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Stock Markets, Banks, and Growth : Correlation or Causality?

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 econometrica...

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Bibliographic Details
Main Authors: Beck, Thorsten, Levine, Ross
Language:English
en_US
Published: World Bank, Washington, DC 2014
Subjects:
BANKS
BLACK MARKET
BLACK MARKET PREMIUM
BUSINESS CYCLE
CAPITAL ACCUMULATION
CAPITAL CONTROLS
CORPORATE GOVERNANCE
COUNTRY SPECIFIC
COVARIANCE MATRIX
CREDIT MARKETS
DEFLATORS
DEPENDENT VARIABLE
DESCRIPTIVE STATISTICS
DEVELOPING COUNTRIES
DEVELOPMENT INDICATORS
DEVELOPMENT RESEARCH
DYNAMIC PANEL
DYNAMIC PANEL MODELS
ECONOMETRICS
ECONOMIC GROWTH
ECONOMIC LITERATURE
ECONOMIC PERFORMANCE
ECONOMIC REVIEW
ECONOMIC STUDIES
ECONOMIC THEORY
ECONOMICS
EMPIRICAL LITERATURE
EMPLOYMENT EQUATIONS
EQUITY MARKETS
ERROR TERM
ERROR TERMS
EXPLANATORY VARIABLES
EXPORTS
EXTERNALITIES
FINANCIAL DEVELOPMENT
FINANCIAL INSTITUTIONS
FINANCIAL INTERMEDIARIES
FINANCIAL INTERMEDIATION
FINANCIAL MARKETS
FINANCIAL SECTOR
FINANCIAL STRUCTURES
FINANCIAL SYSTEMS
FIXED EFFECTS
GDP
GDP PER CAPITA
GOVERNMENT EXPENDITURES
GROSS DOMESTIC PRODUCT
GROWTH DETERMINANTS
GROWTH REGRESSION
GROWTH REGRESSIONS
HUMAN CAPITAL
INCOME
INFLATION
INFLATION RATE
LAGGED DEPENDENT
LAGGED LEVELS
LAGGED VALUES
LIQUIDITY
LONG-RUN GROWTH
MARKET CAPITALIZATION
MEASUREMENT ERRORS
MONETARY ECONOMICS
NEGATIVE IMPACT
0 HYPOTHESIS
POLICY RESEARCH
PRIVATE SECTOR
REAL GDP
RESOURCE ALLOCATION
REVERSE CAUSALITY
SERIAL CORRELATION
STATISTICAL ANALYSIS
STOCK MARKETS
TIME SERIES
TRADE OPENNESS
TRANSACTION COSTS
TRANSACTIONS COSTS
Online Access:http://documents.worldbank.org/curated/en/2001/09/1614762/stock-markets-banks-growth-correlation-or-causality
http://hdl.handle.net/10986/19535

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