{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,7,23]],"date-time":"2026-07-23T15:30:13Z","timestamp":1784820613215,"version":"3.55.0"},"reference-count":97,"publisher":"Emerald","issue":"49","license":[{"start":{"date-parts":[[2019,10,16]],"date-time":"2019-10-16T00:00:00Z","timestamp":1571184000000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["JEFAS"],"published-print":{"date-parts":[[2020,6,15]]},"abstract":"<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Purpose<\/jats:title>\n<jats:p>The paper investigates whether Granger causal relationships exist between bond market development, stock market development, economic growth and two other macroeconomic variables, namely, inflation rate and real interest rate. The study aims to expand the domain of economic growth by including a more in-depth analysis of the possible impact that bond market and stock market development has on economic growth than is normally found in the literature.<\/jats:p>\n<\/jats:sec>\n<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title>\n<jats:p>This paper uses a panel data set of the G-20 countries for the period 1991-2016. It uses a panel vector auto-regression model to reveal the nature of any Granger causality among the five variables.<\/jats:p>\n<\/jats:sec>\n<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Findings<\/jats:title>\n<jats:p>The paper provides empirical insights that both bond market development and stock market development are cointegrated with economic growth, inflation rate and real interest rate. The most robust result from the panel Granger causality test is that bond market development, stock market development, inflation rate and real interest rate are demonstrable drivers of economic growth in the long run.<\/jats:p>\n<\/jats:sec>\n<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Research limitations\/implications<\/jats:title>\n<jats:p>Because of the chosen research approach, the research results may lack theoretical foundations. Therefore, perhaps the more fully grounded interactive findings of this study can inspire theorists to fill the missing gap.<\/jats:p>\n<\/jats:sec>\n<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Practical implications<\/jats:title>\n<jats:p>This paper includes lessons for policymakers in the G-20 countries seeking to stimulate economic growth in the long run and how they need to ensure greater stability of the interest rate and inflation rate as well as fully developing their financial markets, as both bond markets and stock markets are obvious drivers of economic growth.<\/jats:p>\n<\/jats:sec>\n<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title>\n<jats:p>This paper fulfills an identified need to study causal relationships between bond market development, stock market development, economic growth and two other macroeconomic variables, i.e. inflation rate and real interest rate.<\/jats:p>\n<\/jats:sec>","DOI":"10.1108\/jefas-09-2018-0087","type":"journal-article","created":{"date-parts":[[2019,10,16]],"date-time":"2019-10-16T08:28:42Z","timestamp":1571214522000},"page":"119-147","source":"Crossref","is-referenced-by-count":26,"title":["The dynamics of bond market development, stock market development and economic growth"],"prefix":"10.1108","volume":"25","author":[{"given":"Rudra P.","family":"Pradhan","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Mak B.","family":"Arvin","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Neville R.","family":"Norman","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Sahar","family":"Bahmani","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"140","published-online":{"date-parts":[[2019,10,16]]},"reference":[{"issue":"1","key":"key2025032114504948100_ref001","first-page":"11","article-title":"Financial development and economic growth in Nigeria: evidence from threshold modelling","volume":"47","year":"2015","journal-title":"Economic Analysis and