IDEAS home Printed from https://ideas.repec.org/a/ids/ijepee/v9y2016i2p103-126.html
   My bibliography  Save this article

Financial development and economic growth: the cases of Thailand, Malaysia, and the Philippines

Author

Listed:
  • Oranuch Wongpiyabovorn

Abstract

This study investigates relationship between financial development and economic growth in Thailand, Malaysia, and the Philippines from 1974-2011. Panel cointegration approach and vector error correction model are employed to find a long-term relationship between financial development and economic growth in these three countries. When considering overall financial development in a panel data, panel cointegration estimation shows a positive long-term relationship between overall financial development and growth. Subsequently, financial development is divided into three constituent parts of the banking system, equity market, and private bond market. Positive relationships between economic growth and development in the banking sector and bond market are found in the long-run, whereas the stock market is indicated to be insignificantly related to growth. Furthermore, overall financial development is shown to be positively correlated with its own growth in the long-term in Thailand and Malaysias economies. However, insignificant negative correlation is found in the Philippines.

Suggested Citation

  • Oranuch Wongpiyabovorn, 2016. "Financial development and economic growth: the cases of Thailand, Malaysia, and the Philippines," International Journal of Economic Policy in Emerging Economies, Inderscience Enterprises Ltd, vol. 9(2), pages 103-126.
    • Handle: RePEc:ids:ijepee:v:9:y:2016:i:2:p:103-126
    as

    Download full text from publisher

    File URL: http://www.inderscience.com/link.php?id=77274
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Tatjana Tambovceva & Jelena Titko, 2020. "Consumer perception of sharing economy: pilot survey in Latvia," International Journal of Economic Policy in Emerging Economies, Inderscience Enterprises Ltd, vol. 13(1), pages 72-84.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ids:ijepee:v:9:y:2016:i:2:p:103-126. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sarah Parker (email available below). General contact details of provider: http://www.inderscience.com/browse/index.php?journalID=219 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.