This study empirically examines the role of foreign direct investment (FDI) in triggering financial deepening (FD) in the Southeast Asian region. More specifically, it investigates the direct and indirect role of FDI in enhancing the level of FD. The findings of the robust feasible generalized least squares (FGLS) and panel-corrected standard errors (PCSE) estimators suggest that FDI acts as an essential stimulator to FD in the region – directly as well as indirectly through money supply. The results are robust under alternative specifications and institutional measures. The study recommends policymakers to carefully consider the channel of money supply that substantially influences FDI to stimulate the level of FD. In addition, it is important to understand the dynamic role of the institutional framework and other macroeconomic variables in this nexus.

本研究实证检验了外国直接投资 (FDI) 在触发东南亚地区金融深化 (FD) 中的作用。更具体地说，它研究了 FDI 在提高 FD 水平方面的直接和间接作用。稳健可行的广义最小二乘法 (FGLS) 和面板校正标准误差 (PCSE) 估计器的研究结果表明，外国直接投资是该地区 FD 的重要刺激因素——直接和间接通过货币供应。在替代规范和制度措施下，结果是稳健的。该研究建议政策制定者仔细考虑对 FDI 产生重大影响的货币供应渠道，以刺激 FD 水平。此外，