Is the financial system important for economic growth? One line of research argues that it is not; another line stresses the importance of the financial system in mobilizing savings, allocating capital, exerting corporate control, and easing risk management. Moreover, some theories provide a conceptual basis for the belief that larger, more efficient stock markets boost economic growth. This article examines whether there is a strong empirical association between stock market development and long run economic growth. Cross-country growth regressions suggest that the predetermined component of stock market development is positively and robustly associated with long-run economic growth.
Detalhes
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Autor
Levine, Ross; Zervos, Sara
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Data do documento
1996/05/01
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TIpo de documento
Artigo de revista
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No. do relatório
77120
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Nº do volume
1
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Total Volume(s)
1
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País
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Região
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Data de divulgação
2013/05/14
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Disclosure Status
Disclosed
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Nome do documento
Stock market development and long-run growth
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Palavras-chave
stock market development;black market exchange rate premium;Emerging Markets Data Base;secondary school enrollment rate;financial system;ratio of government consumption;per capita growth rate;rate of inflation;market capitalization;stock market integration;
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