How to cite this paper
Le, Q., Ho, H & Vu, T. (2019). Financial depth and economic growth: Empirical evidence from ASEAN+3 countries.Management Science Letters , 9(6), 851-864.
Refrences
Abida, Z., Sghaier, I. M., & Zghidi, N. (2015). Financial development and economic growth: evidence from North African countries. Economic Alternatives, 2, 17-33.
Abu‐Bader, S., & Abu‐Qarn, A. S. (2008). Financial development and economic growth: empirical evi-dence from six MENA countries. Review of Development Economics, 12(4), 803-817.
Asian Development Bank. (2017). Asian Development Outlook 2017: Transcending the Middle-Income Challenges.
Al-Malkawi, H. A. N., Marashdeh, H. A., & Abdullah, N. (2012). Financial development and economic growth in the UAE: Empirical assessment using ARDL approach to co-integration. International Jour-nal of Economics and Finance, 4(5), 105-115.
Al-Zubi, K., Al-Rjoub, S., & Abu-Mhareb, E. (2006). Financial Development and Economic Growth: A New Empirical Evidence from the MENA countries, 1989 - 2001. Applied Econometrics and Interna-tional Development, 6(3), 137-150.
Ang, J., & McKibbin, W. (2007). Financial liberalization, financial sector development and growth: Evi-dence from Malaysia. Journal of Development Economics, 84(1), 215-233.
Anwar, S., & Nguyen, L. (2009). Financial development and economic growth in Vietnam. Journal of Economics and Finance, 35(3), 348-360.
Bayar, Y. (2014). Financial development and economic growth in emerging Asian countries. Asian Social Science, 10(9).
Bis.org. (n.d.). Debt securities statistics. [online] Available at: http://www.bis.org/statistics/secstats.htm [Accessed 26 Dec. 2016].
Biswas, J. (2008). Does finance lead to economic growth? An empirical assessment of 12 Asian econo-mies. Margin: The Journal of Applied Economic Research, 2(3), 229-246.
Borlea, S. N., Mare, C., Achim, M. V., & Puscas, A. (2016). Direction of causality between financial de-velopment and economic growth. Evidence for developing countries. Studia Universitatis Vasile Goldis Arad–Economics Series, 26(2), 1-22.
Caporale, G., Rault, C., Sova, R., & Sova, A. (2009). Financial development and economic growth: Evi-dence from ten new EU members. DIW Berlin Discussion Papers.
Cojocaru, L., Falaris, E. M., Hoffman, S. D., & Miller, J. B. (2016). Financial system development and economic growth in transition economies: New empirical evidence from the CEE and CIS coun-tries. Emerging Markets Finance and Trade, 52(1), 223-236.
Data.worldbank.org. (n.d.). World Development Indicators | Data. [online] Available at: http://data.worldbank.org/data-catalog/world-development-indicators [Accessed 9 Feb. 2017].
Damodaran, A. (2015). Growth Rates and Terminal Value.
De Gregorio, J., & Guidotti, P. (1995). Financial development and economic growth. World Development, 23(3), 433-448.
Demetriades, P., & Hussein, K. (1996). Does financial development cause economic growth? Time-series evidence from 16 countries. Journal of Development Economics, 51(2), 387-411.
Dorrucci, E., Meyer-Cirkel, A., & Santabárbara, D. (2009). Domestic financial development in emerging economies: Evidence and implications. European Central Bank Occasional Paper Series, 102, 1-63.
Dudian, M., & Popa, R. A. (2013). Financial development and economic growth in Central and Eastern Europe. Theoretical and Applied Economics, 20(8), 59-68.
Dunn, J. (2016). Vietnam: Macroeconomic Developments and Outlook, and the Financial Sector.
Estrada, G., Park, D., & Ramayandi, A. (2010). Financial development and economic growth in develop-ing Asia. ADB Economics Working Paper Series, 233.
Graff, M. (2001). Financial development and economic growth in corporatist and liberal market econo-mies. SSRN Electronic Journal.
Hasan, I., Wachtel, P., & Zhou, M. (2009). Institutional development, financial deepening and economic growth: Evidence from China. Journal of Banking & Finance, 33(1), 157-170.
Hassan, K., Yu, J., & Sanchez, B. (2011). Financial development and economic growth: New evidence from panel data. The Quarterly Review of Economics and Finance, 51, 88-104.
International Monetary Fund. (2006). Financial Soundness Indicators: Compilation Guide. Washington, D.C: International Monetary Fund, 11-15.
Jun, S. (2012). Financial development and output growth: A panel study for Asian countries. Journal of East Asian Economic Integration, 16(1), 97-115.
Khan, M., & Senhadji, A. (2000). Financial Development and Economic Growth: An Overview. IMF Working Papers, 00(209), 1-23.
King, R., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717-737.
Kouki, I. (2013). Financial development and economic growth in the North African region. African De-velopment Review, 25(4), 551-562.
