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Stock markets, banks, and growth : correlation or causality?, Volume 1
Author:Beck, Thorsten; Levine, Ross; Date Stored:2001/10/27
Document Date:2001/09/30Document Type:Policy Research Working Paper
SubTopics:Achieving Shared Growth; Governance Indicators; Payment Systems & Infrastructure; Economic Theory & Research; Banks & Banking Reform; Health Economics & Finance; Financial IntermediationLanguage:English
Major Sector:FinanceReport Number:WPS2670
Sub Sectors:Other FinanceCollection Title:Policy, Research working paper ; no. WPS 2670
Volume No:1  

Summary: The authors investigate the impact of stock markets and banks on economic growth using a panel data set for 1976-98 and applying recent generalized method of moments (GMM) techniques developed for dynamic panels. The authors illustrate econometrically the differences that emerge from different panel procedures. On balance, stock markets and banks positively influence economic growth--and these findings are not a result of biases induced by simulaneity, omitted variables, or inobserved country-specific effects.

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