Education is effectively used as a discontinuous variable in studies estimating the rates of return by level of education. We find that the normal procedure used for estimating the rate of return to broad aggregates such as secondary and high understates the returns to these levels and...

This paper examines empirical relationship between financial development and economic growth while incorporating the inflation rate effect on financial development for low income countries. The study focuses on both the indirect finance and the direct finance, separately as well as collectively....