Pembangunan Kewangan dan Pertumbuhan Sektor-Sektor Ekonomi: Bukti Empirikal di Malaysia

Zulkefly Abdul Karim, Mohd Azlan Shah Zaidi and Norain Mod Asri
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Zulkefly Abdul Karim: Pusat Pengajian Ekonomi Universiti Kebangsaan Malaysia Bangi Selangor D.E
Mohd Azlan Shah Zaidi: Pusat Pengajian Ekonomi Universiti Kebangsaan Malaysia Bangi Selangor D.E
Norain Mod Asri: Pusat Pengajian Ekonomi Universiti Kebangsaan Malaysia Bangi Selangor D.E

Jurnal Ekonomi Malaysia, 2008, vol. 42, 65-89

Abstract: The objective of this paper is to study the impact of financial sector development on three main economic sectors of Malaysia , namely primary sector , secondary sector and tertiary sector . Time series econometric methods , such as stationary tests , cointegration tests and causality tests in the form of vector autoregresive ( VAR ) model are applied. The results show that the financial development proxied by M3 / KDNK significantly influence the change in output of the primary sector , while the real lending interest rate ( RLR ) significantly influence the change in output of tertiary sector . This findings support the finance - led growth hypothesis or suppply leading hypothesis for the primary sector and the tertiary sector . On the other hand , the output of the secondary sector does influence the financial development variable of M3 / KDNK , this supporting the demand - following hypothesis .

Keywords: Financial development; causality test; cointegration; economic sectors (search for similar items in EconPapers)
Date: 2008
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