Purpose This study examines the moderating role of institutional quality and its threshold in the African financial development-economic complexity nexus. This objective follows the argument that institutional quality influences the financial system's efficiency in allocating resources to...

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...