... good predictor of long-run rates of economic growth, capital accumulation and productivity improvements It has been shown elsewhere (Arestis and Demetriades, 1997) that although King and Levine ... Demetriades, O.P and Fattouh, B (2003), “Financial Policies and the Aggregate Productivity of the Capital Stock”, Eastern Economic Journal, 29(2), pp 217-242 Arestis, P., P Demetriades, B Fattouh and K ... (1997), “Financial Development and Economic Growth: Views and Agenda”, Journal of Economic Literature, 35, 688-726 Levine, R (1999), “Law, Finance, and Economic Growth , Journal of Financial Intermediation,...