This paper re-examines the causal relationship between financial development and economic growth in Kenya for the period 1966-2005 within a quadvariate vector autoregressive (VAR) framework by including exports and imports as additional variables to the finance-economic growth nexus. We use four...

This paper examines the causal relationship between financial development and economic growth for 21 African countries within a framework which also accounts for international trade. We develop a financial development index based on four different financial development indicators and apply the...