"Although a number of African countries have made efforts to implement various financial sector reforms, many countries have not fully implemented the requisite reforms required for sustainable development. Instead, they have focused mainly on bank-based financial reforms, thereby neglecting...

This paper examines the impact of both bank- and market-based financial development on economic growth in South Africa during the period from 1980 to 2012. Unlike some previous studies, the current study employs means-removed average to construct both bank- and market-based financial development...