The dynamic effects of banking, life insurance, and stock markets on economic growth

Acemoglu, 1997, Was prometheus unbound by chance? risk, diversification, and growth, J. Political Econ., 105, 709, 10.1086/262091 Arcand, 2015, Too much finance?, J. Growth, 20, 105, 10.1007/s10887-015-9115-2 Arena, 2008, Does insurance market activity promote economic growth? A cross-country study for industrialized and developing countries, J. Risk Insur., 75, 921, 10.1111/j.1539-6975.2008.00291.x Arestis, 2001, Financial development and economic growth: the role of stock markets, J. Money Credit Bank., 33, 16, 10.2307/2673870 Atje, 1993, Stock markets and development, Eur. Econ. Rev., 37, 632, 10.1016/0014-2921(93)90053-D Beck, 2004, Stock markets, banks, and growth: panel evidence, J. Bank. Finance, 28, 423, 10.1016/S0378-4266(02)00408-9 Beck, 2003, Economic, demographic, and institutional determinants of life insurance consumption across countries, World Bank Econ. Rev., 17, 51, 10.1093/wber/lhg011 Beck, 2000, Finance and the sources of growth, J. Financ. Econ., 58, 261, 10.1016/S0304-405X(00)00072-6 Beck, 2014, The finance and growth nexus revisited, Econ. Lett., 124, 382, 10.1016/j.econlet.2014.06.024 Beck, 2014, Is more finance better? Disentangling intermediation and size effects of financial systems, J. Financ. Stabil., 10, 50, 10.1016/j.jfs.2013.03.005 Bezemer, 2014 Cecchetti, 2012 Chen, 2012, How does the development of the life insurance market affect economic growth? Some international evidence, J. Int. Dev., 24, 865, 10.1002/jid.1765 Cheng, 2010, The impact of bank and non-bank financial institutions on local economic growth in China, J. Financ. Serv. Res., 37, 179, 10.1007/s10693-009-0077-4 Cheng, 2014, The finance-growth relationship and the level of country development, J. Financ. Serv. Res., 45, 117, 10.1007/s10693-012-0153-z De Gregorio, 1995, Financial development and economic growth, World Dev., 23, 434, 10.1016/0305-750X(94)00132-I Dell’Ariccia, 2006, Lending booms and lending standards, J. Finance, 61, 2511, 10.1111/j.1540-6261.2006.01065.x Easterly, 2000, Shaken and stirred, explaining growth volatility Gaytan, 2003 Haiss, 2006 Haiss, 2008, The relationship between insurance and economic growth in Europe: a theoretical and empirical analysis, Empirica, 35, 405, 10.1007/s10663-008-9075-2 Harris, 1997, Stock markets and development: a re-assessment, Eur. Econ. Rev., 41, 139, 10.1016/S0014-2921(96)00021-9 Huybens, 1999, Inflation, financial markets, and long-run real activity, J. Monet. Econ., 43, 283, 10.1016/S0304-3932(98)00060-9 Jensen, 1990, Performance pay and top management incentives, J. Political Econ., 98, 225, 10.1086/261677 King, 1993, Finance and growth: Schumpeter might be right, Q. J. Econ., 108, 717, 10.2307/2118406 Law, 2014, Does too much finance harm economic growth?, J. Bank. Finance, 41, 36, 10.1016/j.jbankfin.2013.12.020 Lee, 2013, Insurance and real output: the key role of banking activities, Macroecon. Dyn., 17, 235, 10.1017/S1365100511000101 Levine, 1998, Stock markets, banks, and economic growth, Am. Econ. Rev., 88, 537 Levine, 2000, Financial intermediate and growth: causality and causes, J. Monet. Econ., 46, 31, 10.1016/S0304-3932(00)00017-9 Levine, 1997, Financial development and economic growth: views and agenda, J. Econ. Lit., 35, 688 Li, 2007, The demand for life insurance in OECD countries, J. Risk Insur., 74, 637, 10.1111/j.1539-6975.2007.00228.x Lindh, 2000, Short-run costs of financial market development in industrialized economies, East. Econ. J., 26, 221 Loayza, 2006, Financial development, financial fragility, and growth, J. Money Credit Bank., 38, 1051, 10.1353/mcb.2006.0060 Lucas, 1988, On the mechanics of economic development, J. Monet. Econ., 22, 3, 10.1016/0304-3932(88)90168-7 Mishkin, 2007, Is financial globalization beneficial?, J. Money Credit Bank., 39, 259, 10.1111/j.0022-2879.2007.00026.x Myers, 1998, The paradox of liquidity, Q. J. Econ., 113, 733, 10.1162/003355398555739 Odedokun, 1996, Alternative econometric approaches for analyzing the role of the financial sector in economic growth: time series evidence from LDC’s, J. Dev. Econ., 50, 119, 10.1016/0304-3878(96)00006-5 Outreville, 1990, The economic significance of insurance markets in developing countries, J. Risk Insur., 57, 487, 10.2307/252844 Pagano, 1993, Financial markets and growth: an overview, Eur. Econ. Rev., 37, 613, 10.1016/0014-2921(93)90051-B Pesaran, 1995 Pesaran, 1999, Pooled mean group estimation of dynamic heterogeneous panels, J. Am. Stat. Assoc., 94, 621, 10.1080/01621459.1999.10474156 Rajan, 2003, The great reversals: the politics of financial development in the twentieth century, J. Financ. Econ., 69, 5, 10.1016/S0304-405X(03)00125-9 Rajan, 2006, Has finance made the world riskier?, Eur. Financ. Manage., 12, 499, 10.1111/j.1468-036X.2006.00330.x Ram, 1999, Financial development and economic growth: additional evidence, J. Dev. Stud., 35, 164, 10.1080/00220389908422585 Rioja, 2004, Finance and the sources of growth at various stages of economic development, Econ. Inquiry, 42, 127, 10.1093/ei/cbh049 Rioja, 2004, Does one size fit all? A reexamination of the finance and growth relationship, J. Dev. Econ., 74, 429, 10.1016/j.jdeveco.2003.06.006 Rousseau, 2000, Equity market and growth: cross-country evidence on timing and outcomes 1980–1995, J. Bank. Finance, 24, 1933, 10.1016/S0378-4266(99)00123-5 Ward, 2000, Does insurance promote economic growth? Evidence from OECD countries, J. Risk Insur., 67, 489, 10.2307/253847 Webb, 2002 White, 1980, A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity, Econometrics, 48, 817, 10.2307/1912934 Wu, 2010, The dynamic impacts of financial institutions on economic growth: evidence from the European Union, J. Macroecon., 32, 879, 10.1016/j.jmacro.2009.09.003