Arestis, Philip; Demetriades, Panicos O; Luintel, Kul B - In: Journal of Money, Credit and Banking 33 (2001) 1, pp. 16-41
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...