Chee, Keong Choong and Yusop, Zulkornain and Siong, Hook Law and Liew Khim, Venus (2005) Financial development and economic growth in Malaysia : the stock market perspective. Investment Management and Financial Innovations, 4.
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Abstract
Understanding the causal relationship between financial development and economic growth is important in enhancing the economy of a nation. Using the autoregressive distributed lag (ARDL) bounds test approach, this study finds that stock market development is cointegrated with economic growth in the context of Malaysia. Moreover, this test also suggests that stock market development has a significant positive long-run impact on economic growth. Granger-causality test based on vector error correction model (VECM) further reveals that stock market development Granger-causes economic growth. Hence, this study provides robust empirical evidence in favor of finance-led growth hypothesis for the Malaysian economy.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | Financial development, economic growth, stock market, bound test, unimas, university, universiti, Borneo, Malaysia, Sarawak, Kuching, Samarahan, ipta, education, research, Universiti Malaysia Sarawak |
| Subjects: | H Social Sciences > HG Finance |
| Divisions: | Academic Faculties, Institutes and Centres > Faculty of Economics and Business Faculties, Institutes, Centres > Faculty of Economics and Business |
| Depositing User: | Karen Kornalius |
| Date Deposited: | 09 Jun 2014 04:17 |
| Last Modified: | 19 Jan 2022 06:12 |
| URI: | http://ir.unimas.my/id/eprint/3100 |
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