The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.
Stock Markets, Growth, and Tax Policy
Abstract
An extensive literature documents the role of financial markets in economic development. To help explain this relationship, this paper constructs an endogenous growth model in which a stock market emerges to allocate risk and explores how the stock market alters investment incentives in ways that change steady state growth rates. The paper demonstrates that stock markets accelerate growth by (1) facilitating the ability to trade ownership of firms without disrupting the productive processes occurring within firms and (2) allowing agents to diversify portfolios. Tax policy affects growth directly by altering investment incentives and indirectly by changing the incentives underlying financial contracts.
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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
Endogenous Technological Change
Romer, P. M. (1990) · Journal of Political Economy · doi:10.1086/261725 · Cited by 17,711
Financial intermediation and delegated monitoring
Diamond, D. W. (1984) · The Review of Economic Studies · doi:10.2307/2297430 · Cited by 8,476
Financial Structure and Development
Revell, J. R. S., & Goldsmith, R. W. (1970) · The Economic Journal · doi:10.2307/2230134 · Cited by 49
Cited by
Finance and Growth: Schumpeter Might Be Right
King, R. G., & Levine, R. (1993) · The Quarterly Journal of Economics · doi:10.2307/2118406 · Cited by 8,657
Self-citation(1991) · RePEc: Research Papers in Economics · Cited by 6,037
Finance, entrepreneurship and growth
King, R. G., & Levine, R. (1993) · Journal of Monetary Economics · doi:10.1016/0304-3932(93)90028-e · Cited by 3,550
Self-citationFinancial Development and Economic Growth: Views and Agenda
Levine, R. (1999) · Policy Research Working Papers · doi:10.1596/1813-9450-1678 · Cited by 2,977
Self-citationChapter 12 Finance and Growth: Theory and Evidence
Levine, R. (2005) · Handbook of Economic Growth · doi:10.1016/s1574-0684(05)01012-9 · Cited by 2,889
Self-citation
Metadata
- Authors
- LEVINE, R.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1991-09
- Volume
- 46
- Issue
- 4
- Pages
- 1445-1465
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2141703703
- Cited by
- 1,105
- References
- 4
- FWCI
- 23.35
- Type
- journal article
- Language
- en
- Open access
- closed
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- LEVINE, R. (1991). Stock Markets, Growth, and Tax Policy. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1991.tb04625.x
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
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.
