Does Financial Permeation Promote Economic Growth? Some Econometric Evidence From Asian Countries

Md. Nur Alam Siddik · Tanveer Ahsan · Sajal Kabiraj

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Economic Growth and Productivity

Abstract

This study endeavors to explore whether financial permeation stimulates economic growth in Asian region. To answer this, we collect data of 24 Asian economies for the duration of 2004 to 2016 and apply panel unit root, Granger causality, and regression techniques. The regression results controlled for country and time effects reveal that various indicators of financial permeation have substantial positive impact on the economic growth of Asian economies. Based on the findings of Granger causality, we find that financial permeation as well as economic openness has mutual causalities with economic growth. Therefore, it seems rational to conclude that financial permeation has positive impact on the economic growth in Asian economies. We also find a negative impact of financial crisis (2007-2008) on economic growth of Asian countries.

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References

1978Specification Tests in Econometrics 2003Testing for unit roots in heterogeneous panels 2021Econometric Analysis of Panel Data 2007A simple panel unit root test in the presence of cross‐section dependence 2004General Diagnostic Tests for Cross Section Dependence in Panels 2012Testing for Granger non-causality in heterogeneous panels 2006Estimation and Inference in Large Heterogeneous Panels with a Multifactor Error Structure 2000Finance and the sources of growth

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