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Stock Markets, Banks, and Economic Growth

Stock Markets, Banks, and Economic Growth Ross Levine; Sara Zervos The American Economic Review, Vol. 88, No. 3. (Jun., 1998), pp. 537-558. Stable URL: http://links.jstor.org/sici?sici=0002-8282%28199806%2988%3A3%3C537%3ASMBAEG%3E2.0.CO%3B2-9 The American Economic Review is currently published by American Economic Association. Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at http://www.jstor.org/about/terms.html. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please. | Stock Markets Banks and Economic Growth Ross Levine Sara Zervos The American Economic Review Vol. 88 No. 3. Jun. 1998 pp. 537-558. Stable URL ht1p links.jstor.org sici sici 0002-8282 28199806 2988 3A3 3C537 3ASMBAEG 3E2.0.CO 3B2-9 The American Economic Review is currently published by American Economic Association. Your use of the JSTOR archive indicates your acceptance of JSTOR s Terms and Conditions of Use available at http www.jstor.org about terms.html. JSTOR s Terms and Conditions of Use provides in part that unless you have obtained prior permission you may not download an entire issue of a journal or multiple copies of articles and you may use content in the JSTOR archive only for your personal non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at http www.jstor.org journals aea.html. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. The JSTOR Archive is a trusted digital repository providing for long-term preservation and access to leading academic journals and scholarly literature from around the world. The Archive is supported by libraries scholarly societies publishers and foundations. It is an initiative of JSTOR a not-for-profit organization with a mission to help the scholarly community take advantage of advances in technology. For more information regarding JSTOR please contact support@jstor.org. http www.jstor.org TueFeb 19 03 43 10 2008 Stock Markets Banks and Economic Growth By Ross Levine and Sara Zervos Do well-functioning stock markets and banks promote long-run economic growth This paper shows that stock market liquidity and banking development both positively predict growth capital accumulation and productivity improvements when entered together in regressions even after controlling for economic and political factors. The results are consistent with the views .