The Finance-Growth-Crisis Nexus in India and Selected Asian Countries: Causality Analysis Based on Summary Indicator

In this paper, we first examine India's finance-growth-crisis nexus over the period of 1982Q1-2007Q4, taking the elements of financial crisis and financial repression into estimation. For this end, we create the original summary indicators of financial development, financial crisis and financia...

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Main Author:	Fukuda, Takashi
Format:	Thesis
Language:	eng eng
Published:	2010
Subjects:	HG Finance
Online Access:	https://etd.uum.edu.my/2425/1/Takashi_Fukuda.pdf https://etd.uum.edu.my/2425/2/1.Takashi_Fukuda.pdf
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id	my-uum-etd.2425
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spelling	my-uum-etd.24252024-06-12T01:56:01Z The Finance-Growth-Crisis Nexus in India and Selected Asian Countries: Causality Analysis Based on Summary Indicator 2010-06 Fukuda, Takashi Dahalan, Jauhari College of Arts and Sciences (CAS) College of Arts and Sciences HG Finance In this paper, we first examine India's finance-growth-crisis nexus over the period of 1982Q1-2007Q4, taking the elements of financial crisis and financial repression into estimation. For this end, we create the original summary indicators of financial development, financial crisis and financial repression, respectively, and conduct Granger causality analysis employing those methods of unrestricted VAR, VECM and ARDL. Our main findings are: (1) India's finance-growth causality is bidirectional, more inclining toward the causation of growth-finance; (2) financial repression is crucial for both economic growth and financial development irrespective of time spans; and (3) economic growth, financial development and financial repression significantly influence financial crisis. Subsequently, our "Indian approach" is extended to four Asian countries of Indonesia, Korea, Malaysia and Thailand, all of which were severely hit by the Asian financial crisis over the period of 1997-1998. For each country, we obtain significant estimates and confirm that while the directions of finance-growth nexus are country-specific, financial development crucially causes financial crisis (except Korea where growth causes crisis). 2010-06 Thesis https://etd.uum.edu.my/2425/ https://etd.uum.edu.my/2425/1/Takashi_Fukuda.pdf text eng public https://etd.uum.edu.my/2425/2/1.Takashi_Fukuda.pdf text eng public http://lintas.uum.edu.my:8080/elmu/index.jsp?module=webopac-l&action=fullDisplayRetriever.jsp&szMaterialNo=0000760971 Ph.D. doctoral Universiti Utara Malaysia
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Dahalan, Jauhari
topic	HG Finance
spellingShingle	HG Finance Fukuda, Takashi The Finance-Growth-Crisis Nexus in India and Selected Asian Countries: Causality Analysis Based on Summary Indicator
description	In this paper, we first examine India's finance-growth-crisis nexus over the period of 1982Q1-2007Q4, taking the elements of financial crisis and financial repression into estimation. For this end, we create the original summary indicators of financial development, financial crisis and financial repression, respectively, and conduct Granger causality analysis employing those methods of unrestricted VAR, VECM and ARDL. Our main findings are: (1) India's finance-growth causality is bidirectional, more inclining toward the causation of growth-finance; (2) financial repression is crucial for both economic growth and financial development irrespective of time spans; and (3) economic growth, financial development and financial repression significantly influence financial crisis. Subsequently, our "Indian approach" is extended to four Asian countries of Indonesia, Korea, Malaysia and Thailand, all of which were severely hit by the Asian financial crisis over the period of 1997-1998. For each country, we obtain significant estimates and confirm that while the directions of finance-growth nexus are country-specific, financial development crucially causes financial crisis (except Korea where growth causes crisis).
format	Thesis
qualification_name	Ph.D.
qualification_level	Doctorate
author	Fukuda, Takashi
author_facet	Fukuda, Takashi
author_sort	Fukuda, Takashi
title	The Finance-Growth-Crisis Nexus in India and Selected Asian Countries: Causality Analysis Based on Summary Indicator
title_short	The Finance-Growth-Crisis Nexus in India and Selected Asian Countries: Causality Analysis Based on Summary Indicator
title_full	The Finance-Growth-Crisis Nexus in India and Selected Asian Countries: Causality Analysis Based on Summary Indicator
title_fullStr	The Finance-Growth-Crisis Nexus in India and Selected Asian Countries: Causality Analysis Based on Summary Indicator
title_full_unstemmed	The Finance-Growth-Crisis Nexus in India and Selected Asian Countries: Causality Analysis Based on Summary Indicator
title_sort	finance-growth-crisis nexus in india and selected asian countries: causality analysis based on summary indicator
granting_institution	Universiti Utara Malaysia
granting_department	College of Arts and Sciences (CAS)
publishDate	2010
url	https://etd.uum.edu.my/2425/1/Takashi_Fukuda.pdf https://etd.uum.edu.my/2425/2/1.Takashi_Fukuda.pdf
_version_	1804888203774132224

The Finance-Growth-Crisis Nexus in India and Selected Asian Countries: Causality Analysis Based on Summary Indicator

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