How does financial development interact with economic growth in five ASEAN countries

Journal Publication ResearchOnline@JCU
Phan, Thanh Chung;Sun, Sizhong;Vo, Diem Thi Hong
Abstract

This study examines the causal relationship between financial development, liberalization and economic growth through technological innovation channel in five South East Asia countries during the period 1980–2012, using a fully modified ordinary least square estimation technique. We find that technological deepening is driven by deepening in the financial system and financial liberalization rather than changes in a country’s market capitalization. We also find a negative effect from the financial openness, and a positive effect from financial deregulation.

Journal

Singapore Economic Review

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Volume

64

ISBN/ISSN

0217-5908

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Issue

3

Pages Count

20

Location

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Publisher

World Scientific Publishing

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Publisher Location

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Publish Date

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Date

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EISSN

N/A

DOI

10.1142/S0217590816500120