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Stock markets, banks, and growth : correlation or causality?, Volume 1
 
Author:Beck, Thorsten; Levine, Ross; Collection Title:Policy, Research working paper ; no. WPS 2670
Date Stored:2001/10/27Document Date:2001/09/30
Document Type:Policy Research Working PaperSubTopics:Achieving Shared Growth; Governance Indicators; Payment Systems & Infrastructure; Economic Theory & Research; Banks & Banking Reform; Health Economics & Finance; Financial Intermediation
Language:EnglishMajor Sector:Finance
Report Number:WPS2670Sub Sectors:Other Finance
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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