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This paper examines the evolving importance of banks and securities markets during the process of economic development. As economies develop, they increase their demand for the services provided by securities markets relative to those provided by banks, such that securities markets become...
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of private credit/gross domestic product; the positive effect of bank credit is especially pronounced in industries that …
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This paper examines the impact of both bank- and market-based financial development on economic growth in South Africa … construct both bank- and market-based financial development indices. The study uses the newly developed autoregressive … positive relationship between bank-based financial development and economic growth in South Africa. The results, however, fail …
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