2009•Unpublished venueRequires access

Financial Development and Economic Growth: Cross Country Evidence for Selected ASEAN member countries

Hita Supranjaya, A. Binnur Kibriscikli-Ozcandarli, H. Stek

Abstract

Using the OLS fixed effect, this study examines whether financial development would facilitate economic growth among the selected Association of South East Asian Nations (ASEAN) from 1990 until 2004. It focuses on the effects of two aspects of financial development on growth: banking sector development and stock market development. This study extends this framework to include the measure of capital flow in the growth model. Results suggest that among the two financial developments and capital flow, only the banking sector development shows positive relations to economic growth. Keyword: Financial development, Economic growth, Banking sector development, Stock market development, Capital flow

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Key concepts: Financial sector development, Economics, Stock market, Stock (firearms), Capital flows, Business, Finance, Financial system