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Stock Markets, Banks, and Growth: Panel Evidence
Thorsten Beck Professor, CentER, European Banking Center, Tilburg University Ross Levine Brown University - Department of Economics; National Bureau of Economic Research (NBER) May 2002 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.
Keywords: Economic Growth, Stock Markets, Banks JEL Classifications: G00, O16, F36 Working Paper SeriesDate posted: June 23, 2002 ; Last revised: July 26, 2002Suggested CitationContact Information
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