Akerlof, G. (1970) ‘The market for ‘lemons’: quality uncertainty and the market mechanism’, Quarterly Journal of Economics, 84(3), pp. 488-500, https://doi.org/10.2307/1879431
Alvarez-Ramirez, J., Rodriguez E. and Echeverria, J.C. (2009) ‘A DFA approach for assessing asymmetric correlations, Physica A, 388(12), pp. 2263-2270, https://doi.org/10.1016/j.physa.2009.03.007
Ang, A. and Chen, J. (2002) ‘Asymmetric correlations of equity portfolios’, Journal of Financial Economics, 63(3), pp. 443-494, https://doi.org/10.1016/s0304-405x(02)00068-5
Atje, R. and Jovanovic, B. (1993) ‘Stock markets and development’, European Economic Review, 37(2-3), pp. 632-640, https://doi.org/10.1016/0014-2921(93)90053-d
Ben Naceur, S., Ghazouani, S. and Omran, M. (2008) ‘Does stock market liberalization spur financial and economic development in the MENA region?’, Journal of Comparative Economics, 36(4), pp. 673-693, https://doi.org/10.1016/j.jce.2007.12.002
Binswanger, M. (2000) ‘Stock returns and real activity: is there still a connection?’, Applied Financial Economics, 10(4), pp. 379-387, https://doi.org/10.1080/09603100050031507
Bonga-Bonga, L. and Manguzvane, M.M. (2026) ‘Stock market correlation and geographical distance: does the degree of economic integration matter?’, Economia Internazionale/International Economics, forthcoming.
Darrat, A. (1999) ‘Are financial deepening and economic growth causally related? Another look at the evidence’, International Economic Journal, 13(3), pp. 19-35, https://doi.org/10.1080/10168739900000002
Doornik, J.A. and Hansen, H. (2008) ‘An omnibus test for univariate and multivariate normality’, Oxford Bulletin of Economics and Statistics, 70(s1), pp. 927-939, https://doi.org/10.1111/j.1468-0084.2008.00537.x
Fama, E.F. (1981) ‘Stock returns, real activity, inflation, and money’, American Economic Review, 71(4), pp. 545-565.
Fama, E.F. (1990) ‘Stock Returns, Expected Returns, and Real Activity’, Journal of Finance, 45(4), pp. 1089-1108, https://doi.org/10.1111/j.1540-6261.1990.tb02428.x
Fischer, S. and Merton, R.C. (1984) ‘Macroeconomics and finance: the role of the stock market’, Carnegie-Rochester Conference Series on Public Policy, 21, pp. 57-108, https://doi.org/10.1016/0167-2231(84)90005-8
Ferreira, C. (2025) ‘Causality tests between financial development and economic growth: empirical evidence from a panel including 46 countries spread by all continents’, Economia Internazionale/International Economics, 78(1), pp. 1-58, https://doi.org/10.65644/eiie.078.01.0001
FRED (2020) The Federal Reserve Bank of St. Louis, https://fred.stlouisfed.org/
Gordon, M.J. (1959) ‘Dividends, earnings and stock prices’, Review of Economics and Statistics, 41(2), pp. 99-105, https://doi.org/10.2307/1927792
Gordon, M.J. (1962) The Investment, financing, and valuation of the corporation, R.D. Irwin: Homewood, IL.
Gordon, M.J. and Gould, L.I. (1978) ‘The cost of equity capital: a reconsideration’, Journal of Finance, 33(3), pp. 849-861, https://doi.org/10.1111/j.1540-6261.1978.tb02026.x
Gordon, M.J. and Shapiro, E. (1956) ‘Capital equipment analysis: the required rate of profit’, Management Science, 3(1), pp. 102-110, https://doi.org/10.1287/mnsc.3.1.102
Gozgor, G. (2015) ‘Causal relation between economic growth and domestic credit in the economic globalization: Evidence from the Hatemi-J's test’, Journal of International Trade and Economic Development, 24(3), pp. 395-408, https://doi.org/10.1080/09638199.2014.908325
Granger, CW.J. and Yoon, G. (2002) ‘Hidden cointegration’, University of California, Economics Working Paper No. 2002-02, https://doi.org/10.2139/ssrn.313831
Hacker, R.S. and Hatemi-J, A. (2005) ‘A test for multivariate ARCH effects’, Applied Economics Letters, 12(7), pp. 411-417, https://doi.org/10.1080/13504850500092129
Hacker, R.S. and Hatemi-J, A. (2006) ‘Tests for causality between integrated variables using asymptotic and bootstrap distributions: theory and application’, Applied Economics, 38(13), pp. 1489-1500, https://doi.org/10.1080/00036840500405763
Hacker, R.S. and Hatemi-J, A. (2010) ‘HHcte: GAUSS module to Apply a Bootstrap Test for Causality with Endogenous Lag Order’, Statistical Software Components G00012, Boston College Department of Economics.
Hacker, R.S. and Hatemi-J, A. (2012) ‘A bootstrap test for causality with endogenous lag length choice: theory and application in finance’, Journal Economic Studies, 39(2), pp. 144-160. https://doi.org/10.1108/01443581211222635
Hall, R.E. and Kudlyak, M. (2021) ‘Why has the US economy recovered so consistently from every recession in the past 70 years?’, NBER Macroeconomics Annual, 36(1), pp. 1-55, https://doi.org/10.1086/718588
Harrington, J. (2024) Dividend investing: dependable income to navigate all market environments, Harriman House LTD: UK.
