Financial Development, International Trade, and Economic Growth in Australia: New Evidence From Multivariate Framework Analysis

Mohammad Mafizur Rahman · Muhammad Qaiser Shahbaz · Abdul Farooq

43 citations0/0 files storedJournal of Asia-Pacific Business

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Monetary Policy and Economic Impact Global trade and economics Economic Growth and Productivity

Abstract

This study investigates the relationship between financial development, international trade and economic growth for Australia over the period of 1965 to 2010. The autoregressive distributed lag (ARDL) bounds testing approach to cointegration is applied to examine the long-run relationship among the series, whereas stationarity properties of the variables are tested by applying two structural break tests. Results confirm the long-run relationship among the variables. Financial development, international trade, and capital appear as the drivers of economic growth in short and long runs. The feedback effect exists between international trade and economic growth. Financial development Granger causes economic growth validating supply-side hypothesis.

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References

1969Investigating Causal Relations by Econometric Models and Cross-spectral Methods 2001Bounds testing approaches to the analysis of level relationships 2015World Development indicators 2002Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis 1999Does Trade Cause Growth?2010Investigating Causal Relations by Econometric Models and Cross-Spectral Methods 2012An Autoregressive Distributed-Lag Modelling Approach to Cointegration Analysis 2005The saving and investment nexus for China: evidence from cointegration tests

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