Financial Development and Economic Growth in ASEAN-5 Countries


Malarvizhi, Chinnasamy Agamudai Nambi and Zeynali, Yashar and Al Mamun, Abdullah and Ahmad, Ghazali (2019) Financial Development and Economic Growth in ASEAN-5 Countries. Global Business Review, 20 (1). pp. 57-71. ISSN 0972-1509

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This article explores the relationship between financial sector development and economic growth, using a sample of ASEAN-5 countries (Malaysia, Indonesia, Singapore, Thailand and Philippines) from 1980 to 2011. More specifically, this study investigates whether higher levels of financial development (FD) are significantly and robustly correlated with faster current and future rates of economic growth, physical capital accumulation and economic efficiency improvements. Findings of this study revealed that FD has a significant positive effect on economic growth. However, the estimated models show that the influence of FD, as a determinant for economic growth of ASEAN-5 countries, is less than that of domestic investment and export.

Item Type: Article
Uncontrolled Keywords: Economic growth, Financial performance, capital accumulation, efficiency
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD72-88 Economic growth, development, planning
Divisions: Faculty of Management (FOM)
Depositing User: Ms Suzilawati Abu Samah
Date Deposited: 11 Feb 2022 02:39
Last Modified: 11 Feb 2022 02:39


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