{"id":107220,"date":"2024-01-22T15:07:48","date_gmt":"2024-01-22T14:07:48","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/107220\/"},"modified":"2026-02-17T16:30:29","modified_gmt":"2026-02-17T15:30:29","slug":"aktienmarkt-und-langfristiges-wirtschaftswachstum-gibt-es-einen-nexus-in-den-oecd-laendern","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/107220\/","title":{"rendered":"The Stock Market and its Influence on Long-term Economic Growth"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-107220","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The results of an OECD study, according to which stock markets influence the long-term growth of the real economy through the relationship between investment activities and stock market size, were reviewed and\/or supplemented on the basis of a data set newly generated by WIFO for 23 OECD countries and for the review period of 1970 to 2000. The results of calculations performed by Leahy et al. (2001) were tested for their robustness through the inclusion of three more countries and three more points in time in the data set as well as through additions to the list of available financial market variables.","onlinedate":"2003-03-19 12:00:00","lang":"German","publication_series":"","publication_date":"20030301","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Aktienmarkt; Wirtschaftswachstum\"]","jelcodes":"[]","related_publications":"[]","pdf":441207,"zip":null,"link":"https:\/\/www.wifo.ac.at\/wwa\/pubid\/23660","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"76","monthly_report_pages":"201-212","monthly_report_pages_sort":"201","issue":"3","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":"2003-03-19 12:00:00","types":[44312],"research_groups":[3500],"collaboration":"","persons":[3925],"persons_data":"[{\"personId\":3925,\"personName\":\"Franz R. Hahn\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Hahn, F. R.<\\\/span> (2003). <span>Aktienmarkt und langfristiges Wirtschaftswachstum. Gibt es einen Nexus in den OECD-L\u00e4ndern?<\\\/span> <span><em>WIFO-Monatsberichte<\\\/em><\\\/span>, <em>76<\\\/em>(3), 201-212. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/23660\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/23660<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Hahn FR<\\\/span>. <span class=\\\"title\\\"><span>Aktienmarkt und langfristiges Wirtschaftswachstum. Gibt es einen Nexus in den OECD-L\u00e4ndern?<\\\/span><\\\/span> <span>WIFO-Monatsberichte<\\\/span>. 2003 Mar;76(3):201-212.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{8e008cfe4aa9404a9db7969da53ccd48,<\\\/div><div>  title    = \\\"Aktienmarkt und langfristiges Wirtschaftswachstum. Gibt es einen Nexus in den OECD-L{\\\\\\\"a}ndern?\\\",<\\\/div><div>  abstract = \\\"Die Annahme, dass Finanzm{\\\\\\\"a}rkte sowohl das Niveau als auch die langfristige Wachstumsrate des Pro-Kopf-Einkommens direkt beeinflussen, gilt als eine der kontroversiellsten Propositionen der modernen Makro{\\\\\\\"o}konomie. Weniger umstritten ist die Hypothese, dass die Entwicklung der Finanzm{\\\\\\\"a}rkte mit dem gesamtwirtschaftlichen Entwicklungsprozess positiv korreliert. F{\\\\\\\"u}r viele {\\\\\\\"O}konomen in der Tradition des Keynesianismus gilt der Nexus zwischen Wirtschaftswachstum und Finanzm{\\\\\\\"a}rkten als herausragendes Beispiel f{\\\\\\\"u}r {\\\"}reverse causality{\\\"}. Neoklassisch orientierte {\\\\\\\"O}konomen halten die Bedeutung, die den Finanzm{\\\\\\\"a}rkten in der empirischen Literatur zur Erkl{\\\\\\\"a}rung von langfristigem Wachstum zuerkannt wird, f{\\\\\\\"u}r nicht gerechtfertigt.\\\",<\\\/div><div>  keywords = \\\"Aktienmarkt; Wirtschaftswachstum, Aktienmarkt; Wirtschaftswachstum\\\",<\\\/div><div>  author   = \\\"Hahn, \\\\{Franz R.\\\\}\\\",<\\\/div><div>  note     = \\\"Aktienmarkt\\\",<\\\/div><div>  year     = \\\"2003\\\",<\\\/div><div>  month    = mar,<\\\/div><div>  language = \\\"Deutsch\\\",<\\\/div><div>  volume   = \\\"76\\\",<\\\/div><div>  pages    = \\\"201--212\\\",<\\\/div><div>  journal  = \\\"WIFO-Monatsberichte\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Aktienmarkt und langfristiges Wirtschaftswachstum. Gibt es einen Nexus in den OECD-L\u00e4ndern?<\\\/p><p>AU  - Hahn, Franz R.<\\\/p><p>N1  - Aktienmarkt<\\\/p><p>PY  - 2003\\\/3<\\\/p><p>Y1  - 2003\\\/3<\\\/p><p>N2  - Die Annahme, dass Finanzm\u00e4rkte sowohl das Niveau als auch die langfristige Wachstumsrate des Pro-Kopf-Einkommens direkt beeinflussen, gilt als eine der kontroversiellsten Propositionen der modernen Makro\u00f6konomie. Weniger umstritten ist die Hypothese, dass die Entwicklung der Finanzm\u00e4rkte mit dem gesamtwirtschaftlichen Entwicklungsprozess positiv korreliert. F\u00fcr viele \u00d6konomen in der Tradition des Keynesianismus gilt der Nexus zwischen Wirtschaftswachstum und Finanzm\u00e4rkten als herausragendes Beispiel f\u00fcr \\\"reverse causality\\\". Neoklassisch orientierte \u00d6konomen halten die Bedeutung, die den Finanzm\u00e4rkten in der empirischen Literatur zur Erkl\u00e4rung von langfristigem Wachstum zuerkannt wird, f\u00fcr nicht gerechtfertigt.<\\\/p><p>AB  - Die Annahme, dass Finanzm\u00e4rkte sowohl das Niveau als auch die langfristige Wachstumsrate des Pro-Kopf-Einkommens direkt beeinflussen, gilt als eine der kontroversiellsten Propositionen der modernen Makro\u00f6konomie. Weniger umstritten ist die Hypothese, dass die Entwicklung der Finanzm\u00e4rkte mit dem gesamtwirtschaftlichen Entwicklungsprozess positiv korreliert. F\u00fcr viele \u00d6konomen in der Tradition des Keynesianismus gilt der Nexus zwischen Wirtschaftswachstum und Finanzm\u00e4rkten als herausragendes Beispiel f\u00fcr \\\"reverse causality\\\". Neoklassisch orientierte \u00d6konomen halten die Bedeutung, die den Finanzm\u00e4rkten in der empirischen Literatur zur Erkl\u00e4rung von langfristigem Wachstum zuerkannt wird, f\u00fcr nicht gerechtfertigt.<\\\/p><p>KW  - Aktienmarkt; Wirtschaftswachstum<\\\/p><p>KW  - Aktienmarkt; Wirtschaftswachstum<\\\/p><p>M3  - WIFO-Schriftenreihen<\\\/p><p>VL  - 76<\\\/p><p>SP  - 201<\\\/p><p>EP  - 212<\\\/p><p>JO  - WIFO-Monatsberichte<\\\/p><p>JF  - WIFO-Monatsberichte<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.3 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Stock Market and its Influence on Long-term Economic Growth - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/107220\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Stock Market and its Influence on Long-term Economic Growth\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/107220\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-17T15:30:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/107220\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/107220\\\/\",\"name\":\"The Stock Market and its Influence on Long-term Economic Growth - 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