scholarly journals Has Financial Integration of ASEAN and APEC Contributed to Economic Growth?

2021 ◽  
Vol 4 (1) ◽  
pp. p36
Author(s):  
Yutaka Kurihara
Keyword(s):  
Economic Growth ◽  
Financial Crisis ◽  
Financial Crises ◽  
Financial Integration ◽  
Global Financial Crisis ◽  
The Other ◽  
Policy Makers ◽  
Definite Answer ◽  
Pros And Cons ◽  
The Relationship

As globalization prevails, financial integration has been ongoing. The movement of globalization has occurred from the 1980s and a lot of attention has been paid to occurred issues from of aspects. This study focuses on whether financial integration in ASEAN and APEC promotes economic growth or not. These areas have attempted to tackle integration and cooperation and to achieve growth. Also, a global financial crisis occurred in the 1990s, and the 2000s made policy makers and business persons aware of potential contagion. Globalization sometimes has caused a contagion of financial crises. On the other hand, cooperation promoted recovery from the damaged economy in some areas. So the pros and cons have been examined, however, a definite answer whether financial integration is correct or not remains unknown. Using available data, empirical analyses are conducted in this study to examine the relationship between financial integration and economic growth. The empirical results show that financial integration has contributed to economic growth in ASEAN, however, this result cannot be applied clearly to APEC. The variety of participating countries in APEC may have affected the result. Moreover, there are some problems to be solved for sound economic growth for these areas.

scholarly journals GLOBAL FINANCIAL CRISES AND ECONOMIC GROWTH : EVIDENCE FROM EAST ASIAN ECONOMIES

2012 ◽  
Vol 15 (2) ◽  
pp. 35-54
Author(s):  
Arisyi F. Raz ◽  
Tamarind P. K. Indra ◽  
Dea K. Artikasih ◽  
Syalinda Citra
Keyword(s):  
Economic Growth ◽  
Financial Crisis ◽  
Financial Crises ◽  
Global Financial Crisis ◽  
East Asian ◽  
Economic Fundamentals ◽  
Short Period ◽  
Asian Economies ◽  
East Asian Economies ◽  
The Impact

As economies become more integrated in the midst of globalization, financial crisis that occurs in one country can easily transmit to other countries, becoming global financial catastrophe in a short period of time. In such event, strong economic fundamentals are particularly important to defend a country from the contagious effect of the crisis. As evidence, due to the fragile economic fundamentals and lacking government credibility, East Asian economies were easily attacked by the crisis in 1997 once the sentiment deteriorated. Nevertheless, the region had learned its lessons in 1997 thereby proofing its resilience in facing the global financial crisis that struck in 2008 by improving its economic fundamentals as well as policymakers’ credibility. This paper starts with theories on economic growth and financial crisis. Further, it empirically examines to what extent the financial crises in 1997 and 2008 affect East Asian economies by using panel data econometrics. The evidence shows that, even though both crises have contributed adverse impacts on East Asian economies, the magnitude of the 2008 crisis was relatively less severe than that in 1997. Finally, this study also provides further discussions regarding how East Asian economies had successfully minimized the impact of the global crisis in 2008. Keywords: Global Financial Crises; East Asian Economies; Economic Growth;Financial Market; Random and Fixed EffectsJEL Classification: C330, E440, G010

scholarly journals Pooled Mean Group Approach to Test the Determinants of Financial Integration: Evidence From OECD and G20 Countries

2019 ◽  
Vol 10 (3) ◽  
pp. 366
Author(s):  
Ahliman Abbasov
Keyword(s):  
Economic Growth ◽  
Financial Crisis ◽  
Financial Integration ◽  
Financial Liberalization ◽  
Global Financial Crisis ◽  
Positive Impact ◽  
Trade Integration ◽  
Long Run ◽  
Short Run ◽  
The Impact

This study investigates the role of financial liberalization, trade integration, economic growth and global financial crisis on financial integration level of selected OECD and G20 countries during the period of 2000-2016. PMG technique has been implemented to estimate the ARDL model. Regression results suggest a statistically significant long run co-integration relationship between financial integration and independent variables. Analysis also concludes that there are both long run and short run positive impact of trade integration level on financial integration level. The study also concludes that the global financial crisis has had a negative influence on global financial integration both in the short run and long run. But according to the regression results the impact of financial liberalization on the actual financial integration level of the countries only appears in the long run. Results also indicate that positive impact of economic growth on financial globalization level appears only in the long run.

