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The Finance–Growth Nexus in Asia: A Meta-Analytic Approach

Author

Listed:
  • AMAR ANWAR

    (Shannon School of Busines, Cape Breton University, Sydney, Canada2International SEPT Program, Universität Leipzig, Leipzig, Germany)

  • ICHIRO IWASAKI

    (Institute of Economic Research, Hitotsubashi University, Tokyo, Japan)

Abstract

This paper features a meta-analysis of the effects of financial development and liberalization on macroeconomic growth in Asia. A meta-synthesis of 748 estimates extracted from 75 previous studies indicates that the growth-enhancing effect of finance reaches an economically meaningful scale in the region. Synthesis results also reveal that the finance–growth nexus in South Asia is stronger than that in East Asia. Publication selection bias is examined using both linear and nonlinear techniques, and our results show that there is a possibility of publication bias in the literature. After applying advanced and up-to-date meta-analysis methods, we find that the collected estimates contain significant underlying empirical evidence of the impact of finance on economic growth for both Asia and its subregions.

Suggested Citation

  • Amar Anwar & Ichiro Iwasaki, 2023. "The Finance–Growth Nexus in Asia: A Meta-Analytic Approach," Asian Development Review (ADR), World Scientific Publishing Co. Pte. Ltd., vol. 40(01), pages 13-48, March.
    • Handle: RePEc:wsi:adrxxx:v:40:y:2023:i:01:n:s0116110523500063
    DOI: 10.1142/S0116110523500063
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    Keywords

    Asia; economic growth; financial development; meta-analysis; publication selection bias;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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