Nyasha, Sheilla; Odhiambo, Nicholas M. - In: Managing global transitions : international research journal 15 (2017) 1, pp. 81-101
This paper has tested whether bank-based financial development and market-based financial development are complements …-Bounds-testing approach to carry out the test. The study also employs the method of means-removed average to construct both bank-based and … market-based financial development indices. The results of this study show that while in the usa and Brazil, bank-based and …