Stock Market Development and Cross-Country Differences in Relative Prices
研究发现股市规模与价格水平的关系在股市欠发达和发达两组国家中方向相反，并论证了股市通过影响需求和技术选择导致这一因果机制。
We document a positive correlation between stock market capitalization and price levels (wages) within the group of countries with poorly developed stock markets and a negative correlation between these two variables within the group of countries with more developed stock markets. This paper argues that there is a causal relationship behind these correlations. Stock markets initially stimulate growth, pushing the demand for nontradables and increasing prices and wages. Stock markets also promote a shift toward more capital-intensive technologies in the tradable sector, increasing the migration of workers to services and eventually putting downward pressure on wages and prices. (c) 2010 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.