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Full-Text Articles in Social and Behavioral Sciences
Bank, Stock Market Efficiency And Economic Growth: Panel Data Evidence From Asean-5, Asia-5 And Oecd-7 Countries, Swee Liang Tan
Bank, Stock Market Efficiency And Economic Growth: Panel Data Evidence From Asean-5, Asia-5 And Oecd-7 Countries, Swee Liang Tan
Research Collection School Of Economics
This paper estimates bank and stock market efficiency associations with real per capita GDP growth by examining panel-data across three different regions using Beck-Katz Panel-Corrected Standard Errors (PCSE) regression. It allows heteroskedastic and/or contemporaneously correlated disturbances across panels, with to specify a common first-order autocorrelation within the panel. The results suggest efficiency effects on growth is not unambiguous. The results suggest a threshold beyond which increase in bank overhead cost hurts economic growth, for developing countries. Likewise, there is a threshold beyond which increase in stock market turnover ratio hurts economic growth, for developed countries. One policy implication of the …
What, Why And How Financial Development Matters: Evidence Of Asean-5, Asia-5 And Oecd-7 Economies, Swee Liang Tan
What, Why And How Financial Development Matters: Evidence Of Asean-5, Asia-5 And Oecd-7 Economies, Swee Liang Tan
Research Collection School Of Economics
This paper analysed the association between bank and capital markets financial development with income per capita in three regions; ASEAN-5 economies (Singapore, Malaysia, Thailand, Philippines, Indonesia), Asia-5 (Japan, China, Hong Kong SAR, South Korea and India) and OECD-7 (Australia, Canada, Denmark, Norway, Sweden, UK and US) covering the period from 2000 to 2017 using panel data analysis. Fixed effect regression models with Driscoll-Kraay standard errors to account for the problem of heteroskedastic and autocorrelated error structure are used. What ASEAN-5 can learn from Asia-5 and OECD-7 experience is that bank size does matter for Asia-5 and OECD-7 despite digital disruptions …