Mengesha, Seyoum Teffera; Berde, Eva - In: Cogent economics & finance 11 (2023) 2, pp. 1-26
stationary. Using the Toda-Yamamoto causality test, we find no causality running from financial development to economic growth …, but there is evidence of reverse causality from economic growth to financial development. Furthermore, the NARDL model …The relationship between financial development and economic growth has been widely debated in the economics literature …