Journal of the Asia Pacific Economy ( IF 1.325 ) Pub Date : 2021-05-25 , DOI: 10.1080/13547860.2021.1912883 Abdulkareem Alhassan 1, 2 , Muktar Sabi Adamu 3 , Shuaibu Sidi Safiyanu 4
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.
中文翻译:
亚洲金融主导增长假说:来自新数据的洞察
摘要
多年来,寻求金融体系的发展一直是亚洲经济体的主要关注点。我们对 44 个亚洲国家在 1980-2017 年期间使用系统广义矩法技术,评估了金融发展对整个亚洲、次区域和国家组经济增长的影响(按收入水平)。此外,我们还考虑了金融系统的子组件。本研究的贡献取决于对金融发展的综合衡量的使用,以及对亚洲国家在金融-增长关系方面的异质性的考虑。调查结果显示,金融发展刺激了亚洲的经济增长。具体来说,