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The need to absorb windfalls gains and manage them appropriately has been discussed extensively by academics and policy makers alike. We explore the role of the financial sector in intermediating these windfalls. Controlling for the level of financial development, inflation, GDP growth and...
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This paper examines the causal relationship between both bank-based and market-based financial development and … accelerator-enhancing relationship. To accommodate the accelerator-enhancing relationship, the indicators for bank-based and … the autoregressive distributed lag bounds testing approach. For both models, results indicate that both bank-based and …
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