Hatemi-J, A. (2003) ‘A new method to choose optimal lag order in stable and unstable VAR models’, Applied Economics Letters, 10(3), pp. 135-137, https://doi.org/10.1080/1350485022000041050
Hatemi-J, A. (2008) ‘Forecasting properties of a new method to determine optimal lag order in stable and unstable VAR models’, Applied Economics Letters, 15(4), pp. 239-243, https://doi.org/10.1080/13504850500461613
Hatemi-J, A. (2011) ‘ACTEST: GAUSS Module to Apply Asymmetric Causality Tests’, Statistical Software Components G00014, Boston College Department of Economics.
Hatemi-J, A. (2012) ‘Asymmetric causality tests with an application’, Empirical Economics, 43, pp. 447-456, https://doi.org/10.1007/s00181-011-0484-x
Hatemi-J, A. and El-Khatib, Y. (2023) ‘The dividend discount model with multiple growth rates of any order for stock evaluation’, Economia Internazionale/International Economics, 76(1), pp. 135-146.
Hong, Y., Tu, J. and Zhou, G. (2008) ‘Asymmetries in stock returns: statistical test and economic evaluation’, Review of Financial Studied, 20(5), pp. 1547–1581, https://doi.org/10.1093/rfs/hhl037
Hussain, S. M. and Omrane, W.B. (2021) ‘The effect of US macroeconomic news announcements on the Canadian stock market: evidence using high-frequency data’, Finance Research Letters, 38, 101450, https://doi.org/10.1016/j.frl.2020.101450
Korajczyk, R.A. (1996) ‘A measure of stock market integration for developed and emerging markets’, World Bank Economic Review, 10(2), pp. 267-289, https://doi.org/10.1093/wber/10.2.267
Levine, R. and Zervos, S. (1998) ‘Stock markets, banks, and economic growth’, American Economic Review, 88(3), pp. 537-558.
Longin, F. and Solnik, B. (2001) ‘Extreme correlation of international equity markets’, Journal of Finance, 56(2), pp. 649-676, https://doi.org/10.1111/0022-1082.00340
Lutkepohl, H. (2005) New introduction to multiple time series analysis, Springer, https://doi.org/10.1007/3-540-27752-8
Mao, Y. and Wu, R. (2007) ‘Does the stock market act as a signal for real activity? Evidence from Australia’, Economic Papers, 26(2), pp. 180-192, https://doi.org/10.1111/j.1759-3441.2007.tb01015.x
McKinnon, R.I. (1973) Money and capital in economic development, Washington, D.C., The Brookings Institution, https://doi.org/10.2307/1960040
Mustafa, A. and Hatemi-J, A. (2022) ‘A VBA module simulation for finding optimal lag order in time series models and its use on teaching financial data computation’, Applied Computing and Informatics, 18(3-4), pp. 208-220, https://doi.org/10.1016/j.aci.2019.04.003
Ng, S. and Perron, P. (2001) ‘Lag Length Selection and the Construction of Unit Root Tests with Good Size and Power’, Econometrica, 69(6), pp. 1519-1554, https://doi.org/10.1111/1468-0262.00256
Österholm, P. (2016) ‘The long‐run relationship between stock prices and GDP in Sweden’, Economic Notes, 45(2), pp. 283-297, https://doi.org/10.1111/ecno.12057
Pan, L. and Mishra, V. (2018) ‘Stock Market Development and Economic Growth: Empirical Evidence from China’, Economic Modelling, 68, pp. 661-673, https://doi.org/10.1016/j.econmod.2017.07.005
Peña, J.I. and Rodriguez, R. (2006) ‘On the economic link between asset prices and real activity’, Journal of Business Finance and Accounting, 34(5-6), pp. 889-916, https://doi.org/10.1111/j.1468-5957.2006.00659.x
Petras, G. and Davidson, P. (2020) ‘The Economy in 6 Charts: Rebounding from Recession Could Prove Tougher in Month Ahead’, USA Today, July 27.
Schumpeter, J.A. (1911) The Theory of Economic Development, Harvard University Press: Cambridge, MA.
Shaw, E.S. (1973) Financial Deepening in Economic Development, Oxford University Press: London, https://doi.org/10.2307/2230515
Sims, C. (1980) ‘Macroeconomics and Reality’, Econometrica, 48(1), pp. 1-48, https://doi.org/10.2307/1912017
Spence, M. (1973) ‘Job market signalling’, Quarterly Journal of Economics, 87, pp. 355-374, https://doi.org/10.2307/1882010
Stiglitz, J. (1974) ‘Incentives and Risk Sharing in Sharecropping’, Review of Economic Studies, 41(2), pp. 219-255, https://doi.org/10.2307/2296714
Suzuki, S. (2012) ‘Stock Market Booms in Economies Damaged during World War II’, Research in Economics, 66(2), pp. 175-183, https://doi.org/10.1016/j.rie.2012.02.002
Tiwari, A.K., Bhattacharyya, M., Das, D. and Shahbaz, M. (2018) ‘Output and stock prices: new evidence from the robust wavelet approach’, Finance Research Letters, 27, pp. 154-160, https://doi.org/10.1016/j.frl.2018.02.005
Toda, H.Y. and Yamamoto, T. (1995) ‘Statistical inference in vector autoregressions with possibly integrated processes’, Journal of Econometrics, 66(1-2), pp. 225-250, https://doi.org/10.1016/0304-4076(94)01616-8
Tokic, D. and Jackson, D. (2024) ‘A probit-based analysis of the deep stock market drawdowns’, Journal of Economic Studies, 51(5), pp. 993-1010, https://doi.org/10.1108/jes-05-2023-0228
Wald, A. (1939) ‘Contributions to the Theory of Statistical Estimation and Testing Hypotheses’, Annals of Mathematical Statistics, 10(4), pp. 299-326, https://doi.org/10.1214/aoms/1177732144