Is Solow’s Paradox Absent in World Leading Capital Markets? Econometric Evidence
Abstract
Information technology has transformed the traditional economy into digital economy during this century. Yet there has been debate of Solow’s Paradox in theoretical and empirical literature. Considering its importance, this research examines its impact on Capital Market Activity by using 47 countries of world’s leading capital markets. Market capitalization of listed companies (% of GDP) and Stock traded turnover ratio (%) have been considered as proxies for capital market activity while Information and Communication Technology expenditure is used as development indicators for ICT. Recently development Pooled Mean Group (PMG) approach to cointegration is employed on data of 47 countries capital markets for time span 1990-2012. PMG being a heterogeneous panel estimation technique allows the slope and short run parameters to vary across the countries. Results show the presence of long run relationship between ICT development and capital market activity. Recommendations are made on the basis of empirical findings.
Keywords
Infectious and parasitic diseases
Medicine
Science
physics
environmental effects of industries and plants
renewable energy sources
environmental sciences
business
public aspects of medicine
economic theory. demography
management. industrial management
computer engineering. computer hardware
bibliography. library science. information resources
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43903
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