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of, or substitutes for, one another in enhancing economic growth in the usa, Brazil and Kenya during the period from1980 … market-based financial development indices. The results of this study show that while in the usa and Brazil, bank-based and … market-based financial systems complement each other in enhancing economic growth; in Kenya, the two financial systems seem …
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, it was found a strong support for McKinnon's complementary hypothesis in Kenya, using cointegration based error … correction model. This implies that, the more attractive financial assets are, the greater the incentives to invest in Kenya. The … Kenya. (InWent/DÜI) …
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