Stock Markets, Banks, and Growth: Panel Evidence

descriptionPublicationkeyboard_double_arrow_right Article , Other literature type , Preprint 01 Jan 2002 English Publisher:Elsevier BVJournal:SSRN Electronic Journal (eissn: 1556-5068,

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Authors: Beck, T.H.L.; Levine, R.;

doi: 10.2139/ssrn.314904 , 10.1016/s0378-4266(02)00408-9

Stock Markets, Banks, and Growth: Panel Evidence

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Abstract

This paper investigates the impact of stock markets and banks on economic growth using a panel data set for the period 1976-98 and applying recent GMM techniques developed for dynamic panels. On balance, we find that stock markets and banks positively influence economic growth and these findings are not due to potential biases induced by simultaneity, omitted variables or unobserved country-specific effects.

Related Organizations

National Bureau of Economic Research
United States
University of California, Berkeley
United States
City St George’s, University of London
United Kingdom
World Bank
United States
Tilburg University
Netherlands

Keywords

jel: jel:O16, jel: jel:G00

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