The Finance–Growth Nexus inAsia: A Meta-Analytic Approach

Amar Anwar and Ichiro Iwasaki

No 2022-03, CEI Working Paper Series from Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University

Abstract: This paper features a meta-analysis of the effects of financial development and liberalization on macroeconomic growth in Asia. A meta-synthesis of 748 estimates extracted from 75 previous works indicates that the growth-enhancing effect of finance reaches an economically meaningful scale in the region. Synthesis results also reveal that the finance–growth nexus in South Asia is stronger than that in East Asia. Publication selection bias is examined using both linear and nonlinear techniques, and our results show that there is a possibility of publication bias in the literature. After applying advanced and up-to-date metaanalysis methods, we find that the collected estimates contain significant underlying empirical evidence of the impact of finance on economic growth for both Asia and its subregions.

Keywords: financial development; economic growth; meta-analysis; publication selection bias; Asia (search for similar items in EconPapers)
JEL-codes: D53 E44 G10 O11 O16 (search for similar items in EconPapers)
Pages: 48 pages
Date: 2022-08
New Economics Papers: this item is included in nep-ban, nep-dev, nep-fdg, nep-isf and nep-sea
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:hit:hitcei:2022-03

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