Banks, stock market and economic growth in developing countries: a re-assessment using panel cointegration approach

This study employs the panel co-integration and Fully Modified Ordinary Least Squares (FMOLS) techniques to empirically investigate the impact of financial development on economic growth in 20 developing countries. Based on data covering the period from 1989 to 2010, the results show that the contri...

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Main Authors:	Abubakar , Abdulsalam, Kassim, Salina
Format:	Conference or Workshop Item
Language:	English English
Published:	2014
Subjects:	HB Economic Theory HG Finance
Online Access:	http://irep.iium.edu.my/41978/ http://irep.iium.edu.my/41978/ http://irep.iium.edu.my/41978/1/13th_EBES_Conference_Istanbul_Program.pdf http://irep.iium.edu.my/41978/2/13th_EBES_Full_Paper_Manuscript.pdf

id	iium-41978
recordtype	eprints
spelling	iium-419782015-05-08T02:31:19Z http://irep.iium.edu.my/41978/ Banks, stock market and economic growth in developing countries: a re-assessment using panel cointegration approach Abubakar , Abdulsalam Kassim, Salina HB Economic Theory HG Finance This study employs the panel co-integration and Fully Modified Ordinary Least Squares (FMOLS) techniques to empirically investigate the impact of financial development on economic growth in 20 developing countries. Based on data covering the period from 1989 to 2010, the results show that the contribution of intermediated funds to the growth process is relatively more significant than that of the stock market. Banks and stock markets are found to be substitute rather than compliment in financing economic activities in these countries, suggesting the availability of alternative financing for the economy. Generally, financial development is found to be important contributors to the growth process. However, overall financial depth represented by the ratio of broad money to GDP is found to be more significant than both banks and stock market in financing real GDP, suggesting that self-finance still dominates as mode of financing in developing countries 2014 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/41978/1/13th_EBES_Conference_Istanbul_Program.pdf application/pdf en http://irep.iium.edu.my/41978/2/13th_EBES_Full_Paper_Manuscript.pdf Abubakar , Abdulsalam and Kassim, Salina (2014) Banks, stock market and economic growth in developing countries: a re-assessment using panel cointegration approach. In: 13th Eurasia Business Economics Society (EBES) Conference, 5-7 June 2014, Istanbul, Turkey. (Unpublished) https://www.ebesweb.org/Portals/0/Documents/Recent/13th%20EBES%20Conference%20Istanbul%20Program.pdf
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HB Economic Theory HG Finance
spellingShingle	HB Economic Theory HG Finance Abubakar , Abdulsalam Kassim, Salina Banks, stock market and economic growth in developing countries: a re-assessment using panel cointegration approach
description	This study employs the panel co-integration and Fully Modified Ordinary Least Squares (FMOLS) techniques to empirically investigate the impact of financial development on economic growth in 20 developing countries. Based on data covering the period from 1989 to 2010, the results show that the contribution of intermediated funds to the growth process is relatively more significant than that of the stock market. Banks and stock markets are found to be substitute rather than compliment in financing economic activities in these countries, suggesting the availability of alternative financing for the economy. Generally, financial development is found to be important contributors to the growth process. However, overall financial depth represented by the ratio of broad money to GDP is found to be more significant than both banks and stock market in financing real GDP, suggesting that self-finance still dominates as mode of financing in developing countries
format	Conference or Workshop Item
author	Abubakar , Abdulsalam Kassim, Salina
author_facet	Abubakar , Abdulsalam Kassim, Salina
author_sort	Abubakar , Abdulsalam
title	Banks, stock market and economic growth in developing countries: a re-assessment using panel cointegration approach
title_short	Banks, stock market and economic growth in developing countries: a re-assessment using panel cointegration approach
title_full	Banks, stock market and economic growth in developing countries: a re-assessment using panel cointegration approach
title_fullStr	Banks, stock market and economic growth in developing countries: a re-assessment using panel cointegration approach
title_full_unstemmed	Banks, stock market and economic growth in developing countries: a re-assessment using panel cointegration approach
title_sort	banks, stock market and economic growth in developing countries: a re-assessment using panel cointegration approach
publishDate	2014
url	http://irep.iium.edu.my/41978/ http://irep.iium.edu.my/41978/ http://irep.iium.edu.my/41978/1/13th_EBES_Conference_Istanbul_Program.pdf http://irep.iium.edu.my/41978/2/13th_EBES_Full_Paper_Manuscript.pdf
first_indexed	2023-09-18T20:59:56Z
last_indexed	2023-09-18T20:59:56Z
_version_	1777410555664924672

Banks, stock market and economic growth in developing countries: a re-assessment using panel cointegration approach

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