Le, Q.H., & Chu, M.H. (2016), Credit market depth and income inequality in Vietnam: A panel-data anal-ysis. Journal of Economics and Development, 18(2), 5-18.
Levine, R. (1997). Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35(2), 688-726.
Levine, R., Loayza, N., & Beck, T. (2000). Financial intermediation and growth: Causality and caus-es. Journal of Monetary Economics, 46(1), 31-77.
Liang, Q., & Teng, J. (2006). Financial development and economic growth: Evidence from China. China Economic Review, 17(4), 395-411.
Muhammad Adnan Hye, Q. (2011). Financial development index and economic growth: empirical evi-dence from India. The Journal of Risk Finance, 12(2), 98-111.
OECD (2013). Economic Outlook for Southeast Asia, China and India 2014: Beyond The Middle-Income Trap.
Pradhan, R. P., Mukhopadhyay, B., Gunashekar, A., Samadhan, B., & Pandey, S. (2013). Financial de-velopment, social development, and economic growth: The causal nexus in Asia. Decision, 40(1-2), 69-83.
Pradhan, R., Arvin, M., Hall, J., & Bahmani, S. (2014). Causal nexus between economic growth, banking sector development, stock market development, and other macroeconomic variables: The case of ASEAN countries. Review of Financial Economics, 23(4), 155-173.
Rachdi, H., & Mbarek, H. (2011). The causality between financial development and economic growth: Panel data cointegration and GMM system approaches. International Journal of Economics and Fi-nance, 3(1), 143-151.
Samargandi, N., Fidrmuc, J., & Ghosh, S. (2015). Is the relationship between financial development and economic growth monotonic? Evidence from a sample of middle-income countries. World Develop-ment, 68, 66-81.
Sehrawat, M., & Giri, A. (2015). The role of financial development in economic growth: empirical evi-dence from Indian states. International Journal of Emerging Markets, 10(4), 765-780.
Stern, N. (1989). The economics of development: A survey. The Economic Journal, 99(397), 597-685.
Svirydzenka, K. (2016). Introducing a new broad-based index of financial development. IMF Working Papers, 16(05), 1-43.
The ASEAN Secretariat, (2015). ASEAN Economic Community Blueprint 2025.
World Bank. (n.d.). Financial Development. [online] Available at: http://www.worldbank.org/en/publication/gfdr/background/financial-development [Accessed 14 Apr. 2017].
World Economic Forum, (2009). The Financial Development Report 2009.
Yang, Y., & Yi, M. (2008). Does financial development cause economic growth? Implication for policy in Korea. Journal of Policy Modeling, 30(5), 827-840.
Zhang, J., Wang, L. and Wang, S. (2012). Financial development and economic growth: Recent evidence from China. Journal of Comparative Economics, 40(3), 393-412.
Abu‐Bader, S., & Abu‐Qarn, A. S. (2008). Financial development and economic growth: empirical evi-dence from six MENA countries. Review of Development Economics, 12(4), 803-817.
Asian Development Bank. (2017). Asian Development Outlook 2017: Transcending the Middle-Income Challenges.
Al-Malkawi, H. A. N., Marashdeh, H. A., & Abdullah, N. (2012). Financial development and economic growth in the UAE: Empirical assessment using ARDL approach to co-integration. International Jour-nal of Economics and Finance, 4(5), 105-115.
Al-Zubi, K., Al-Rjoub, S., & Abu-Mhareb, E. (2006). Financial Development and Economic Growth: A New Empirical Evidence from the MENA countries, 1989 - 2001. Applied Econometrics and Interna-tional Development, 6(3), 137-150.
Ang, J., & McKibbin, W. (2007). Financial liberalization, financial sector development and growth: Evi-dence from Malaysia. Journal of Development Economics, 84(1), 215-233.
Anwar, S., & Nguyen, L. (2009). Financial development and economic growth in Vietnam. Journal of Economics and Finance, 35(3), 348-360.
Bayar, Y. (2014). Financial development and economic growth in emerging Asian countries. Asian Social Science, 10(9).
Bis.org. (n.d.). Debt securities statistics. [online] Available at: http://www.bis.org/statistics/secstats.htm [Accessed 26 Dec. 2016].
Biswas, J. (2008). Does finance lead to economic growth? An empirical assessment of 12 Asian econo-mies. Margin: The Journal of Applied Economic Research, 2(3), 229-246.
Borlea, S. N., Mare, C., Achim, M. V., & Puscas, A. (2016). Direction of causality between financial de-velopment and economic growth. Evidence for developing countries. Studia Universitatis Vasile Goldis Arad–Economics Series, 26(2), 1-22.
Caporale, G., Rault, C., Sova, R., & Sova, A. (2009). Financial development and economic growth: Evi-dence from ten new EU members. DIW Berlin Discussion Papers.
Cojocaru, L., Falaris, E. M., Hoffman, S. D., & Miller, J. B. (2016). Financial system development and economic growth in transition economies: New empirical evidence from the CEE and CIS coun-tries. Emerging Markets Finance and Trade, 52(1), 223-236.
