This paper investigates the long-term relationship between financial market development and economic development in Belgium. We use a new data set of stock market development indicators to argue that financial market development substantially affected economic growth. We find strong evidence that stock market development caused economic growth in Belgium, especially in the period between 1873 and 1935. Institutional changes affecting the stock exchange explain the time-varying nature of the link between stock market development and economic growth.
Buelens, Frans, Ludo Cuyvers, and Stijn Van Nieuwerburgh. "Stock Market Development and Economic Growth in Belgium." Explorations in Economic History 43, no. 1 (January 2006): 13-38.
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