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Stock markets, banks, and growth: Panel evidence

✍ Scribed by Thorsten Beck; Ross Levine

Book ID
117528550
Publisher
Elsevier Science
Year
2004
Tongue
English
Weight
232 KB
Volume
28
Category
Article
ISSN
0378-4266

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✦ Synopsis

This paper investigates the impact of stock markets and banks on economic growth using a panel data set for the period 1976-1998 and applying recent generalized-method-of moments 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.

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## ABSTRACT In this paper, we examine long‐run links between oil prices and stock markets in Gulf Cooperation Council (GCC) using recent bootstrap panel cointegration techniques and seemingly unrelated regression (SUR) methods. Since GCC countries are major world energy market players, their stock