Financial Deepening and Economic Development in Malaysia Financial Deepening and Economic Development in Malaysia
نویسنده
چکیده
This paper examines to what extent 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 co integrated in the long-run. The results suggest that financial development, private capital stocks and the labor force exert a positive impact on economic development whereas the accumulation of public capital appears to curtail output expansion in the long-run.
منابع مشابه
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