and economic growth. We make use of a Johansen-based panel cointegration methodology allowing for cross-country dependence …The aim of this paper is to investigate the long run relationship between the development of banks and stock markets … the direction of potential causality between financial and economic development. Our results conclude to the existence of …

emerging countries over the period 1980 to 2018 by employing the Johansen-Fisher panel cointegration method. The study also … with Kao and Pedroni panel cointegration tests. We also show that financial institutions and financial markets indexes … significant long-run association between EG, the overall index of FD, and its lower-indices. Furthermore, the results from panel …

at the impact of certain financing components separately or using ratios, which may bias the estimation and lead to … for financing composition in terms of the sources (bank credit, debt securities, stock market) and the recipients of …) The non-linear impact of total bank credit is more pronounced than that of either household credit alone, or the sum of …