Stock Markets, Banks, and Growth : Correlation or Causality?

Beck, Thorsten ; Levine, Ross

World Bank, Washington, DC

关键词: BANKS;    BLACK MARKET;    BLACK MARKET PREMIUM;    BUSINESS CYCLE;    CAPITAL ACCUMULATION;   

DOI  :  10.1596/1813-9450-2670
RP-ID  :  WPS2670

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The authors investigate the impact ofstock markets and banks on economic growth using a paneldata set for 1976-98 and applying recent generalized methodof moments (GMM) techniques developed for dynamic panels.The authors illustrate econometrically the differences thatemerge from different panel procedures. On balance, stockmarkets and banks positively influence economic growth--andthese findings are not a result of biases induced bysimulaneity, omitted variables, or inobservedcountry-specific effects.