Bekaert, Geert (contributor); … - 2004
investable to the global stocks in each country. The
IFC’s global stock index seeks to represent the local stock market whereas …¨u¸c-Kunt and Mak-
simovic (1996) and Levine and Zervos (1996, 1998a) examine the effect of stock market devel-
12
We also … relation between stock
market development and economic growth, consistent with previous studies.
In both samples, the …