BIBLIOMETRIC ANALYSIS OF FINANCIAL CRISIS RESEARCH

2020 ◽  
pp. 1-28
Author(s):  
CHIEN-LUNG HSU ◽  
CHUN-HAO CHIANG
Keyword(s):  
Financial Crisis ◽  
Financial Crises ◽  
Financial Risk ◽  
Global Financial Crisis ◽  
Market Risk ◽  
Prudential Supervision ◽  
Occurrence Data ◽  
Lehman Brothers ◽  
The Global Financial Crisis ◽  
The Relationship

The global financial crisis that followed Lehman Brothers’ declaration of bankruptcy in September 2008 critically highlighted the significance of research on systemic risk and macro-prudential supervision. Accordingly, this paper mainly analyzed the relationship between financial crises and the article output in financial crisis research through the application of bibliometrics. The occurrence of a financial crisis leads to changes in the output of articles on crisis and risks. Hence, we focused on bibliographic coupling (e.g., co-authorship, co-occurrence), data classification by risk type in this study (e.g., market risk, credit risk) and citation analysis (e.g., top 1% cited paper). Meanwhile, the analysis indicated the most relevant disciplines in financial crisis research. For example, the number of top 1% cited articles and citations, MARKET RISK documents and citations published the most papers. In other words, the market risk is valued in the financial risk literature.

scholarly journals FDI-Led-Growth in Malaysia: Autoregressive Distributed Lag (ARDL) Bounds Testing Approach

2018 ◽  
Vol 11 (11) ◽  
pp. 46
Author(s):  
Jerome Kueh ◽  
Yong Sze Wei
Keyword(s):  
Economic Growth ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Negative Impact ◽  
Positive Impact ◽  
Bounds Testing ◽  
Policy Makers ◽  
Distributed Lag ◽  
Autoregressive Distributed Lag ◽  
The Impact

This study intends to investigate the validity of the foreign direct investment, FDI-led-growth hypothesis in Malaysia in this era. Autoregressive Distributed Lag (ARDL) bounds test approach is adopted to examine the impact of FDI inflow towards growth of Malaysia based on annually data from 1980 to 2016. Empirical results indicate that FDI inflow has significant positive impact on economic growth. This implies that FDI inflow remain important tool for stimulating economic growth of Malaysia. In addition, there is a negative impact of FDI inflow on economic growth during the 1997 Asian Financial crisis and positive impact during the 2008 Global Financial crisis. In terms of policy recommendation, the policy makers should continue to develop strategies to further attract FDI that will contribute to increasing the productivity in the country.

scholarly journals Financial Crises and Key Economic Sectors of China and India: A Comparative Review of 1991-2010

2018 ◽  
Vol 56 ◽  
pp. 04002
Author(s):  
Muhammad Umar Draz ◽  
Fayyaz Ahmad
Keyword(s):  
Economic Growth ◽  
Financial Crisis ◽  
Financial Crises ◽  
Global Financial Crisis ◽  
Economic Sectors ◽  
China And India ◽  
Comparative Review ◽  
Key Sectors ◽  
The Global Financial Crisis ◽  
The Impact

Economic growth of emerging Asian economies like China and India has been a topic of interest for researchers. However, most of the existing studies have focused on economic growth trends of China and India. The aim of this paper is to identify the core sectors of both economies and analyse the impact of the Asian financial crisis of 1997 and the global financial crisis of 2008 on the performance of those sectors. We also intend to explore the impact of the aforementioned financial crises on the overall economic growth of both nations. Our review consists of five years’ average and critical analysis of the existing studies to identify the key sectors of economy and to analyse the impact of financial crises. The results indicate that industry and service sectors are the highest contributors in the GDP of China and India respectively. We also found heterogeneous impact of financial crises on the key sectors of both nations’ economy.

