Financial Development and Economic Growth: The Role of Stock Markets

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Do stock markets lead to economic growth (2010, background): “Arestis et al. (2001) argue that both banks and stock markets lead to increased growth, however, that banks lead to greater efficiency gains than stock markets.”
On the nexus of financial development, economic growth, and energy consumption in China: New perspective from a GMM panel VAR approach (2018, background): “Wind Database Levine and Zervos, 1998; Arestis et al., 2001 lnturov The stock turnover at constant 1996 price in log form (108 RMB) Wind Database Demirgiic and Levine, 1996; Zhang, 2011 fdi The ratio of net FDI inflows to GDP (”
Cyclical patterns in profits, provisioning and lending of banks and procyclicality of the new Basel capital requirements (2002, background): “In addition, share prices reflect expectations as to businesses’ financial positions and future economic growth (Berk and Bikker, 1995; Arestis et al., 2001).”
Same Financial Development yet Different Economic Growth--Why? (2006, background): “However, as mentioned in the introduction, banking development may stymie growth (Ram, 1999, Arestis et al., 2001, Levine, 2002, Zhang, 2003, Khan and Senhadji, 2003).”