Financial Development and Economic Growth in Malaysia: The Perspective of Bond Market Development

Abstract

本文同时引入银行、债券和股票市场这三个重要的金融部门, 在控制了投资、进口、出口和消费等重要实质经济变量以及虚拟变量亚洲金融危机的情况下, 采用协整分析、误差修正模型和Granger 因果检验法, 从债券市场的视角对马来西亚金融发展与经济增长的关系进行了实证研究。研究发现, 金融发展( 效率提升) 对马来西亚的经济增长具有显著的促进作用, 出口、投资和消费也是其经济增长的重要源泉, 而进口和亚洲金融危机却具有负面效应。

This paper is the first effort to introduce three important financial sectors (bank, bond and stock market) and GDP growth, controlling for four important economic variables (investment, export, import and consumption) and one important dummy (East Asia Financial Crisis), to investigate the role of financial development in Malaysian economic growth from the bond market perspective. It concludes that improvement in financial efficiency significantly contributes to economic growth, investment, export and consumption have long-run positive effects but import and the EAF have significantly negative impact on economic growth in Malaysia.

Note: Downloadable document is in Chinese.

Keywords: Financial Development in Malaysia, Bond Market Development, Economic Growth, Granger Causality Test

JEL Classification: E44, O16, O47