are banks and stock markets complements or substitutes? empirical evidence from three countries
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2017
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Abstract
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 from 1980 to 2012. These three countries represent
a modest cross-section of the general financial structure prevalent in many
developed and developing countries. Unlike some of the previous studies,
the study employs the newly developed ardl-Bounds-testing approach to
carry out the test. The study also employs the method of means-removed
average to construct both bank-based and market-based financial development
indices. The results of this study show that while in the USA and
Brazil, bank-based and market-based financial systems complement each
other in enhancing economic growth; in Kenya, the two financial systems
seem to be substitutes rather than complements.
| Reference Key |
nyasha2017managingare
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|---|---|
| Authors | ;Sheilla Nyasha;Nicholas M. Odhiambo |
| Journal | geoderma |
| Year | 2017 |
| DOI |
10.26493/1854-6935.15.81-101
|
| URL | |
| Keywords |
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