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Finance and growth in a small open emerging market

Siong Hook Law, W.N.w Azman-Saini and Peter Smith

MPRA Paper from University Library of Munich, Germany

Abstract: This study contributes to the debate on financial development and economic growth in Malaysia using quarterly observations for a sample period from 1980 to 2002. It utilises a battery of financial indicators. Based on multivariate framework which takes real interest rate and capital stock into account, the findings are suggestive that finance does play a crucial role in promoting economic growth. Policymakers should, therefore, focus their attention on the creation and promotion of modern financial institutions including banks, non-banks, and stock markets in delivering both short- and long-run economic benefits.

Keywords: financial development; economic growth; Malaysia (search for similar items in EconPapers)
JEL-codes: G10 G20 O11 O16 O40 (search for similar items in EconPapers)
Date: 2006-10
New Economics Papers: this item is included in nep-dev, nep-fdg and nep-sea
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