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Stock markets

Updated August 2001. See also the references on finance and growth: theory and evidence. For a more up-to-date set of articles, see Yongfu Huang’s Financial Development Resources.

Introductory reading

Demirguc-Kunt, Asli and Levine, Ross (1996). Stock markets, corporate finance, and economic growth: an overview. World Bank Economic Review, 10(2), May, 223-239.

Levine, Ross (1996). Stock markets: a spur to economic growth. Finance and Development, 33(1), March, 7-10.

Levine, Ross (1997). Financial development and economic growth: views and agenda. Journal of Economic Literature, 35(2), June, 688-726.

Further reading

Acemoglu, D. and Zilibotti, F. (1999). Information accumulation in development. Journal of Economic Growth, March, 4(1), 5-38.

Atje, R. and Jovanovic, B. (1993). Stock markets and development. European Economic Review, 37, 632-640.

Bencivenga, V. R., Smith, B. D. and Starr, R. M. (1996). Equity markets, transaction costs, and capital accumulation: an illustration. World Bank Economic Review, 10(2), May, 241-265.

Boyd, J. H. and Smith, B. D. (1996). The co-evolution of the real and financial sectors in the growth process. World Bank Economic Review, 10(2), May, 371-396.

Demirguc-Kunt, Asli and Levine, Ross (1996). Stock market development and financial intermediaries: stylized facts. World Bank Economic Review, 10(2), May, 291-321.

Demirguc-Kunt, Asli and Maksimovic, Vojislav (1996). Stock market development and financing choices of firms. World Bank Economic Review, 10(2), May, 341-369.

Demirguc-Kunt, Asli and Maksimovic, Vojislav (1996). Stock market development and corporate finance decisions. Finance and Development, 33(2), June, 47-49.

Demirguc-Kunt, Asli and Maksimovic, Vojislav (1999). Institutions, financial markets and firm debt. Journal of Financial Economics, December, 54(3), 295-336.

Demirguc-Kunt, Asli and Maksimovic, Vojislav (1998). Law, finance, and firm growth. Journal of Finance, December, 53(6), 2107-2137.

Filer, Randall K., Hanousek, Jan and Campos, Nauro (1999). Do stock markets promote economic growth? William Davidson Institute Working Paper no. 267, University of Michigan, September.

Korajczyk, R. A. (1996). A measure of stock market integration for developed and emerging markets. World Bank Economic Review, 10, 267-289.

Levine, Ross (1991). Stock markets, growth and tax policy. Journal of Finance, 46(4), September, 1445-1465.

Levine, Ross and Zervos, Sara (1996). Stock market development and long-run growth. World Bank Economic Review, 10(2), May, 323-339.

Levine, Ross and Zervos, S. (1998). Stock markets, banks, and economic growth. American Economic Review, 88, 537-558.

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