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Stock Market Liquidity and Economic Growth: A Critical Appraisal of the Levine/Zervos Model

Andong Zhu
University of Massachusetts at Amherst - College of Social and Behavioral Sciences - Department of Economics

Michael Ash
Department of Economics, UMass-Amherst; CPPA, UMass-Amherst

Robert Pollin
University of Massachusetts at Amherst - College of Social and Behavioral Sciences - Department of Economics


2002

PERI Working Paper No. 47

Abstract:     
Levine and Zervos (1998) presented cross-country econometric evidence showing that, in a sample of 47 countries, stock market liquidity contributed a significant positive influence to GDP growth between 1976-93. We show that the Levine-Zervos results are not robust to alternative specifications because of the incomplete manner in which they control for outliers in their data. We show that when one properly controls for outliers, stock market liquidity no longer exerts any statistically observable influence on GDP growth.

Working Paper Series

Date posted: December 18, 2002 ; Last revised: December 18, 2002

Suggested Citation

Zhu, Andong, Ash, Michael and Pollin, Robert, Stock Market Liquidity and Economic Growth: A Critical Appraisal of the Levine/Zervos Model (2002). PERI Working Paper No. 47. Available at SSRN: http://ssrn.com/abstract=353366 or doi:10.2139/ssrn.353366


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Contact Information

Robert Pollin (Contact Author)
University of Massachusetts at Amherst - College of Social and Behavioral Sciences - Department of Economics ( email )
940 Thompson Hall
Amherst, MA 01003
United States
413-577-0126 (Phone)
Michael Ash
Department of Economics, UMass-Amherst ( email )
10th Floor Thompson Hall
Amherst, MA 01003
United States
HOME PAGE: http://www.umass.edu/economics
CPPA, UMass-Amherst
Amherst, MA 01003
United States
HOME PAGE: http://www.masspolicy.net
Andong Zhu
University of Massachusetts at Amherst - College of Social and Behavioral Sciences - Department of Economics ( email )
10th Floor Thompson Hall
Amherst, MA 01003
United States
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