Although it is widely accepted in the literature that the financial sector is necessary to the financial system. The abstract of some empirical studies performed in BRICS confirms that it is still unclear the exact contribution of the financial sector to financial development. The disparities in existing empirical proof could be as a outcome of the relationship between the monetary sector and financial progress is not stable over time . Moreover, Guru and Yadav present that proxies for the financial sector additionally explains variations in current results. The extant literature has discriminated towards the finance-growth nexus with numerous bank-based and other inventory market-based proxies with little attention paid to the financial sector indices. In this regard, we attempt to explain how the connection between the financial sector and economic development varies over the business cycles and monetary cycles in BRICS nations.
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