Data.worldbank.org. (n.d.). World Development Indicators | Data. [online] Available at: http://data.worldbank.org/data-catalog/world-development-indicators [Accessed 9 Feb. 2017].
Damodaran, A. (2015). Growth Rates and Terminal Value.
De Gregorio, J., & Guidotti, P. (1995). Financial development and economic growth. World Development, 23(3), 433-448.
Demetriades, P., & Hussein, K. (1996). Does financial development cause economic growth? Time-series evidence from 16 countries. Journal of Development Economics, 51(2), 387-411.
Dorrucci, E., Meyer-Cirkel, A., & Santabárbara, D. (2009). Domestic financial development in emerging economies: Evidence and implications. European Central Bank Occasional Paper Series, 102, 1-63.
Dudian, M., & Popa, R. A. (2013). Financial development and economic growth in Central and Eastern Europe. Theoretical and Applied Economics, 20(8), 59-68.
Dunn, J. (2016). Vietnam: Macroeconomic Developments and Outlook, and the Financial Sector.
Estrada, G., Park, D., & Ramayandi, A. (2010). Financial development and economic growth in develop-ing Asia. ADB Economics Working Paper Series, 233.
Graff, M. (2001). Financial development and economic growth in corporatist and liberal market econo-mies. SSRN Electronic Journal.
Hasan, I., Wachtel, P., & Zhou, M. (2009). Institutional development, financial deepening and economic growth: Evidence from China. Journal of Banking & Finance, 33(1), 157-170.
Hassan, K., Yu, J., & Sanchez, B. (2011). Financial development and economic growth: New evidence from panel data. The Quarterly Review of Economics and Finance, 51, 88-104.
International Monetary Fund. (2006). Financial Soundness Indicators: Compilation Guide. Washington, D.C: International Monetary Fund, 11-15.
Jun, S. (2012). Financial development and output growth: A panel study for Asian countries. Journal of East Asian Economic Integration, 16(1), 97-115.
Khan, M., & Senhadji, A. (2000). Financial Development and Economic Growth: An Overview. IMF Working Papers, 00(209), 1-23.
King, R., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717-737.
Kouki, I. (2013). Financial development and economic growth in the North African region. African De-velopment Review, 25(4), 551-562.
Le, Q.H., & Chu, M.H. (2016), Credit market depth and income inequality in Vietnam: A panel-data anal-ysis. Journal of Economics and Development, 18(2), 5-18.
Levine, R. (1997). Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35(2), 688-726.
Levine, R., Loayza, N., & Beck, T. (2000). Financial intermediation and growth: Causality and caus-es. Journal of Monetary Economics, 46(1), 31-77.
Liang, Q., & Teng, J. (2006). Financial development and economic growth: Evidence from China. China Economic Review, 17(4), 395-411.
Muhammad Adnan Hye, Q. (2011). Financial development index and economic growth: empirical evi-dence from India. The Journal of Risk Finance, 12(2), 98-111.
OECD (2013). Economic Outlook for Southeast Asia, China and India 2014: Beyond The Middle-Income Trap.
Pradhan, R. P., Mukhopadhyay, B., Gunashekar, A., Samadhan, B., & Pandey, S. (2013). Financial de-velopment, social development, and economic growth: The causal nexus in Asia. Decision, 40(1-2), 69-83.
Pradhan, R., Arvin, M., Hall, J., & Bahmani, S. (2014). Causal nexus between economic growth, banking sector development, stock market development, and other macroeconomic variables: The case of ASEAN countries. Review of Financial Economics, 23(4), 155-173.
Rachdi, H., & Mbarek, H. (2011). The causality between financial development and economic growth: Panel data cointegration and GMM system approaches. International Journal of Economics and Fi-nance, 3(1), 143-151.
Samargandi, N., Fidrmuc, J., & Ghosh, S. (2015). Is the relationship between financial development and economic growth monotonic? Evidence from a sample of middle-income countries. World Develop-ment, 68, 66-81.
Sehrawat, M., & Giri, A. (2015). The role of financial development in economic growth: empirical evi-dence from Indian states. International Journal of Emerging Markets, 10(4), 765-780.
Stern, N. (1989). The economics of development: A survey. The Economic Journal, 99(397), 597-685.
Svirydzenka, K. (2016). Introducing a new broad-based index of financial development. IMF Working Papers, 16(05), 1-43.
The ASEAN Secretariat, (2015). ASEAN Economic Community Blueprint 2025.
World Bank. (n.d.). Financial Development. [online] Available at: http://www.worldbank.org/en/publication/gfdr/background/financial-development [Accessed 14 Apr. 2017].
World Economic Forum, (2009). The Financial Development Report 2009.
Yang, Y., & Yi, M. (2008). Does financial development cause economic growth? Implication for policy in Korea. Journal of Policy Modeling, 30(5), 827-840.
Zhang, J., Wang, L. and Wang, S. (2012). Financial development and economic growth: Recent evidence from China. Journal of Comparative Economics, 40(3), 393-412.