Does Financial Permeation Promote Economic Growth? Some Econometric Evidence From Asian Countries

Md. Nur Alam Siddik, Tanveer Ahsan and Sajal Kabiraj
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Md. Nur Alam Siddik: Begum Rokeya University [Rangpur, Bangladesh]
Tanveer Ahsan: ESC [Rennes] - ESC Rennes School of Business
Sajal Kabiraj: HAMK - Häme University of Applied Sciences

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Abstract: This study endeavors to explore whether financial permeation stimulates economic growth in Asian region. To answer this, we collect data of 24 Asian economies for the duration of 2004 to 2016 and apply panel unit root, Granger causality, and regression techniques. The regression results controlled for country and time effects reveal that various indicators of financial permeation have substantial positive impact on the economic growth of Asian economies. Based on the findings of Granger causality, we find that financial permeation as well as economic openness has mutual causalities with economic growth. Therefore, it seems rational to conclude that financial permeation has positive impact on the economic growth in Asian economies. We also find a negative impact of financial crisis (2007-2008) on economic growth of Asian countries.

Date: 2019-07-24
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Published in Sage Open, 2019, 9 (3), pp.215824401986581. ⟨10.1177/2158244019865811⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04273177

DOI: 10.1177/2158244019865811

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