Policy"},{"issue":"1","key":"key2025032114504948100_ref002","doi-asserted-by":"crossref","first-page":"38","DOI":"10.1016\/j.econmod.2007.04.006","article-title":"What are the mechanisms linking financial development and economic growth in Malaysia?","volume":"25","year":"2008","journal-title":"Economic Modelling"},{"issue":"2","key":"key2025032114504948100_ref003","doi-asserted-by":"crossref","first-page":"277","DOI":"10.2307\/2297968","article-title":"Some tests of specification for panel data: Monte Carlo evidence and an application to employment fluctuations","volume":"58","year":"1991","journal-title":"The Review of Economic Studies"},{"issue":"1","key":"key2025032114504948100_ref004","doi-asserted-by":"crossref","first-page":"16","DOI":"10.2307\/2673870","article-title":"Financial development and economic growth: the role of stock markets","volume":"33","year":"2001","journal-title":"Journal of Money, Credit and Banking"},{"key":"key2025032114504948100_ref005","article-title":"Finance and economic growth: financing structure and non-linear impact","year":"2018","journal-title":"Journal of Macroeconomics"},{"issue":"3","key":"key2025032114504948100_ref006","first-page":"124","article-title":"Determinants of bond market development in Asia","volume":"24","year":"2013","journal-title":"Journal of Asian Economics"},{"issue":"11","key":"key2025032114504948100_ref007","doi-asserted-by":"crossref","first-page":"1133","DOI":"10.1080\/00036846.2014.993130","article-title":"Financial deepening and economic growth","volume":"47","year":"2015","journal-title":"Applied Economics"},{"key":"key2025032114504948100_ref008","doi-asserted-by":"crossref","first-page":"65","DOI":"10.1016\/j.pacfin.2018.05.010","article-title":"Dynamics between stock market movements and fiscal policy: empirical evidence from emerging Asian economies","volume":"51","year":"2018","journal-title":"Pacific-Basin Finance Journal"},{"issue":"2","key":"key2025032114504948100_ref009","doi-asserted-by":"crossref","first-page":"204","DOI":"10.1111\/j.1467-9957.2007.01057.x","article-title":"Endogenous information frictions, stock markets development, and economic growth","volume":"76","year":"2008","journal-title":"The Manchester School"},{"issue":"1","key":"key2025032114504948100_ref010","first-page":"33","article-title":"Stock market development and economic growth: the causal linkage","volume":"29","year":"2004","journal-title":"Journal of Economic Development"},{"issue":"7","key":"key2025032114504948100_ref011","doi-asserted-by":"crossref","first-page":"1392","DOI":"10.1016\/j.euroecorev.2012.06.007","article-title":"The impact of high government debt on economic growth and its channels: an empirical investigation for the euro area","volume":"56","year":"2012","journal-title":"European Economic Review"},{"issue":"3","key":"key2025032114504948100_ref012","doi-asserted-by":"crossref","first-page":"508","DOI":"10.1016\/j.intfin.2012.01.007","article-title":"Substitution or complementary effects between banking and stock markets: evidence from financial openness in Taiwan","volume":"22","year":"2012","journal-title":"Journal of International Financial Markets, Institutions and Money"},{"issue":"3","key":"key2025032114504948100_ref013","doi-asserted-by":"crossref","first-page":"339","DOI":"10.1016\/j.ribaf.2008.12.002","article-title":"Financial markets and economic performances: empirical evidence from five industrialized countries","volume":"23","year":"2009","journal-title":"Research in International Business and Finance"},{"issue":"3","key":"key2025032114504948100_ref014","doi-asserted-by":"crossref","first-page":"5","DOI":"10.2753\/REE1540-496X420301","article-title":"Finance and macroeconomic performance: some evidence from emerging markets","volume":"42","year":"2006","journal-title":"Emerging Markets Finance and Trade"},{"issue":"2","key":"key2025032114504948100_ref015","doi-asserted-by":"crossref","first-page":"291","DOI":"10.1093\/wber\/10.2.291","article-title":"Stock