Finance, investment and growth: nonlinear time series evidence from 10 Asian economies

Yuan-Ming Lee and Kuan Min Wang

Applied Economics Letters, 2010, vol. 17, issue 5, 495-501

Abstract: This article employs financial development as the threshold variable to construct a threshold model and to re-examine the findings in Rousseau and Vuthipadadorn (2005) for 10 Asian economies. Our results show that in the high financial development regime, financial development could fuel economic growth, which is consistent with the conclusion in Rousseau and Vuthipadadorn (2005); however, there is no evidence shows that financial development could affect investment. In the low financial development regime, financial development has negative influence on investment growth, which is contradictory to the findings in Rousseau and Vuthipadadorn (2005); as to the relation between financial development and economic growth, the causality could not be supported by the data.

Date: 2010
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DOI: 10.1080/13504850701857841

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