Stock markets, banks and the sources of economic growth in low and high income countries
Felix Rioja and
Neven Valev ()
Journal of Economics and Finance, 2014, vol. 38, issue 2, 302-320
This paper studies the effects of stock markets and banks on the sources of economic growth, productivity and capital accumulation, using a large cross country panel that includes high- and low-income countries. Results show that, in low-income countries, banks have a sizable positive effect on capital accumulation. We find that stock markets, however, have not contributed to capital accumulation or productivity growth in these countries. Given the emphasis that has been placed in developing equity markets in developing countries, these findings are somewhat surprising. Conversely, in high-income countries, stock markets are found to have sizable positive effects on both productivity and capital growth, while banks only affect capital accumulation. Copyright Springer Science+Business Media, LLC 2014
Keywords: Financial Development; Capital Growth; Productivity; Stock Markets; Banking; Low-income Countries; High-income Countries; G1; O4 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (19) Track citations by RSS feed
Downloads: (external link)
Access to full text is restricted to subscribers.
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:spr:jecfin:v:38:y:2014:i:2:p:302-320
Ordering information: This journal article can be ordered from
http://www.springer. ... cs/journal/12197/PS2
Access Statistics for this article
Journal of Economics and Finance is currently edited by James Payne
More articles in Journal of Economics and Finance from Springer, Academy of Economics and Finance Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().