market development and financial intermediaries: stylized facts","volume":"10","year":"1996","journal-title":"The World Bank Economic Review"},{"issue":"4","key":"key2025032114504948100_ref016","doi-asserted-by":"crossref","first-page":"547","DOI":"10.1080\/1016873042000299981","article-title":"Financial development and economic growth in Greece: an empirical investigation with granger causality analysis","volume":"18","year":"2004","journal-title":"International Economic Journal"},{"issue":"3","key":"key2025032114504948100_ref017","first-page":"192","article-title":"Worth the hype? The effect of G20 summits on global financial markets","volume":"53","year":"2015","journal-title":"Journal of International Money and Finance"},{"issue":"2","key":"key2025032114504948100_ref018","doi-asserted-by":"crossref","first-page":"290","DOI":"10.1016\/j.jpolmod.2016.08.001","article-title":"Financial development and economic growth: some theory and more evidence","volume":"39","year":"2017","journal-title":"Journal of Policy Modeling"},{"key":"key2025032114504948100_ref019","doi-asserted-by":"crossref","first-page":"226","DOI":"10.1016\/j.jmacro.2014.11.006","article-title":"Public debt, economic growth and nonlinear effects: Myth or reality?","volume":"43","author":"Egert","year":"2015","journal-title":"Journal of Macroeconomics"},{"issue":"2","key":"key2025032114504948100_ref020","doi-asserted-by":"crossref","first-page":"251","DOI":"10.2307\/1913236","article-title":"Cointegration and error correction: representation, estimation and testing","volume":"55","year":"1987","journal-title":"Econometrica"},{"issue":"2","key":"key2025032114504948100_ref021","doi-asserted-by":"crossref","first-page":"162","DOI":"10.1016\/j.jeconbus.2008.05.001","article-title":"Stock market development and economic growth: Evidence from seven Sub-Saharan African countries","volume":"61","year":"2009","journal-title":"Journal of Economics and Business"},{"key":"key2025032114504948100_ref022","doi-asserted-by":"crossref","unstructured":"Fink, G. Haiss, P. and Histofrova, S. (2003), \u201cBond markets and economic growth\u201d, IEF Working Paper. No. 49. pp. 1-31, available at: http:\/\/core.kmi.open.ac.uk\/download\/pdf\/11007252.pdf","DOI":"10.2139\/ssrn.1003763"},{"issue":"4","key":"key2025032114504948100_ref023","first-page":"431","article-title":"Contribution of financial market segments at different stages of development: transition, cohesion and mature economies compared","volume":"5","year":"2006","journal-title":"Journal of Financial Stability"},{"issue":"1","key":"key2025032114504948100_ref024","first-page":"464","article-title":"Ecological footprint (EF): an expanded role in calculating resource productivity (RP) using China and the G20 member countries as examples","volume":"48","year":"2015","journal-title":"Ecological Indicators"},{"issue":"1\/2","key":"key2025032114504948100_ref025","first-page":"199","article-title":"Some recent developments in a concept of causality","volume":"39","year":"1988","journal-title":"Journal of Econometrics"},{"issue":"5, Part 1","key":"key2025032114504948100_ref026","doi-asserted-by":"crossref","first-page":"1076","DOI":"10.1086\/261720","article-title":"Financial development, growth, and the distribution of income","volume":"98","year":"1990","journal-title":"Journal of Political Economy"},{"issue":"2","key":"key2025032114504948100_ref027","doi-asserted-by":"crossref","first-page":"3","DOI":"10.1257\/jep.27.2.3","article-title":"The growth of finance","volume":"27","year":"2013","journal-title":"Journal of Economic Perspectives"},{"issue":"3","key":"key2025032114504948100_ref028","doi-asserted-by":"crossref","first-page":"543","DOI":"10.1016\/S1062-9769(01)00111-9","article-title":"Investigating the links between growth and stock price changes with empirical evidence from the G7 economies","volume":"42","year":"2002","journal-title":"The Quarterly Review of Economics