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1、外文文献翻译原文及译文标题:StockMarketDevelopmentandEconomicGrowth:AnEmpiricalAnalysisofZimbabwe(1989-2014)作者:RabsonMagweva,TaHreiMashamba期干H:AmericanJoumalofEconomics&BusinessAdministration年份:2016原文StockMarketDevelopmentandEconomicGrowth:AnEmpiricalAnalysisofZimbabwe(198
2、9-2014)RabsonMagweva,TafireiMashambaAbstractTherelationshipbetweenstockmarketdevelopmentandeconomicgrowthvariesacrossnationsandregions.Thisrelationshipisofsignificancetoregulatoryauthorities,investorsandportfoliomanagersintheiroperationsaimedatenhancingthewel
3、fareofthecitizensandclientsatlarge・ThepurposeofthisstudyistoexaminetherelationshipbetweenthesetwovariablesinZimbabwefortheperiod1989to2014.ThepaperemployedtheVectorErrorCorrectionModelapproachafterestablishingtheorderofintegration(unitroottests)andcointegrati
4、onbetweenvariables・Allthevariableswerefoundtobestationaryat1%levelafterfirstdifferencingusingthePhillips-Perontests.Thelongrunrelationshipwasnegative,whereastheshortruncoefficientswereinsignificant.Thoughcontrarytofinancialtheory,theresults,toalargeextent,tes
5、tifytowhathappenedduringtheperiod.Basedonthesefindings,theZimbabweStockExchangeandSecuritiesandExchangesCommissionareurgedtocomeupwithalternativeproductstolurenewlistingsfromthesmalltomediumenterprises.ItisalsorecommendedthatallthestakeholdersfocusbeyondtheZi
6、mbabweStockExchangetopromoteeconomicgrowthasthefirmsseemtoraisefundsfromothersources・Keywords:cointegration,economicgrowth,stockmarket,unitroottests,vectorerrorcoiTectionmodel1IntroductionTheconnectionandco-movementbetweenstockmarketdevelopmentandeconomicgrow
7、thhavebeenheavilydebatedbyfinancialeconomistsasevidencedbythelargenumberofpublishedarticlesonthematter.AcasualinspectionofstockmarketpricesandGDP,mostlyindevelopedmarketeconomies,revealsthatthesevariablestendtomovetogetherovertime.Whatremainsthornytoresearche
8、rsisthequestionastowhysucharelationshipexists.Isitpurecoincidence,wealtheffect,oristhestockmarketa"mirror9oraleadingindicatoroftheeconomyordoesthestockmarketdrivetheeconomyorthereverse?Th
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