This paper investigates the dynamic causal relationship between bank-based financial development, stock market development, and economic growth in Kenya - during the period from 1980 to 2012. In order to address the problem of omitted variable bias, the study includes savings and investment as...

In this paper we examine the causal relationship between electricity consumption, exports and economic growth in the DRC, using the newly developed ARDL-bounds testing approach. In order to account for the omission-of-variable bias, the study incorporates exports as an intermittent variable...

This paper examines the impact of interest rate reforms on financial deepening and economic growth in Kenya, using two models: the financial deepening model and the dynamic Granger causality model. The study attempts to answer two critical questions: Does interest rate liberalization in Kenya...

In this study we examine the dynamic causal relationship between foreign direct investment (FDI) and economic growth in Zimbabwe using the modern time-series techniques. Specifically, we employ the ARDL-bounds testing approach to examine the FDI-growth linkage. We also employ the...

This paper examines the dynamic causal relationship between financial development and poverty reduction in Tanzania. The study attempts to answer one critical question: does financial development Granger-cause poverty reduction in Tanzania? In other words, does the financial development that has...

This paper examines the relationship between interest rate liberalisation policies and sustainable economic growth in Nigeria. Employing the autoregressive-distributed lag (ARDL) - bounds testing approach and using GDP per capita as economic growth indicator, the paper establishes a long run...

Employing the Autoregressive Distributed Lag (ARDL)-Bounds testing approach, and using GDP - excluding the contributions from oil and gas, as well as the financial services sector - as the growth indicator between 1969 and 2008, the paper establishes a long-run relationship between economic...

This study examines the relationship between banks, stock markets and economic growth in South Africa. The study attempts to answer one critical question: are stock markets and banks complementary to one another in the process of enhancing economic growth? The complementarity between the stock...

This article examines the relationship between stock market development and sustainable economic growth in Ghana. The study employs the recently developed ARDL-bounds testing approach and multidimensional stock market development proxies to examine this linkage. The article finds that in the...