and Finance"},{"key":"key2025032114504948100_ref029","doi-asserted-by":"crossref","first-page":"417","DOI":"10.1016\/j.econmod.2013.11.029","article-title":"Determinants of the link between financial and economic development: evidence from a functional coefficient model","volume":"37","year":"2014","journal-title":"Economic Modelling"},{"issue":"6","key":"key2025032114504948100_ref030","doi-asserted-by":"crossref","first-page":"1371","DOI":"10.2307\/1913103","article-title":"Estimating vector auto regressions with panel data","volume":"56","year":"1988","journal-title":"Econometrica"},{"issue":"3","key":"key2025032114504948100_ref031","doi-asserted-by":"crossref","first-page":"811","DOI":"10.1016\/j.ecolind.2010.10.007","article-title":"Dynamics sustainability assessment of countries at the macro level: a principal component analysis","volume":"11","year":"2011","journal-title":"Ecological Indicators"},{"issue":"12","key":"key2025032114504948100_ref032","doi-asserted-by":"crossref","first-page":"975","DOI":"10.1080\/09603101003724331","article-title":"The roles of stock market in the finance-growth nexus: time series cointegration and causality evidence from Taiwan","volume":"20","year":"2010","journal-title":"Applied Financial Economics"},{"issue":"1","key":"key2025032114504948100_ref033","first-page":"294","article-title":"Economic growth and financial development in Asian countries: a bootstrap panel granger causality analysis","volume":"32","year":"2013","journal-title":"Economic Modelling"},{"issue":"3","key":"key2025032114504948100_ref034","doi-asserted-by":"crossref","first-page":"281","DOI":"10.1016\/S1057-5219(00)00031-4","article-title":"Causality and cointegration of stock markets among the United States, Japan, and the South China growth triangle","volume":"9","year":"2000","journal-title":"International Review of Financial Analysis"},{"key":"key2025032114504948100_ref097","volume-title":"Indicators of Financial Structure, Development, and Soundness","author":"IMF","year":"2005"},{"issue":"10","key":"key2025032114504948100_ref035","doi-asserted-by":"crossref","first-page":"1289","DOI":"10.1080\/00036840802600350","article-title":"Financial sector development and growth in small open economies","volume":"43","year":"2011","journal-title":"Applied Economics"},{"issue":"5","key":"key2025032114504948100_ref036","doi-asserted-by":"crossref","first-page":"883","DOI":"10.1016\/j.jpolmod.2014.08.002","article-title":"Financial development and economic growth: new evidence from Tunisia","volume":"36","year":"2014","journal-title":"Journal of Policy Modeling"},{"issue":"1-2","key":"key2025032114504948100_ref037","doi-asserted-by":"crossref","first-page":"685","DOI":"10.1016\/j.econmod.2010.05.015","article-title":"Financial development and economic growth nexus in the MENA countries: bootstrap panel granger causality analysis","volume":"28","year":"2011","journal-title":"Economic Modelling"},{"issue":"3","key":"key2025032114504948100_ref038","doi-asserted-by":"crossref","first-page":"717","DOI":"10.2307\/2118406","article-title":"Finance and growth: Schumpeter might be right","volume":"108","year":"1993","journal-title":"The Quarterly Journal of Economics"},{"issue":"3","key":"key2025032114504948100_ref039","doi-asserted-by":"crossref","first-page":"513","DOI":"10.1016\/0304-3932(93)90028-E","article-title":"Finance, entrepreneurship and economic growth: theory and evidence","volume":"32","year":"1993","journal-title":"Journal of Monetary Economics"},{"issue":"1","key":"key2025032114504948100_ref096","first-page":"11","article-title":"The impact of the Nigerian capital market on economic growth (1990-2010)","volume":"1","year":"2012","journal-title":"International Journal of Developing Societies"},{"key":"key2025032114504948100_ref040","doi-asserted-by":"crossref","first-page":"35","DOI":"10.1016\/j.jmacro.2013.08.023","article-title":"The effect of public debt on growth in multiple