The study seeks to find out whether financial structure matters in economic development. Using quarterly data from 1998 to 2018 from Ghana and with auto regressive distributed lag (ARDL)-bound testing technique in the study found that financial structure is irrelevant for long-term economic growth in Ghana. The finding of concurs with the complementarity view between the banks and the exchange and rejects that both subsectors are substitutes since financial services indicators were significance in influencing economic growth. In this vein the study concludes on the importance of financial services rather than structure. Based on these observations, the study recommends that policymakers should grow the synergy between the banks and the markets.

中文翻译：

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经济增长的源泉：银行家还是市场家，还是两者兼而有之？来自加纳的自回归分布滞后 (ARDL) 证据

该研究旨在找出金融结构对经济发展是否重要。研究使用加纳 1998 年至 2018 年的季度数据并采用自回归分布式滞后 (ARDL) 限制测试技术发现，金融结构与加纳的长期经济增长无关。研究结果与银行和交易所之间的互补性观点相一致，并且拒绝认为这两个子行业是替代性的，因为金融服务指标对影响经济增长具有重要意义。本研究的结论是金融服务而非结构的重要性。基于这些观察，该研究建议政策制定者应增强银行与市场之间的协同作用。