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 …

panel ARDL estimation method. The findings derived from the estimated models point out that the old-age dependency ratio and …