regimes","volume":"38","year":"2013","journal-title":"Journal of Macroeconomics"},{"key":"key2025032114504948100_ref041","doi-asserted-by":"crossref","first-page":"36","DOI":"10.1016\/j.jbankfin.2013.12.020","article-title":"Does too much finance harm economic growth?","volume":"41","year":"2014","journal-title":"Journal of Banking and Finance"},{"issue":"3","key":"key2025032114504948100_ref042","first-page":"204","article-title":"Bank reforms, foreign ownership, and financial stability","volume":"40","year":"2014","journal-title":"Journal of International Money and Finance"},{"issue":"1","key":"key2025032114504948100_ref043","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/S0304-4076(01)00098-7","article-title":"Unit root tests in panel data: asymptotic and finite sample properties","volume":"108","year":"2002","journal-title":"Journal of Econometrics"},{"issue":"20","key":"key2025032114504948100_ref044","first-page":"688","article-title":"Financial development and economic growth: views and agenda","volume":"35","year":"1997","journal-title":"Journal of Economic Literature"},{"issue":"6","key":"key2025032114504948100_ref045","first-page":"31","article-title":"More on finance and growth: more finance, more growth?","volume":"85","year":"2003","journal-title":"Review"},{"key":"key2025032114504948100_ref046","first-page":"865","article-title":"Finance and growth: theory and evidence","volume-title":"Handbook of Economic Growth","year":"2005"},{"issue":"1","key":"key2025032114504948100_ref047","doi-asserted-by":"crossref","first-page":"31","DOI":"10.1016\/S0304-3932(00)00017-9","article-title":"Financial intermediation and growth: causality analysis and causes","volume":"46","year":"2000","journal-title":"Journal of Monetary Economics"},{"issue":"4","key":"key2025032114504948100_ref048","doi-asserted-by":"crossref","first-page":"395","DOI":"10.1016\/j.chieco.2005.09.003","article-title":"Financial development and economic growth: evidence from China","volume":"17","year":"2006","journal-title":"China Economic Review"},{"issue":"7","key":"key2025032114504948100_ref049","doi-asserted-by":"crossref","first-page":"505","DOI":"10.1080\/13504850500426277","article-title":"Does the linkage between stock market performance and economic growth vary across greater China?","volume":"15","year":"2008","journal-title":"Applied Economics Letters"},{"issue":"S1","key":"key2025032114504948100_ref050","doi-asserted-by":"crossref","first-page":"631","DOI":"10.1111\/1468-0084.0610s1631","article-title":"A comparative study of unit root tests with panel data and new sample test","volume":"61","year":"1999","journal-title":"Oxford Bulletin of Economics and Statistics"},{"issue":"3","key":"key2025032114504948100_ref051","first-page":"316","article-title":"Does the stock market cause economic growth? Portuguese evidence of economic regime change","volume":"32","year":"2013","journal-title":"Economic Modelling"},{"issue":"3-4","key":"key2025032114504948100_ref052","doi-asserted-by":"crossref","first-page":"251","DOI":"10.1016\/S0927-538X(99)00013-X","article-title":"Are Asian stock market fluctuations due mainly to intra-regional contagion effects? Evidence based on Asian emerging stock markets","volume":"7","year":"1999","journal-title":"Pacific-Basin Finance Journal"},{"issue":"3","key":"key2025032114504948100_ref053","first-page":"58","article-title":"Empirical analysis of the links between sovereign bond markets and economic growth for European non-EMU countries","volume":"8","year":"2013","journal-title":"Banks and Bank Systems"},{"issue":"2","key":"key2025032114504948100_ref054","first-page":"386","article-title":"Financial development, trade openness and economic growth in African countries: new insights from a panel causality approach","volume":"37","year":"2014","journal-title":"Economic Modelling"},{"issue":"3","key":"key2025032114504948100_ref055","doi-asserted-by":"crossref","first-page":"121","DOI":"10.1016\/j.rdf.2013.07.001","article-title":"Bond