DEVELOPMENT IMPACT OF NON-BANK FINANCIAL INTERMEDIARIES ON ECONOMIC GROWTH IN MALAYSIA: AN EMPIRICAL INVESTIGATION

Md. Aminul Islam · Jamil Osman

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Monetary Policy and Economic Impact Banking stability, regulation, efficiency Finance, Markets, and Regulation

Abstract

This paper aims to empirically examine the development impact of Non-Bank Financial Intermediaries on economic growth in Malaysia using time series data over the period spanning 1974 to 2004. The study employs bounds testing approach to cointegration and error correction mechanism to investigate the existence of a long run equilibrium relationship between NBFIs and economic growth. The study finds evidence of a long run cointegrating relationship between NBFIs and real per capita income. The empirical results indicate that the development of NBFIs positively and significantly influences per capita income in Malaysia. In addition, the CUSUM and CUSUMSQ tests confirm the stability of the model.

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References

1987Co-Integration and Error Correction: Representation, Estimation, and Testing 2001Bounds testing approaches to the analysis of level relationships 1988Statistical analysis of cointegration vectors 1990MAXIMUM LIKELIHOOD ESTIMATION AND INFERENCE ON COINTEGRATION — WITH APPLICATIONS TO THE DEMAND FOR MONEY 1991Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models 1993Finance and Growth: Schumpeter Might Be Right n.d.Financial Development and Economic Growth: Views and Agenda 2000Finance and the sources of growth

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