Nghiên cứu cấu trúc tài chính và tăng trưởng kinh tế ở một số quốc gia châu Á
DOI:
https://doi.org/10.24311/jabes/2017.28.9.1342Keywords:
Financial structure, Economic growth, GMMAbstract
An overall financial structure consists of a financial system based on the stock market and a financial system based on banks. Recent empirical work on financial structure and economic growth analyzes multi-country dataset in panel and/or cross-section frameworks and concludes that financial structure is irrelevant. The purpose of this paper is to re-examine this conclusion using GMM technique and contribute evidence from a sample of sixteen Asian countries from 2004 to 2014. Among the surveyed countries, the relations among financial development, financial structure, and economic growth are found not to be consistent. We also test several hypotheses on the prospective roles of financial structure and financial development in economic growth. The results show that financial structure explains most of the economic growth of the countries in the sample.
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