Financial Development in Kenya: a Dynamic Test of the Finance-led Growth Hypothesis

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Re-examining the financial development and economic growth nexus in Kenya (2009, methodology): “It is possible that the introduction of a third or a fourth variable in the causality framework may not only alter the direction of causality but also the magnitude of the estimates (Loizides and Vamvoukas, 2005; Odhiambo, 2008a).”