The nexus between financial integration and real economy: Solow-growth model concept

Rahman, M and Shahari, F 2017, 'The nexus between financial integration and real economy: Solow-growth model concept', Research in International Business and Finance, vol. 42, pp. 1244-1253.


Document type: Journal Article
Collection: Journal Articles

Title The nexus between financial integration and real economy: Solow-growth model concept
Author(s) Rahman, M
Shahari, F
Year 2017
Journal name Research in International Business and Finance
Volume number 42
Start page 1244
End page 1253
Total pages 10
Publisher Elsevier
Abstract This paper aims to investigate the nexus between financial integration and the real economy in ASEAN + 3 economies based on the concept of Solow-Growth Model. The equity indices as a proxy for financial markets are collected from each ASEAN + 3 members and are segmented between two periods; before and after the financial cooperation agreement period. The finding presents several outcomes; 1) no cointegration nexus is found in the system during the pre-agreement periods; 2) the markets are found cointegrated during the post-agreement period, 3) financial integration is found to influence the real sectors of ASEAN + 3 economies. Finally, this study offers policy implications to improve financial integration for stabilizing the real economy.
Subject Financial Economics
Keyword(s) ASEAN + 3
Financial integration
Generalized method of moments (GMM)
Real economy
DOI - identifier 10.1016/j.ribaf.2017.07.062
Copyright notice © 2017 Elsevier B.V.
ISSN 0275-5319
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