The direction of causality between financial development and economic growth has recently received emphasis from numerous empirical works in sub-Saharan African countries. For a long time, it has been assumed that financial development is important for and leads to economic growth (supply...

This study attempts to empirically investigate the relevance of financial reforms on investment efficiency in two sub-Saharan African countries - South Africa and Tanzania - using vector error-correction mechanism. The study seeks to answer one critical question. Is the mechanism through which...