期刊名称：International Journal of Economics and Empirical Research (IJEER)
印刷版ISSN：2311-3871
电子版ISSN：2310-5232
出版年度：2015
卷号：3
期号：1
页码：1-5
出版社：The Economics and Social Development Organization (TESDO)
摘要：Financial sector is a vital segment of an economy. To elucidate its role in economic growth, this paper empirically examines its role for Asian countries. We examine and quantify this long run relationship for a sample of 12 Asian countries with data on relevant variables for a large time dimension (1970 to 2012). Panel Autoregressive Distributed Lag model (ARDL) is used to find long run relationship. Panel ARDL being a heterogeneous panel estimation technique allows the slope and short run parameters to vary across the countries. Results show the presence of long run relationship between financial development and national income. The positive contribution of financial development is quantified using Fully Modified OLS and dynamic OLS as well as. Bi-causality is also found between financial development and economic growth. Recommendations are made on the basis of empirical analysis.
关键词：Financial Development; National Income; Pakistan
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