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Financial Liberalization, Capital Movements, and Economic Growth in Asia: A Panel Structural VAR Approach

In: Economic Growth and Financial Development

Author

Listed:
  • Faik Bilgili

    (Faculty of Economics and Administrative Sciences)

  • İbrahim Doğan

    (Faculty of Economics and Administrative Sciences)

  • Emrah Koçak

    (Faculty of Economics and Administrative Sciences)

  • Sevda Kuşkaya

    (Justice Vocational College, Department of Law)

Abstract

There has been intensive research in the literature of macroeconomics examining the nexus between finance, capital movements, and economic growth to explore the impact of each variable on other variables in the system. One might claim that these researches, needless to say, are seminal and have some considerable outputs. The relevant literature, however, conducts mostly the estimations from macro-econometric models in which structural impulse responses are not monitored. Therefore, this chapter aims at launching panel structural VAR (panel SVAR) model estimations by loading relevant matrices for the decomposition of the shocks into common and composite shocks through recursive impulse responses by a triangular matrix. The contemporaneous impact of a shock in a panel variable on other panel variables are, hence, straightforward and transparent in panel SVAR. The models of panel SVAR of this chapter employs 24 Asian countries for the period 1994–2017. The 576 observations from three different panel SVAR model predictions reveal in general that panel Asian GDP responds positively to the shocks in panel Asian financial development index, financial markets access index, financial markets efficiency index, and gross fixed capital formation.

Suggested Citation

  • Faik Bilgili & İbrahim Doğan & Emrah Koçak & Sevda Kuşkaya, 2021. "Financial Liberalization, Capital Movements, and Economic Growth in Asia: A Panel Structural VAR Approach," Springer Books, in: Muhammad Shahbaz & Alaa Soliman & Subhan Ullah (ed.), Economic Growth and Financial Development, pages 135-153, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-79003-5_8
    DOI: 10.1007/978-3-030-79003-5_8
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    Cited by:

    1. Spahiu Muhamet J. & Durguti Esat A., 2023. "Impact of Financial Liberalization on Export: Evidence from Kosovo," Studia Universitatis „Vasile Goldis” Arad – Economics Series, Sciendo, vol. 33(2), pages 95-111, June.

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