The impact of bond market development on economic growth before and after the global financial crisis: Evidence from developed and developing countries |
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| Institution: | 1. Montpellier Business School, 2300 Avenue des Moulins, 34185 Montpellier cedex 4, France;2. Montpellier Research in Management, University of Montpellier, Montpellier, France;3. Poznan University of Economics and Business, Institute of Finance, Department of Investment and Financial Markets, al. Niepodleg?o?ci 10, 61-875 Poznań, Poland;4. University of Southampton, Southampton Business School, Department of Banking and Finance, Room 1013, Building 4, Highfield Campus, Southampton SO17 1BJ, United Kingdom;5. Ono Academic College, Faculty of Business Administration, Tzahal St 104, Kiryat Ono, Israel;6. Zayed University, College of Business, P.O. Box 144534. Abu Dhabi, United Arab Emirates;;7. South Ural State University, Chelyabinsk, Russian Federation |
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| Abstract: | This paper investigates the impact of bond market development on economic growth before and after the global financial crisis in 44 selected countries. A dynamic model based on endogenous growth theory is employed for the study for the period 1990–2017. We find robust evidence that the global financial crisis has distorted the link between bond market development and economic growth: before the global financial crisis, the bond market's impact on economic growth was positive; after the global financial crisis, the evidence is mixed. The main finance–growth channel by which proceeds from the bond market are eventually allocated to the most productive investments appears to be broken. |
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