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Financial liberalization, financial sector development and growth: Evidence from Malaysia

Ang, Beng Jiunn; McKibbin, Warwick


The objective of this paper is to examine whether financial development leads to economic growth or vice versa in the small open economy of Malaysia. Using time series data from 1960 to 2001, we conduct cointegration and causality tests to assess the finance-growth link by taking the real interest rate and financial repression into account. The empirical evidence suggests that financial liberalization, through removing the repressionist policies, has a favorable effect in stimulating financial...[Show more]

CollectionsANU Research Publications
Date published: 2007
Type: Journal article
Source: Journal of Development Economics
DOI: 10.1016/j.jdeveco.2006.11.006


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