TY  - JOUR
AU  - Beck,Thorsten
AU  - Levine,Ross
TI  - Stock Markets, Banks, and Growth: Panel Evidence
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 9082
PY  - 2002
Y2  - July 2002
UR  - http://www.nber.org/papers/w9082
L1  - http://www.nber.org/papers/w9082.pdf
N1  - Author contact info:
Thorsten Beck
The World Bank
1818 H Street N.W.
Mail Stop MC 3-307
Washington, D.C. 20433
E-Mail: tbeck@worldbank.org

Ross Levine
Department of Economics
Brown University
64 Waterman Street
Providence, RI 02912
Tel: 401/863-2170
E-Mail: ross_levine@brown.edu
AB  - 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.
ER  -