Problems With Levin And Zervos (1996)
The Indicator of Direct Financing (STOCK) Is Weak
--Only Stock Market
--Equal Weighted
The Indicator of Indirect Financing (M2/GDP) Is Weak
--Private Credit/GDP
The Consequence of Indirect and Direct Finance Is Not Discussed
The Assumption of Efficiency Stock Market Is Not Reasonabel For Developing
Countries
The Methodology Is Weak
--Causality Testing Is Weak
--Index of Stock Market Development Has Not Been Tested
--Sensitivity Analysis Has Not Been Conduted
--Multicolliarity Has Not Been Tested
The Whole Paper is Not Persuasive
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