Phát triển thị trường chứng khoán, tăng trưởng kinh tế và vai trò kiểm soát tham nhũng tại các quốc gia đang phát triển
DOI:
https://doi.org/10.24311/jabes/2019.30.4.4Keywords:
Stock market development, Economic growth, Corruption control, Corruption control roleAbstract
This paper aims to investigate the role of corruption in moderating the impact of stock market development on economic growth in developing countries during the 2002-2017 period. By using the two-step system GMM estimator technique with a dynamic panel, this study has confirmed that controlling corruption has a positive impact on economic growth, in addition, they also control the impact of stock market development on economic growth. The decrease in corruption (an increase in perceived corruption index) has a positive impact on economic growth, however, they limit the positive impact of stock market development on economic growth through interactive variables of corruption and stock market development. This paper uses corruption control variables obtained from World Bank and Corruption Perceptions Index of Transparency International to check the robustness of the model. Therefore, this research finally proposes some crucial policies for developing countries
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