Analysis of a panel data set for 1976-98 shows that on balance stock markets and banks positively influence economic …

This paper discusses the different functions that capital markets and banks have in economic development, and it … reviews the debate about marketbased vs. bank-based financial systems. Using data for a sample of 40 countries over the period … economic growth, but the degree to which a financial system is market- or bank-based cannot explain economic development across …

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 …

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 …

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 …

economies. This paper also documents less developed financial systems in resource-based economies and banks that are more liquid … finance and a smaller share of them uses bank loans, although there is the same level of demand as in other countries, thus …