Stock Markets, Banks, and Growth: Panel Evidence

Thorsten Beck and Ross Levine ()

No 9082, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: G00 O16 (search for similar items in EconPapers)
Date: 2002-07
New Economics Papers: this item is included in nep-dev, nep-fin, nep-mac and nep-mfd
Note: IFM
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Citations: View citations in EconPapers (57)

Published as Beck, Thorsten & Levine, Ross, 2004. "Stock markets, banks, and growth: Panel evidence," Journal of Banking & Finance, Elsevier, vol. 28(3), pages 423-442, March.

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