Financial Development and Economic Growth in ASEAN-5 Countries

Chinnasamy Agamudai Nambhi Malarvizhi, Yashar Zeynali, Abdullah Al Mamun and Ghazali Bin Ahmad

Global Business Review, 2019, vol. 20, issue 1, 57-71

Abstract: 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.

Keywords: Financial performance; economic growth; capital accumulation; efficiency (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:sae:globus:v:20:y:2019:i:1:p:57-71

DOI: 10.1177/0972150918802684

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