This study contributes to the debate on financial development and economic growth in Malaysia using quarterly observations for a sample period from 1980 to 2002. It utilises a battery of financial indicators. Based on multivariate framework which takes real interest rate and capital stock into...

In spite of being the second largest recipient of FDI in the world, China shows limited evidence of considerable FDI benefits on growth (Fan and Hu 2007; Luo 2007; Ran et al. 2007). Motivated by Alfaro et al.s (2003) model, this study tests whether poor financial market development might be responsible...

We revisit the relationship between financial development and economic growth in a panel of 52 middle income countries over the 1980-2008 period, using pooled mean group estimator in a dynamic heterogeneous panel setting. We show that financial development does not have a linear positive...

This study investigates empirically the role of financial development on economic growth in Tanzania. Unlike many previous studies, the study uses three proxies of financial development against real GDP per capita (a proxy for economic growth). Using the Johansen-Juselius cointegration method...

This paper provides a survey of the recent progress in the literature of financial development and economic growth. The survey highlights that most empirical studies focus on either testing the role of financial development in stimulating economic growth or examining the direction of causality...

Countries with highly developed financial systems tend have higher GDP growth rates than those than have not reached this desirable financial stage. Behind this premise there is a complex theoretical structure associated to the effects that financial intermediation have on the economic growth....

In this paper we employ recently developed panel causality and cointegration techniques to examine the long-run relationship between financial development and economic growth of 25 OECD countries. Three measures of financial deepening and stock markets are respectively used. Our results point...

In this paper, the link between financial development and economic growth in OECD member countries is investigated using unbalanced panel cointegration and causality analysis for the period 1980-2011. The results of the Pedroni and Kao Cointegration Analysis show the existence of long-run...

Despite reform efforts, the economic performance of Latin American countries during the 1990s was disappointing with the exception of Chile, which grew at almost 7% per year. This paper tries to explain this difference. Following recent literature that hi

This study examines the impact of external factors, such as law, regulation, and technology on a country’s rate of economic growth. The results suggest that the technological, legal, and regulatory environment can play a major role towards enhancing the smooth functioning of the financial...