Financial Development and Economic Growth in Asian Countries: A Panel Empirical Investigation

Cher Chen (), GholamReza Zandi Pour () and Edwin R. de los Reyes ()

International Journal of Applied Economics, Finance and Accounting, 2020, vol. 6, issue 2, 76-84

Abstract: This study aimed to evaluate the association of financial development and economic growth by considering the case of 10 Asian countries. The study used quantitative research design where the preliminary testing was conducted using descriptive statistics and unit root testing. The sample size comprised of 10 emerging Asian countries (India, China, Malaysia, Philippines, Pakistan, Thailand, Singapore, Bhutan, Vietnam, and Bangladesh) and the time-frame for the study was 1990 to 2018. The main techniques of analysis were Pedroni cointegration, dynamic panel least squares (DOLS) and Granger Causality. This study concluded that long-run equilibrium existed between financial development and economic growth. The research was limited to the case of Asian countries, therefore, in future, the evaluation of European countries can be conducted or African region can also be undertaken into consideration.

Keywords: Financial development; Economic growth; DOLS; Granger causality; Asia. (search for similar items in EconPapers)
Date: 2020
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