Stock Market Development and Commodity Price on ASEAN-5 Economic Growth

摘要

The advance in financial service industry and commodity price's fluctuation play a pivotal role for the development of economic growth. This study attempted at analyzing the relationship among stock market development (market capitalization, total value traded ratio and turnover ratio), commodity price (Coal, CPO, Oil, Rubber, and Gold) on economic growth in ASEAN-5 countries, namely Indonesia, Malaysia, Singapore, Thailand, and the Philippines. All the annual data has been taken from World Bank over the period of 2000 to 2018. The panel data was applied by using Eviews 9. The result revealed that market capitalization, total value traded ratio, oil and rubber have positive impact, while turnover ratio, crude palm oil, and gold have negative impact on economic growth. This research will help investors and policy makers to understand the impact of stock market development and commodity price for economic growth in ASEAN-5 countries.