How Financial Crises Affect FDI and Related Macroeconomic Variables

2013 ◽  
Vol 2 (2) ◽  
pp. 12-21
Author(s):  
Rukiye Ceyda Üvez ◽  
Asli Aybars
Keyword(s):  
Financial Crisis ◽  
Financial Crises ◽  
Global Financial Crisis ◽  
Equation Modeling ◽  
Main Question ◽  
Financial Globalization ◽  
Macroeconomic Variables ◽  
Financial Crisis Of 2008 ◽  
The Relationship ◽  
Macroeconomic Stability

The new literature on the benefits and costs of financial globalization has increased in recent years because of the massive negative effects of the global financial crisis of 2008. While evidence based on microeconomic data shows some benefit of financial integration and the distortionary effects of capital controls, the macroeconomic evidence generally remains inconclusive. Also, some papers argue that financial globalization enhances macroeconomic stability especially in emerging economies, but others argue the opposite. The authors try to argue the effects of financial globalization and global financial crises on macroeconomic stability. This paper probes the effect of the financial crises since 2000 on specific Mediterranean economies including Greece and Turkey, comparatively. The main question to be answered in this paper is how selected macroeconomic variables affected the financial crises in these economies. Another question to be addressed is how macroeconomic variables have been affected by the last global financial crisis of 2008. Moreover, the research is focused on FDI (foreign direct investment) in these selected economies and examines the relationship between the macroeconomic variables and the financial crises. The relationship between relative macroeconomic variables, FDI and financial crises is determined using annual data from 2000 to 2010. The relationships between the indicators are analyzed using AMOS (Analysis of Moment Structures), a structural equation modeling (SEM) software where the model is presented in an intuitive path diagram to show hypothesized relationships among variables easier than just using standard multivariate statistics or multiple regression models alone.

Classical Economic Theory Testing on Economic Challenges in India Using Vector Analysis Method

2021 ◽  
Vol 3 (1) ◽  
pp. 17-22
Author(s):  
Clarissa Esline Adirosa ◽  
Keyword(s):  
Economic Growth ◽  
Financial Crisis ◽  
Classical Theory ◽  
Global Financial Crisis ◽  
Vector Analysis ◽  
Economic Shocks ◽  
Classical Economic ◽  
The Global Financial Crisis ◽  
The Impact ◽  
The Relationship

This study is to investigate the direction of the relationship between inflation, population, and economic growth using vector analysis with a research period of 1995 to 2020 to investigate the impact of economic shocks on the validity of the classical theory in explaining economic phenomena starting from economic shocks to financial crises Asia in 1997, the global financial crisis in 2008 and the economic shocks caused by the pandemic in India. We find that economic shocks from the 1997 Asian financial crisis to economic shocks due to the COVID-19 pandemic have not been able to invalidate the classical theory as a theory that explains economic phenomena related to economic growth, inflation, and population growth in India.

scholarly journals The Impact of Governance on Economic Growth and Human Development During Crisis in Middle East and North Africa

2019 ◽  
Vol 11 (8) ◽  
pp. 61
Author(s):  
Eman Hashem
Keyword(s):  
Economic Growth ◽  
Financial Crisis ◽  
Longitudinal Data ◽  
Human Development ◽  
Global Financial Crisis ◽  
Series Data ◽  
Mena Countries ◽  
Effect Model ◽  
The Impact ◽  
The Relationship

The aim of this paper is to determine the impact of governance on economic growth and human development in MENA countries. And whether the financial crisis affects the relationship between governance and Economic growth. So, this paper is based on data of 20 countries during the period (1996-2017) we used panel data (longitudinal data) which combines cross sectional data and time series data by applying the three longitudinal data model: pooled regression model, fixed effect model and random effect model. This paper found that there is no relationship between governance and economic growth in MENA countries and no impact of the global financial crisis in 2008 on the relationship between governance and economic growth. Also, the paper found that there is a significant relationship between governance and human development.

After the 2008 Financial Crash

2017 ◽  
Author(s):  
Christopher Hood ◽  
Rozana Himaz
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
The Other ◽  
Political Debate ◽  
Deficit Reduction ◽  
The Eu

This chapter describes the long 2010–15 fiscal squeeze under the first Conservative–Liberal coalition since the early 1920s, in the aftermath of the 2008 global financial crisis and with debt and deficit at levels not seen for four decades or more. It included sharp political debate over timing, depth, and tax/spending balance of fiscal squeeze, with most of the coalition squeeze based on its Labour predecessor’s plans, and the deficit reduction outcome roughly the same as those Labour plans, principally because of shortfall on the revenue side. This episode was marked by a repeat of ‘bear trap’ tactics by the incumbents, and the post-squeeze 2015 election rewarded one party in the coalition, while the other party was heavily punished and so was the Labour Opposition. How far the victory of ‘Vote Leave’ (Brexit) in the 2016 referendum on UK membership of the EU can be attributed to fiscal squeeze is debatable.

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