markets in Africa","volume":"3","year":"2013","journal-title":"Review of Development Finance"},{"issue":"6","key":"key2025032114504948100_ref056","first-page":"33","article-title":"Causality between stock returns and macroeconomic variables in emerging markets","volume":"36","year":"2000","journal-title":"Russian and East European Finance and Trade"},{"issue":"1","key":"key2025032114504948100_ref057","first-page":"24","article-title":"Stock market development and economic growth in Africa","volume":"74","year":"2014","journal-title":"Journal of Economics and Business"},{"issue":"1","key":"key2025032114504948100_ref058","doi-asserted-by":"crossref","first-page":"13","DOI":"10.1016\/j.eeh.2005.06.002","article-title":"Stock market development and economic growth in Belgium","volume":"43","year":"2006","journal-title":"Explorations in Economic History"},{"issue":"2","key":"key2025032114504948100_ref059","first-page":"131","article-title":"The stock market and Pakistan economy \u2013 1964-87","volume":"15","year":"1991","journal-title":"Savings and Development"},{"issue":"2","key":"key2025032114504948100_ref060","doi-asserted-by":"crossref","first-page":"257","DOI":"10.1111\/j.1467-8268.2007.00161.x","article-title":"Supply-leading versus demand-following hypotheses: empirical evidence from three SSA countries","volume":"19","year":"2007","journal-title":"African Development Review"},{"issue":"3","key":"key2025032114504948100_ref061","doi-asserted-by":"crossref","first-page":"205","DOI":"10.1007\/s10644-010-9085-5","article-title":"Finance-investment-growth nexus in South Africa: an ARDL bounds testing procedure","volume":"43","year":"2010","journal-title":"Economic Change and Restructuring"},{"issue":"5","key":"key2025032114504948100_ref062","doi-asserted-by":"crossref","first-page":"651","DOI":"10.1111\/twec.12277","article-title":"FDI and financial market development in Africa","volume":"39","year":"2016","journal-title":"The World Economy"},{"issue":"2","key":"key2025032114504948100_ref063","doi-asserted-by":"crossref","first-page":"164","DOI":"10.1080\/17487870.2013.787803","article-title":"Financial liberalization and economic growth in Nigeria: an ARDL-bounds testing approach","volume":"17","year":"2014","journal-title":"Journal of Economic Policy Reform"},{"issue":"6","key":"key2025032114504948100_ref064","doi-asserted-by":"crossref","first-page":"1414","DOI":"10.1016\/j.econmod.2009.07.013","article-title":"Financial variables and euro area growth: a non-parametric causality analysis","volume":"26","year":"2009","journal-title":"Economic Modelling"},{"issue":"s1","key":"key2025032114504948100_ref065","doi-asserted-by":"crossref","first-page":"653","DOI":"10.1111\/1468-0084.61.s1.14","article-title":"Critical values for cointegration tests in heterogeneous panels with multiple regressors","volume":"61","year":"1999","journal-title":"Oxford Bulletin of Economics and Statistics"},{"issue":"1","key":"key2025032114504948100_ref066","first-page":"93","article-title":"Fully modified OLS for heterogeneous cointegrated panels","volume":"15","year":"2000","journal-title":"Advances in Econometrics"},{"issue":"3","key":"key2025032114504948100_ref067","first-page":"105","article-title":"Finance and growth: time series evidence on causality","volume":"19","year":"2015","journal-title":"Journal of Financial Stability"},{"key":"key2025032114504948100_ref068","doi-asserted-by":"crossref","first-page":"214","DOI":"10.1016\/j.jempfin.2016.04.002","article-title":"Macro-economic determinants of European stock and government bond correlations: a tale of two regions","volume":"37","year":"2016","journal-title":"Journal of Empirical Finance"},{"issue":"2","key":"key2025032114504948100_ref069","doi-asserted-by":"crossref","first-page":"161","DOI":"10.1007\/s40822-018-0094-4","article-title":"Development of stock market and economic growth: the G-20 evidence","volume":"8","year":"2018","journal-title":"Eurasian