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Finance-growth nexus revisited for some Asian countries

Author

Listed:
  • Bidisha Mukhopadhyay
  • Rudra Pradhan
  • Mete Feridun

Abstract

This article investigates the causal relationship between financial development and economic growth for Thailand, Indonesia, Malaysia, the Philippines, China, India and Singapore for the period between 1979 and 2009, using Johansen cointegration tests and vector error correction models. The results suggest that in the case of Indonesia, Singapore, the Philippines, China and India financial development leads to economic growth, whereas in the case of Thailand there exists a bidirectional causality between these variables. The results further suggest that in the case of Malaysia financial development does not seem to cause economic growth.

Suggested Citation

  • Bidisha Mukhopadhyay & Rudra Pradhan & Mete Feridun, 2011. "Finance-growth nexus revisited for some Asian countries," Applied Economics Letters, Taylor & Francis Journals, vol. 18(16), pages 1527-1530.
  • Handle: RePEc:taf:apeclt:v:18:y:2011:i:16:p:1527-1530
    DOI: 10.1080/13504851.2010.548771
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    Cited by:

    1. Pradhan, Rudra P. & Arvin, Mak B. & Norman, Neville R., 2015. "Insurance development and the finance-growth nexus: Evidence from 34 OECD countries," Journal of Multinational Financial Management, Elsevier, vol. 31(C), pages 1-22.
    2. Rudra P. Pradhan & Mak B. Arvin & Neville R. Norman & John H. Hall, 2014. "The dynamics of banking sector and stock market maturity and the performance of Asian economies: Time series evidence," Journal of Economic and Administrative Sciences, Emerald Group Publishing, vol. 30(1), pages 16-44, May.
    3. Pradhan, Rudra P. & Arvin, Mak B. & Hall, John H., 2016. "Economic growth, development of telecommunications infrastructure, and financial development in Asia, 1991–2012," The Quarterly Review of Economics and Finance, Elsevier, vol. 59(C), pages 25-38.
    4. repec:taf:macfem:v:10:y:2017:i:2:p:151-171 is not listed on IDEAS
    5. Balcilar, Mehmet & Gupta, Rangan & Lee, Chien-Chiang & Olasehinde-Williams, Godwin, 2018. "The synergistic effect of insurance and banking sector activities on economic growth in Africa," Economic Systems, Elsevier, vol. 42(4), pages 637-648.
    6. repec:spr:eurase:v:8:y:2018:i:2:d:10.1007_s40822-018-0094-4 is not listed on IDEAS
    7. repec:eee:energy:v:159:y:2018:i:c:p:42-53 is not listed on IDEAS
    8. repec:eee:revfin:v:33:y:2017:i:c:p:12-28 is not listed on IDEAS
    9. repec:eee:mulfin:v:49:y:2019:i:c:p:67-80 is not listed on IDEAS
    10. repec:eee:quaeco:v:66:y:2017:i:c:p:136-148 is not listed on IDEAS
    11. Pradhan, Rudra P. & Arvin, Mak B. & Hall, John H. & Bahmani, Sahar, 2014. "Causal nexus between economic growth, banking sector development, stock market development, and other macroeconomic variables: The case of ASEAN countries," Review of Financial Economics, Elsevier, vol. 23(4), pages 155-173.
    12. repec:eee:jebusi:v:96:y:2018:i:c:p:15-41 is not listed on IDEAS

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