Resumen

VILLARREAL-SAMANIEGO, Jesús Dacio. Stock market development and economic growth in Mexico: An examination through ARDL and Non-causality approaches. Contad. Adm [online]. 2021, vol.66, n.3, 00003.  Epub 07-Feb-2022. ISSN 0186-1042.  https://doi.org/10.22201/fca.24488410e.2021.2259.

This research paper examines the interaction between the development of the stock market and economic growth in Mexico. Unit root tests with structural changes show that of all crises registered between 1993 and the first quarter of 2018, the so-called Tequila Crisis of the mid-1990s was the most relevant since it affected all the variables examined. When applying the ARDL model with limits tests, the study found cointegration between the dynamics of economic indicators and several variables of the stock market, but not with the Price and Quotations Index. The results of the Granger non-causality test through the Toda & Yamamoto methodology suggest that market capitalization caused economic growth in Mexico and indicate a two-way causality between economic growth and the market capitalization index.

Palabras llave : Economic growth; Stock market; ARDL; Causality.

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