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首页> 外文期刊>Review of Financial Economics >Causal nexus between economic growth, banking sector development, stock market development, and other macroeconomic variables: The case of ASEAN countries
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Causal nexus between economic growth, banking sector development, stock market development, and other macroeconomic variables: The case of ASEAN countries

机译：经济增长，银行部门发展，股票市场发展和其他宏观经济变量之间的因果关系：东盟国家

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This paper examines the relationship between banking sector development, stock market development, economic growth, and four other macroeconomic variables in ASEAN countries for the period 1961-2012. Using principal component analysis for the construction of the development indices and a panel vector auto-regressive model for testing the Granger causalities, this study finds the presence of both unidirectional and bidirectional causality links between these variables. The study contributes to understanding the importance of the interrelationship between the variables and combines the different strands of the literature. It also contributes to the literature by focusing on a group of countries that have not been studied before. One particular policy recommendation is to make the banking sector more accessible for those country's inhabitants that do not have bank accounts. Another policy recommendation is to nurture stock market development, which will facilitate the increased raising of capital for investment purposes to enhance economic growth.
机译：本文研究了1961-2012年间东盟国家的银行业发展，股票市场发展，经济增长和其他四个宏观经济变量之间的关系。使用主成分分析构建发展指数，并使用面板矢量自回归模型测试Granger因果关系，本研究发现这些变量之间存在单向和双向因果关系。这项研究有助于理解变量之间相互关系的重要性，并结合了文献的不同方面。它也着重于以前从未研究过的一组国家，从而为文献做出了贡献。一种特殊的政策建议是使那些没有银行帐户的国家的居民更容易使用银行部门。另一项政策建议是培育股票市场发展，这将有助于增加用于投资目的的资本筹集，以促进经济增长。

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