Abstract
The financial sector’s role in economic growth is heavily contested by economists. Some argue that economic growth is not caused by finance, but that it responds to changing demands, while others argue the positive effect of finance on economic growth (Robinson, 1952; Miller, 1998). Many researchers have concluded that ignoring the notion of the finance-growth link only restricts understanding of economic growth (Bagehot, 1873; Schumpeter, 1912; McKinnon, 1973).