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Finance and growth in a small open emerging market

Law, Siong Hook and Azman-Saini, W.N.W. and Smith, Peter (2006): Finance and growth in a small open emerging market.

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Abstract

This study contributes to the debate on financial development and economic growth in Malaysia using quarterly observations for a sample period from 1980 to 2002. It utilises a battery of financial indicators. Based on multivariate framework which takes real interest rate and capital stock into account, the findings are suggestive that finance does play a crucial role in promoting economic growth. Policymakers should, therefore, focus their attention on the creation and promotion of modern financial institutions including banks, non-banks, and stock markets in delivering both short- and long-run economic benefits.

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