Finance and Growth: Evidence from South Asia

Sudip Patra, S. Dastidar
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引用次数: 6

Abstract

The article examines the empirical relationship between financial development and economic growth for five South Asian countries over the time period 1990–2015, using both panel model approach and time series analysis. We employ multiple proxies for financial development, namely, foreign direct investment, total debt service, gross domestic savings, domestic credit to private sector by banks, and domestic credit provided by financial sector to test the relationship. The panel model approach results indicate that there is an overall positive association between finance and growth for South Asia through the FDI and savings channels. The country-specific analyses suggest that the growth effects of financial channels are most pronounced in Sri Lanka, whereas, on the other hand, financial development plays no role in the Indian growth process in the short run. Bangladesh, Nepal, and Pakistan lie somewhere in between this spectrum with every country exhibiting unique growth paths which highlights the heterogeneity of the region.
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金融与增长:来自南亚的证据
本文采用面板模型方法和时间序列分析,考察了1990-2015年期间南亚五国金融发展与经济增长之间的实证关系。我们采用外商直接投资、偿债总额、国内储蓄总额、银行向私营部门提供的国内信贷以及金融部门提供的国内信贷等多个指标来检验金融发展之间的关系。面板模型方法的结果表明,通过外国直接投资和储蓄渠道,南亚的金融与增长之间总体上存在正相关关系。具体国家分析表明,金融渠道的增长效应在斯里兰卡最为明显,而另一方面,金融发展在短期内对印度的增长过程没有任何作用。孟加拉国、尼泊尔和巴基斯坦处于这一范围之间,每个国家都表现出独特的增长路径,这凸显了该地区的异质性。
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