Model 1

Model 2

Model 3

Stock Market Development, mcr

1

1

1

Economic Growth, gdp

0.14507*

[1.65445]

0.846471***

[2.84109]

0.02741*

[1.79501]

Banking Development, dctps

0.37744*

[1.65363]

0.557385*

[1.75811]

0.89635**

[2.39218]

Stock Market Liquidity, tvtsr

0.45551***

[2.71946]

1.4171***

[7.15448]

0.60543***

[3.84115]

Savings, gds

−1.72887***

[4.86793]

−1.85013***

[−5.71500]

Investment, gfcf

2.14311*

[1.69928]

Inflation, inf

−0.94963***

[−3.62064]

C

−2.78045

−30.0119

−9.07428