This paper investigates the impact of stock markets and banks on economic growth using a panel data set for the period … 1976-98 and applying recent GMM techniques developed for dynamic panels. On balance, we find that stock markets and banks …

Bank branch density, defined as the number of bank branches to total deposits, has significantly declined over the past … period, banks with low branch density benefited from large deposits inflows, leading to even lower density. But the virtuous … cycle of deposits growth in these banks stopped spinning when investors became wary about their financial health. Stock …

world, using recently developed instruments for institutions and trade. Our results indicate that the quality of …

booms. But what is the causal relationship between uncertainty and growth? To identify this we construct cross country panel …

We analyze cross-sectional and time series information from forty-seven equity markets around the world, to consider …

, and country samples. In addressing causality, we find, first, significant growth effects of cognitive skills when …

trade, rather than causality. This paper uses exogenous determinants of trade geographical variables from the gravity model …