Stock Markets, Banks, and Growth: Panel Evidence

Beck, Thorsten; Levine, Ross

doi:10.2139/ssrn.314904

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Stock Markets, Banks, and Growth: Panel Evidence

32 Pages Posted: 23 Jun 2002

See all articles by Thorsten Beck

Thorsten Beck

City University London - The Business School; Tilburg University - European Banking Center, CentER

Ross Levine

Stanford University; National Bureau of Economic Research (NBER)

There are 2 versions of this paper

Date Written: 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 Classification: G00, O16, F36

Suggested Citation: Suggested Citation

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