Analysis of a panel data set for 1976-98 shows that on balance stock markets and banks positively influence economic growth; findings that do not result from biases induced by simultaneity, omitted variables, or unobserved country-specific effects

Reforms to make infrastructure services more competitive and to provide strong and independent economic regulation of natural monopolies create an environment more conducive to private sector participation in infrastructure investments, efficiency savings that can be passed on to consumers, and...