This paper examines causalities among foreign direct investment (FDI), economic growth (GTH), and financial development proxied by both equity market size (EQM) and bank credit to private sectors (BANK). We use a structural cointegration model with a vector error correction (VEC) mechanism to...

This article tests for the causal direct and interactive association between capital inflow, aid and domestic savings, and the trade-led growth nexus within the context of a market-oriented economy. We applied the Toda-Yamamoto (1995) causality test which eludes the shortfalls associated with...