HOW DOES FINANCIAL DEVELOPMENT INTERACT WITH ECONOMIC GROWTH IN FIVE ASEAN COUNTRIES?

Phan Thanh Chung (), Sizhong Sun and Diem Thi Hong Vo ()
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Phan Thanh Chung: Economics Department, Tay Nguyen University, Daklak, Vietnam
Sizhong Sun: College of Business Law and Governance, James Cook University, QLD, Australia
Diem Thi Hong Vo: Economics Department, Tay Nguyen University, Daklak, Vietnam

The Singapore Economic Review (SER), 2019, vol. 64, issue 03, 441-460

Abstract: This study examines the causal relationship between financial development, liberalization and economic growth through technological innovation channel in five South East Asia countries during the period 1980–2012, using a fully modified ordinary least square estimation technique. We find that technological deepening is driven by deepening in the financial system and financial liberalization rather than changes in a country’s market capitalization. We also find a negative effect from the financial openness, and a positive effect from financial deregulation.

Keywords: Financial development; economic growth; FMOLS; South East Asia; financial liberalization (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (5)

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DOI: 10.1142/S0217590816500120

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