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This paper has tested whether bank-based financial development and market-based financial development are complements of, or substitutes for, one another in enhancing economic growth in the usa, Brazil and Kenya during the period from1980 to 2012. These three countries represent amodest...
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The paper investigates the relevance of McKinnon's complementarity hypothesis, which gauges the demand for money and physical capital in the finance motive for economic development. Contrary to the results obtained from some previous studies, it was found a strong support for McKinnon's...
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