presence of co-movements among the variables, indicating long-run stationarity in those countries. Our findings show that there is Granger-causality from stock index futures markets development to economic growth for middle-income countries with relatively low real per capita GDP, and Granger-causality in the reverse direction for the countries with high real per capita GDP. Variance decomposition and impulse-response function (IRF) analyses results support the existence of a relationship between stock index futures and real economy. Copyright