Cavenaile, Laurent; Gengenbach, Christian; Palm, Franz - Centre de Recherche en Économie Publique et de la … - 2011
The aim of this paper is to investigate the long run relationship between the development of banks and stock markets and economic growth. We make use of the Groen and Kleibergen (2003) panel cointegration methodology to test the number of cointegrating vectors among these three variables for 5...