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Trade Openness, Financial Development Index and Economic Growth: Evidence from India (1971-2012)

机译：贸易开放度，金融发展指数与经济增长：来自印度的证据（1971-2012年）

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Purpose - The purpose of this article is to examine the inter-relationship and direction of causality among three macroeconomic variables such as trade liberalization, financial development and economic growth. Design/methodology/approach - The empirical analysis is based on the principal component analysis as method to construct financial development index (FDI), augmented Dickey-Fuller and Phillips Perron tests as the unit root test, Johansen's co-integration test and VECM for direction of causality in the long run among TOP, FDI and economic growth. Findings - The empirical results confirmed that there exists a long-run association among trade openness, financial development and economic growth. This study has also found that there is bidirectional causality between financial development and growth. However, the causality runs from growth to finance is stronger than that from finance to growth. This study also observed unidirectional causality that runs from financial development and economic growth to trade openness. Research limitations/implications - The policy implications that could be drawn from the present study is that, initiation of financial reforms to improve the size of financial system would lead to higher economic growth. Another key implication from this study is that because trade openness has no effect on both domestic financial sector development and output growth, it would be better to deploy the resources into creating a sustained domestic demand rather than concentrating more on the external front in general and trade openness in particular. Originality/value - The study constructs a summary IFD for India by taking into account four broad financial development indicators for the period 1971-2012. The present paper also suggests that it would be better to deploy the resources to create a sustained domestic demand rather than concentrating more on the external front in general and trade openness in particular.
机译：目的-本文的目的是研究贸易自由化，金融发展和经济增长等三个宏观经济变量之间的相互关系和因果关系的方向。设计/方法/方法-实证分析基于主成分分析作为构建金融发展指数（FDI）的方法，增强的Dickey-Fuller和Phillips Perron检验作为单位根检验，Johansen的协整检验和VECM作为指导TOP，FDI和经济增长的长期因果关系调查结果-实证结果证实，贸易开放度，金融发展与经济增长之间存在长期的联系。这项研究还发现，金融发展与增长之间存在双向因果关系。但是，从增长到金融的因果关系要强于从金融到增长的因果关系。这项研究还观察到了从金融发展和经济增长到贸易开放的单向因果关系。研究的局限性/意义-从本研究中可以得出的政策含义是，启动金融改革以改善金融体系的规模将导致更高的经济增长。这项研究的另一个关键含义是，由于贸易开放对国内金融部门的发展和产出增长都没有影响，因此最好是将资源配置为创造持续的国内需求，而不是将精力更多地集中在一般贸易和外部方面。尤其是开放性。原创性/价值-该研究通过考虑1971年至2012年期间的四项广泛的金融发展指标，构建了印度的IFD摘要。本文还建议，最好是将资源配置为创造持续的内需，而不是将注意力更多地集中在外部方面，尤其是贸易开放方面。

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