Garretsen, Harry; Lensink, Robert; Sterken, Elmer - Faculteit Economie en Bedrijfskunde, Rijksuniversiteit … - 2000
We explain the development of stock markets by both legal and societal determinants and analyze the relevance of both determinants in the Levine-Zervos (1998) cross-sectional growth regressions. We argue that the legal indicators as developed by La Porta, Lopez-de-Silanes, Shleifer and Vishny...