This paper examines the dynamic impact of both bank- and market-based financial development on economic growth in Australia during the period from 1980 to 2012. The study uses the autoregressive distributed lag (ARDL) bounds testing approach to examine this linkage. Unlike certain previous...

This paper examines the impact of interest rate reforms on financial deepening and economic growth in Kenya, using two models: the financial deepening model and the dynamic Granger causality model. The study attempts to answer two critical questions: Does interest rate liberalization in Kenya...

This paper examines the causal relationship between both bank-based and market-based financial development and investment in Mauritius for the period from 1976 to 2014. The study assumes that investment and financial development have an accelerator-enhancing relationship. To accommodate the...

This article reviews the theoretical and empirical literature on the causal relationship between financial development and investment. Based on the literature considered, it can be concluded that there is little consensus to date on the direction of causality between financial development and...

This article summarises the empirical literature on the impact of financial development on investment. It presents a topical analysis of empirical research that focuses mainly on the interaction between financial development and investment, determinants and measurement of both financial...

This paper examines the relationship between interest rate liberalisation policies and sustainable economic growth in Nigeria. Employing the autoregressive-distributed lag (ARDL) - bounds testing approach and using GDP per capita as economic growth indicator, the paper establishes a long run...