Nyasha, Sheilla; Odhiambo, Nicholas M. - In: International Journal of Sustainable Economy 7 (2015) 1, pp. 54-65
This paper investigates the dynamic causal relationship between bank-based financial development, stock market …-causality model. The method of means-removed average is employed to construct a bank-based financial development index and a stock … that there is a distinct unidirectional Granger-causal flow from economic growth to bank-based financial development in …