The DOI matches its Crossref record; 5 of the 5 references it cites were found in a registry or an index.
Stock Market Development and Long-Run Growth
Abstract
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.
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Citations
Cites
On the mechanics of economic development
Lucas, R. E. (1988) · Journal of Monetary Economics · doi:10.1016/0304-3932(88)90168-7 · Cited by 24,085
On the impossibility of informationally efficient markets
Stiglitz, J. E., & Grossman, S. J. (1980) · Columbia University · doi:10.7916/d8765r99 · Cited by 3,645
Market Liquidity and Performance Monitoring
Holmström, B., & Tirole, J. (1993) · Journal of Political Economy · doi:10.1086/261893 · Cited by 1,719
Stock Markets, Growth, and Tax Policy
LEVINE, R. (1991) · The Journal of Finance · doi:10.2307/2328866 · Cited by 1,111
Self-citationOptimal Managerial Contracts and Equilibrium Security Prices
Diamond, D. W., & Verrecchia, R. E. (1982) · The Journal of Finance · doi:10.2307/2327326 · Cited by 286
Cited by
Does financial liberalization spur growth?
BEKAERT, G., HARVEY, C., & LUNDBLAD, C. (2005) · Journal of Financial Economics · doi:10.1016/j.jfineco.2004.05.007 · Cited by 2,012
Financial Development and Economic Growth: Assessing the Evidence
Arestis, P., & Demetriades, P. (1997) · The Economic Journal · doi:10.1111/1468-0297.00193 · Cited by 989
Equity markets and growth: Cross-country evidence on timing and outcomes, 1980–1995
Rousseau, P. L., & Wachtel, P. (2000) · Journal of Banking & Finance · doi:10.1016/s0378-4266(99)00123-5 · Cited by 772
Financial Structure and Economic Growth
(2001) · The MIT Press eBooks · doi:10.7551/mitpress/3001.001.0001 · Cited by 544
Macroeconomic Determinants of Stock Market Development
Garcia, V. F., & Liu, L. (1999) · Journal of Applied Economics · doi:10.1080/15140326.1999.12040532 · Cited by 428
Metadata
- Authors
- Levine, R., & Zervos, S.
- Venue
- The World Bank Economic Review
- Publisher
- Oxford University Press (OUP)
- Published
- 1996-05-01
- Volume
- 10
- Issue
- 2
- Pages
- 323-339
- ISSN
- 0258-6770 (ISSN-L)
- 1564-698X
- OpenAlex
- W3124550292
- Cited by
- 1,083
- References
- 5
- FWCI
- 27.23
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
