文章基本信息

标题：Finance-Growth-Crisis Nexus in Asian Emerging Economies: Evidence from VECM and ARDL Assessment
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作者：Takashi Fukuda ; Jauhari Dahalan
期刊名称：International Journal of Economic Sciences and Applied Research
印刷版ISSN：1791-5120
电子版ISSN：1791-3373
出版年度：2012
卷号：5
期号：2
页码：69-100
出版社：Kavala Institute of Technology
摘要：This paper examines the causal relationship between financial development, economic growth and financial crisis in the five Asian emerging economies (India, Indonesia, South Korea, Malaysia and Thailand) during the period 1982 to 2007. All of these countries are known as emerging economies with well known financial crisis episodes (i.e., India's 1991 crisis and the Asian 1997 crisis). The summary indicators of financial development, financial crisis and financial repression are constructed through the principal component approach. The cointegration and Granger causality analysis are conducted by using two techniques of vector error correction model (VECM) and autoregressive distributed lag (ARDL). The main findings are: (1) the direction of the finance-growth nexus is country-specific; (2) deeper financial development can lead to financial crisis; and (3) financial crisis has a negative impact on economic growth (except Korea for the last two). On policy implication, we ascertain that the growth effect of financial deepening should be appraised with the view that financial deepening could gravitate toward financial crisis
关键词：Finance-growth nexus; financial crisis; Asia; VECM; ARDL