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

被引：6

作者：

Rahman, Md. Saifur ^{[1
]}

Shahari, Farihana ^{[2
]}

机构：

[1] RMIT Univ, Coll Business, Sch Econ & Finance, Melbourne, Vic, Australia

[2] Int Islamic Univ Malaysia, Dept Finance, Kuala Lumpur, Malaysia

来源：

RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2017年 / 42卷

关键词：

Financial integration; ASEAN + 3; Real economy; Generalized method of moments (GMM); ASEAN-5 STOCK MARKETS; DIRECT-INVESTMENT; IMPACT; COINTEGRATION; CHINA; CONVERGENCE; TRADE;

D O I：

10.1016/j.ribaf.2017.07.062

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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.

引用

页码：1244 / 1253

页数：10

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