Guha Deb, Soumya; Mishra, Sibanjan; Banerjee, Pradip - In: Studies in Economics and Finance 36 (2019) 3, pp. 348-364
Purpose: The purpose of this paper is to examine the causal relationship between economic development and financial sector development for 28 countries at different stages of their development. The authors specifically focus on the nature of causality during economic boom and tranquil cycles....