The authors investigate the impact of
stock markets and banks on economic growth using a panel
data set for 1976-98 and applying recent generalized method
of moments (GMM) techniques developed for dynamic panels.
The authors illustrate econometrically the differences that
emerge from different panel procedures. On balance, stock
markets and banks positively influence economic growth--and
these findings are not a result of biases induced by
simulaneity, omitted variables, or inobserved
country-specific effects.
Bibliographic Details
| Main Authors: |
Beck, Thorsten,
Levine, Ross |
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| Format: | Policy Research Working Paper
biblioteca
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| Language: | English
en_US |
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| Published: |
World Bank, Washington, DC
2001-09
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| Subjects: | BANKS,
BLACK MARKET,
BLACK MARKET PREMIUM,
BUSINESS CYCLE,
CAPITAL ACCUMULATION,
CAPITAL CONTROLS,
CORPORATE GOVERNANCE,
COUNTRY SPECIFIC,
COVARIANCE MATRIX,
CREDIT MARKETS,
DEFLATORS,
DEPENDENT VARIABLE,
DESCRIPTIVE STATISTICS,
DEVELOPING COUNTRIES,
DEVELOPMENT INDICATORS,
DEVELOPMENT RESEARCH,
DYNAMIC PANEL,
DYNAMIC PANEL MODELS,
ECONOMETRICS,
ECONOMIC GROWTH,
ECONOMIC LITERATURE,
ECONOMIC PERFORMANCE,
ECONOMIC REVIEW,
ECONOMIC STUDIES,
ECONOMIC THEORY,
ECONOMICS,
EMPIRICAL LITERATURE,
EMPLOYMENT EQUATIONS,
EQUITY MARKETS,
ERROR TERM,
ERROR TERMS,
EXPLANATORY VARIABLES,
EXPORTS,
EXTERNALITIES,
FINANCIAL DEVELOPMENT,
FINANCIAL INSTITUTIONS,
FINANCIAL INTERMEDIARIES,
FINANCIAL INTERMEDIATION,
FINANCIAL MARKETS,
FINANCIAL SECTOR,
FINANCIAL STRUCTURES,
FINANCIAL SYSTEMS,
FIXED EFFECTS,
GDP,
GDP PER CAPITA,
GOVERNMENT EXPENDITURES,
GROSS DOMESTIC PRODUCT,
GROWTH DETERMINANTS,
GROWTH REGRESSION,
GROWTH REGRESSIONS,
HUMAN CAPITAL,
INCOME,
INFLATION,
INFLATION RATE,
LAGGED DEPENDENT,
LAGGED LEVELS,
LAGGED VALUES,
LIQUIDITY,
LONG-RUN GROWTH,
MARKET CAPITALIZATION,
MEASUREMENT ERRORS,
MONETARY ECONOMICS,
NEGATIVE IMPACT,
0 HYPOTHESIS,
POLICY RESEARCH,
PRIVATE SECTOR,
REAL GDP,
RESOURCE ALLOCATION,
REVERSE CAUSALITY,
SERIAL CORRELATION,
STATISTICAL ANALYSIS,
STOCK MARKETS,
TIME SERIES,
TRADE OPENNESS,
TRANSACTION COSTS,
TRANSACTIONS COSTS, |
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| Online Access: | http://documents.worldbank.org/curated/en/2001/09/1614762/stock-markets-banks-growth-correlation-or-causality
http://hdl.handle.net/10986/19535
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