EconPapers    
Economics at your fingertips  
 

Stock markets, banks, and economic growth: Evidence from more homogeneous panels

Tolina Fufa and Jaebeom Kim

Research in International Business and Finance, 2018, vol. 44, issue C, 504-517

Abstract: The present paper investigates whether the link between stock markets, banks, and economic growth becomes more evident as more homogeneous groups of countries are considered. The dynamic panel generalized method of moment (GMM) estimator with Windmeijer (2005) correction is employed using data of European and non-European high-income countries as well as upper and lower middle-income countries averaged over five and three years. Our results indicate that the link between financial development and economic growth depends on the stages of economic growth of the countries. As more homogeneous economies are involved in a panel, a more economically stylized link is uncovered.

Keywords: Economic growth; Stock market development; Financial development; Homogeneous panel; GMM (search for similar items in EconPapers)
JEL-codes: G10 G21 O16 O40 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4) Track citations by RSS feed

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0275531917303173
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:44:y:2018:i:c:p:504-517

DOI: 10.1016/j.ribaf.2017.07.120

Access Statistics for this article

Research in International Business and Finance is currently edited by T. Lagoarde Segot

More articles in Research in International Business and Finance from Elsevier
Bibliographic data for series maintained by Dana Niculescu ().

 
Page updated 2020-03-29
Handle: RePEc:eee:riibaf:v:44:y:2018:i:c:p:504-517