Financial deepening and economic development in MalaysiaECONOMIC PAPERS A JOURNAL OF APPLIED ECONOMICS AND POLICY (2007)
AbstractThis paper examines the extent to which financial development contributes to output expansion in Malaysia, during the period 1960–2003. An augmented neoclassical growth framework is adopted to provide an evaluation of the impact of financial sector development on economic development. Using the recently developed ARDL bounds procedure, the results show that aggregate output and its determinants are cointegrated in the long run. The results suggest that financial development, private capital stocks and the labour force exert a positive impact on economic development whereas the accumulation of public capital appears to curtail output expansion in the long run.
Citation InformationJames B Ang. "Financial deepening and economic development in Malaysia" ECONOMIC PAPERS A JOURNAL OF APPLIED ECONOMICS AND POLICY (2007)
Available at: http://works.bepress.com/james_ang/3/