Economic Review"},{"issue":"3","key":"key2025032114504948100_ref070","first-page":"98","article-title":"Causal nexus between economic growth, inflation, and stock market development: the case of OECD countries","volume":"27","year":"2015","journal-title":"Global Finance Journal"},{"issue":"1","key":"key2025032114504948100_ref071","first-page":"203","article-title":"The impact of stock market development on inflation and economic growth of 16 Asian countries: a panel VAR approach","volume":"13","year":"2013","journal-title":"Applied Econometrics and International Development"},{"issue":"1","key":"key2025032114504948100_ref072","doi-asserted-by":"crossref","first-page":"16","DOI":"10.1108\/JEAS-06-2013-0022","article-title":"The dynamics of banking sector and stock market maturity and the performance of Asian economies","volume":"30","year":"2014","journal-title":"Journal of Economic and Administrative Sciences"},{"issue":"4","key":"key2025032114504948100_ref073","doi-asserted-by":"crossref","first-page":"155","DOI":"10.1016\/j.rfe.2014.07.002","article-title":"Causal nexus between economic growth, banking sector development, stock market development and other macroeconomic variables: the case of ASEAN countries","volume":"23","year":"2014","journal-title":"Review of Financial Economics"},{"issue":"7","key":"key2025032114504948100_ref074","doi-asserted-by":"crossref","first-page":"465","DOI":"10.1080\/09603107.2014.881968","article-title":"Does banking sector development affect economic growth and inflation? A panel cointegration and causality approach","volume":"24","year":"2014","journal-title":"Applied Financial Economics"},{"issue":"3","key":"key2025032114504948100_ref075","first-page":"136","article-title":"Finance and growth: evidence from the ARF countries","volume":"66","year":"2017","journal-title":"The Quarterly Review of Economics and Finance"},{"issue":"1","key":"key2025032114504948100_ref076","first-page":"1","article-title":"The nexus between economic growth, stock market depth, trade openness, and foreign direct investment: the case of ASEAN countries","volume":"63","year":"2017","journal-title":"Singapore Economic Review"},{"issue":"2","key":"key2025032114504948100_ref077","doi-asserted-by":"crossref","first-page":"175","DOI":"10.1007\/s10690-016-9214-x","article-title":"Bond market development, economic growth and other macroeconomic determinants: panel VAR evidence","volume":"23","year":"2016","journal-title":"Asia-Pacific Financial Markets"},{"issue":"1\/2","key":"key2025032114504948100_ref078","first-page":"69","article-title":"Financial development, social development, and economic growth: the causal nexus in Asia","volume":"40","year":"2013","journal-title":"DECISION"},{"issue":"1","key":"key2025032114504948100_ref079","first-page":"51","article-title":"Bond market development and economic growth: the G-20 experience","volume":"13","year":"2016","journal-title":"T\u00e9khne"},{"issue":"1","key":"key2025032114504948100_ref080","first-page":"66","article-title":"Granger causality between debt and growth: evidence from OECD countries","volume":"35","year":"2015","journal-title":"International Review of Economics and Finance"},{"issue":"2","key":"key2025032114504948100_ref081","first-page":"81","article-title":"Dynamics of real exports and real economic growth in 13 selected Asian countries","volume":"22","year":"1997","journal-title":"Journal of Economic Development"},{"issue":"1","key":"key2025032114504948100_ref082","first-page":"77","article-title":"Macroeconomic variables and stock market performance: testing for dynamic linkages with a known structural break","volume":"32","year":"2008","journal-title":"Savings and Development"},{"issue":"3","key":"key2025032114504948100_ref083","first-page":"267","article-title":"Financial development and economic growth in an oil-rich economy: the case of Saudi Arabia","volume":"43","year":"2014","journal-title":"Economic