摘要：This paper investigates the causal relationship between stock marketdevelopment and economic growth for Germany for the period 1965-2007 using a Vector ErrorCorrection Model (VECM).The purpose of this paper wasto examine the long-run relationship between these variables,applying the Johansen co-integrationanalysis basedon the classical unit roots tests. The results of Granger causality tests indicated thatthere is a unidirectional causality between stock market development and economic growth with direction from stock market development to economic growth
