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Cited by 1,105

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

LEVINE, ROSS·1991·The Journal of Finance
DOI 10.1111/j.1540-6261.1991.tb04625.x
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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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Crossref · 10.1111/j.1540-6261.1991.tb04625.x

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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
DOI
10.1111/j.1540-6261.1991.tb04625.x
OpenAlex
W2141703703
Cited by
1,105
References
4
FWCI
23.35
Type
journal article
Language
en
Open access
closed

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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.