Modelling"},{"issue":"1","key":"key2025032114504948100_ref084","first-page":"66","article-title":"Is the relationship between financial development and economic growth monotonic? Evidence from a sample of Middle-income countries","volume":"68","year":"2015","journal-title":"World Development"},{"key":"key2025032114504948100_ref085","volume-title":"The Theory of Economic Development","year":"1911"},{"issue":"8","key":"key2025032114504948100_ref086","doi-asserted-by":"crossref","first-page":"1405","DOI":"10.1016\/S0305-750X(01)00043-2","article-title":"The underlying constraints on corporate bond market development in southeast Asia","volume":"29","year":"2001","journal-title":"World Development"},{"key":"key2025032114504948100_ref087","volume-title":"South Asian Bond Markets: Developing Long-Term Finance for Growth","year":"2008"},{"issue":"3","key":"key2025032114504948100_ref088","first-page":"529","article-title":"Linking the missing market: the effect of bond markets on economic growth","volume":"27","year":"2013","journal-title":"International Review of Economics and Finance"},{"issue":"2","key":"key2025032114504948100_ref089","doi-asserted-by":"crossref","first-page":"668","DOI":"10.1016\/j.qref.2008.02.002","article-title":"Stock returns and economic activity in nature and emerging markets","volume":"49","year":"2009","journal-title":"The Quarterly Review of Economics and Finance"},{"issue":"3","key":"key2025032114504948100_ref090","first-page":"701","article-title":"The causal nexus between financial development and economic growth in Kenya","volume":"35","year":"2013","journal-title":"Economic Modelling"},{"issue":"3","key":"key2025032114504948100_ref091","doi-asserted-by":"crossref","first-page":"335","DOI":"10.1111\/1468-2362.00077","article-title":"Growth and finance: what do we know and how do we know it?","volume":"4","year":"2001","journal-title":"International Finance"},{"issue":"1","key":"key2025032114504948100_ref092","doi-asserted-by":"crossref","first-page":"27","DOI":"10.1016\/S1049-0078(01)00111-7","article-title":"Stock market and macroeconomic fundamental dynamic interactions: ASEAN-5 countries","volume":"13","year":"2002","journal-title":"Journal of Asian Economics"},{"key":"key2025032114504948100_ref093","volume-title":"Financial Sector Development Indicators","author":"World Bank","year":"2006"},{"issue":"1","key":"key2025032114504948100_ref094","first-page":"93","article-title":"Driving forces of CO2 emissions in the G20 countries: an index decomposition analysis from 1971 to 2010","volume":"26","year":"2015","journal-title":"Ecological Informatics"},{"issue":"3","key":"key2025032114504948100_ref095","doi-asserted-by":"crossref","first-page":"393","DOI":"10.1016\/j.jce.2012.01.001","article-title":"Financial development and economic growth: recent evidence from China","volume":"40","year":"2012","journal-title":"Journal of Comparative Economics"}],"container-title":["Journal of Economics, Finance and Administrative Science"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/JEFAS-09-2018-0087\/full\/xml","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/JEFAS-09-2018-0087\/full\/html","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,7,24]],"date-time":"2025-07-24T22:30:18Z","timestamp":1753396218000},"score":1,"resource":{"primary":{"URL":"http:\/\/www.emerald.com\/jefas\/article\/25\/49\/119-147\/195958"}},"subtitle":["Evidence from the G-20 countries"],"short-title":[],"issued":{"date-parts":[[2019,10,16]]},"references-count":97,"journal-issue":{"issue":"49","published-online":{"date-parts":[[2019,10,16]]},"published-print":{"date-parts":[[2020,6,15]]}},"alternative-id":["10.1108\/JEFAS-09-2018-0087"],"URL":"https:\/\/doi.org\/10.1108\/jefas-09-2018-0087","relation":{},"ISSN":["2077-1886","2077-1886"],"issn-type":[{"value":"2077-1886","type":"print"},{"value":"2077-1886","type":"electronic"}],"subject":[],"published":{"date-parts":[[2019,10,16]]}}}