cointegration and examine the causal relationship between ICT adoption and stock market development. The dependent variable employed … development and vice versa for better economic growth. Policymakers should embrace policies that support the deregulation of stock …

and economic growth. We make use of a Johansen-based panel cointegration methodology allowing for cross-country dependence … a single cointegrating vector between financial development and growth and of causality going from financial development … to economic growth. We find little evidence of reverse causation as well as bi-directional causality. We interpret this …