The Role of the Stock Market in the Sustainable Growth of the Mongolian Economy

• 발행기관: 한국상품학회
• 저자명: Erdenetuya ChuluunbaatarㆍNam Doowoo
• 간행물 정보: 『상품학연구』제30권 제6호, 79~87쪽, 전체 9쪽
• 주제분류: 경제경영 > 경영학
• 파일형태: PDF
• 발행일자: 2012.11.30

영문 초록

Economic development is probably the most pressing issue in almost every part of the world. Also, the globalization of the securities markets is bringing increased attention to stock market throughout the world. To assess the potential for stock markets in transition economies likeMongolia, it is important to understand which factors are the determinants of economic growth and stock market development. The development of stock markets in transition economies also depend on the degree of macroeconomic stability, the evolution of securities and corporate laws, and the assets accumulated by institutional investors in each country. This study has been conducted to assess the relationship between economic growth and stock market in Mongolia by using multiple regression tests for the period of 1995-2008. It seems necessary to divide the stockmarket development periods into two sub-periods: Period 1 including the time since the secondary market started and before the impressive stock market report 1995-2006; Period 2 including the times during stock market has reached huge result in history, the impact of global financial crisis, and high level of inflation rate. Empirical results show there were no big difference between 2 periods and in terms of stock market efficiency, the results frommultiple regression tests suggest that the stockmarket was insignificant and did not contribute to the economic growth.

목차

Abstract

I. Introduction

II. Literature Review and the Overview of the Mongolian Economy

III. Research Hypotheses and Models

IV. Empirical Results and Discussions

V. Conclusions

References

키워드

Mongolian stockmarket market capitalization liquidity volatility