Financial Development and Economic Growth: The Role of Stock Markets
利用五个发达经济体的时间序列数据，控制银行系统和股市波动的影响，发现银行对经济增长的促进作用强于股票市场，且股市的贡献可能被跨国增长回归研究夸大。
Utilizing time series methods and data from five developed economies, we examine the relationship between stock market development and economic growth, controlling for the effects of the banking system and stock market volatility. Our results support the view that, although both banks and stock markets may be able to promote economic growth, the erects of the former are more powerful. They also suggest that the contribution of stock markets on economic growth may have been exaggerated by studies that utilize cross-country growth regressions.