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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 Series

Date posted: June 23, 2002 ; Last revised: July 26, 2002

Suggested Citation

Beck, Thorsten and Levine, Ross, Stock Markets, Banks, and Growth: Panel Evidence (May 2002). Available at SSRN: http://ssrn.com/abstract=314904 or doi:10.2139/ssrn.314904

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Thorsten Beck (Contact Author) Professor, CentER, European Banking Center, Tilburg University ( email ) PO Box 90153 5000 LE Tilburg Netherlands
Ross Levine Brown University - Department of Economics ( email ) 64 Waterman Street Providence, RI 02912 United States
National Bureau of Economic Research (NBER) 1050 Massachusetts Avenue Cambridge, MA 02138 United States

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