In this paper, two models have been used to test the relevance of McKinnon's complementarity hypothesis in Kenya. In the first model, the demand for money has been included in the savings function and, simultaneously, the savings rate has been included in the real money balances function. In the...

This paper examines the dynamic relationship between education, governance and economic growth in 28 sub-Saharan African (SSA) countries from 2002 to 2018 using the generalized method of moments (GMM) approach. The study first examines the effect of education on economic growth and, thereafter,...

This paper has tested whether bank-based financial development and market-based financial development are complements of, or substitutes for, one another in enhancing economic growth in the usa, Brazil and Kenya during the period from1980 to 2012. These three countries represent amodest...