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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, 2002Suggested CitationContact Information
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