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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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| 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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okr-10986-195352021-04-23T14:03:43Z Stock Markets, Banks, and Growth : Correlation or Causality? Beck, Thorsten Levine, Ross 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 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. 2014-08-20T21:09:30Z 2014-08-20T21:09:30Z 2001-09 http://documents.worldbank.org/curated/en/2001/09/1614762/stock-markets-banks-growth-correlation-or-causality http://hdl.handle.net/10986/19535 English en_US Policy Research Working Paper;No. 2670 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
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 |
| spellingShingle |
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 Beck, Thorsten Levine, Ross Stock Markets, Banks, and Growth : Correlation or Causality? |
| relation |
Policy Research Working Paper;No. 2670 |
| description |
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. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Beck, Thorsten Levine, Ross |
| author_facet |
Beck, Thorsten Levine, Ross |
| author_sort |
Beck, Thorsten |
| title |
Stock Markets, Banks, and Growth : Correlation or Causality? |
| title_short |
Stock Markets, Banks, and Growth : Correlation or Causality? |
| title_full |
Stock Markets, Banks, and Growth : Correlation or Causality? |
| title_fullStr |
Stock Markets, Banks, and Growth : Correlation or Causality? |
| title_full_unstemmed |
Stock Markets, Banks, and Growth : Correlation or Causality? |
| title_sort |
stock markets, banks, and growth : correlation or causality? |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2001/09/1614762/stock-markets-banks-growth-correlation-or-causality http://hdl.handle.net/10986/19535 |
| _version_ |
1764439957501378560 |