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Does Finance Lead to Economic Growth? An Empirical Assessment of 12 Asian Economies

Joydeep Biswas is the Assistant Controller of Examinations, Examinations Branch, University of North Bengal, P.O. North Bengal University, Raja Rammohunpur, Dt. Darjeeling 734013, West Bengal; e-mail: yojpeed{at}yahoo.co.in

The paper describes tests of hypotheses from economic history concerning the significance of financial development as a determinant of economic growth. By invoking co-integration and causality tests for 12 representative countries that corroborate our analysis, evidence shows that the finance and growth relationship varies across Asian markets. Therefore, this study concludes that policy measures for infrastructure improvements should be taken into account to make financial sectors more vibrant to invigorate economic growth.

Key Words: Causality • Economic Growth • Financial Sector Development • JEL Classification: C12 • JEL Classification: C32 • JEL Classification: G00 • JEL Classification: O16

Margin: The Journal of Applied Economic Research, Vol. 2, No. 3, 229-246 (2008)
DOI: 10.1177/097380100800200301


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