| Utilizing cross-sectional methods and data from forty-eight Sub-Saharan African (SSA) countries, this research examines whether both stock market and bank development predict economic growth in the region. This study demonstrates that stock market development in SSA is not a factor in explaining economic growth in the region. This study also demonstrates that, unlike stock market development, bank development is significantly and positively a robust predictor of economic growth in SSA. The results of this study are consistent with the views that bank development provides important services for economic growth and that banks provide different services from stock markets. |
