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Finance-led growth hypothesis for Asia: an insight from new data

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  • Abdulkareem Alhassan
  • Muktar Sabi Adamu
  • Shuaibu Sidi Safiyanu

Abstract

The quest for the development of financial system has been the major concern of the Asian economies over the years. Using a System Generalized Methods of Moments technique for 44 Asian countries over the period 1980–2017, we evaluate the effect of financial development on economic growth for the entire Asia, sub-regions and groups of the countries by their levels of income. Additionally, we considered the subcomponents of the financial system. The contribution of this study hinges on the use of a comprehensive measure of financial development, and consideration of the heterogeneity of the Asian countries concerning the finance-growth nexus. The findings revealed that financial development spurs economic growth in Asia. Specifically, the development of financial institutions have a greater impact than development of financial markets on growth of upper-middle and high-income countries while the reverse is the case for low and low-middle income countries in the continent.

Suggested Citation

  • Abdulkareem Alhassan & Muktar Sabi Adamu & Shuaibu Sidi Safiyanu, 2023. "Finance-led growth hypothesis for Asia: an insight from new data," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 28(2), pages 599-618, April.
    • Handle: RePEc:taf:rjapxx:v:28:y:2023:i:2:p:599-618
    DOI: 10.1080/13547860.2021.1912883
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    Cited by:

    1. Obadiah Jonathan Gimba & Abdulkareem Alhassan & Huseyin Ozdeser & Wafa Ghardallou & Mehdi Seraj & Ojonugwa Usman, 2023. "Towards low carbon and sustainable environment: does income inequality mitigate ecological footprints in Sub-Saharan Africa?," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(9), pages 10425-10445, September.

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