Financial market development and economic growth: evidence from ASEAN and CEE region

• Autorzy: Setiawan Budi , Saleem Adil , Nathan Robert Jeyakumar , Zeman Zoltan , Magda Robert , Barczi Judit

Identyfikatory

DOI

10.17512/pjms.2021.23.2.29

Warianty tytułu

PL

Rozwój rynku finansowego i wzrost gospodarczy: dowody z regionu ASEAN i CEE

• Języki publikacji: EN

Abstrakty

EN

Developed financial markets act as a catalyst in promoting greater economic growth for nations. Healthy financial market growth among nations is found to improve good job creations and aid economic growth in line with Sustainable Development Goal 8. Developing economies could emulate the growth principles from developed economies on financial market development. This paper analyzes the impact of financial market development and economic growth in middle-income and high-income countries of ASEAN and CEE countries from 2002 to 2019. Annual time series data were sourced from World Bank using stock market development indicators. The panel data based on the random effect model was employed to determine the correlation between stock market development and economic growth. The findings of the study reveal that market capitalization and total stock traded from the total value positively impact economic growth. In contrast, the relationship between the stock traded of domestic share and GDP growth is negative. To foster greater economic growth, countries and policymakers need to focus on developing the financial market sector and maintaining the macroeconomic stability.

PL

Rozwinięte rynki finansowe działają jak katalizator w promowaniu większego wzrostu gospodarczego dla narodów. Stwierdzono, że zdrowy wzrost rynków finansowych między narodami poprawia tworzenie dobrych miejsc pracy i wspomaga wzrost gospodarczy zgodnie z Celem Zrównoważonego Rozwoju 8. Gospodarki rozwijające się mogą naśladować zasady wzrostu z gospodarek rozwiniętych w zakresie rozwoju rynków finansowych. Niniejszy artykuł analizuje wpływ rozwoju rynków finansowych i wzrostu gospodarczego w krajach o średnich i wysokich dochodach krajów ASEAN i CEE w latach 2002-2019. Roczne dane szeregów czasowych pozyskiwano z Banku Światowego przy użyciu wskaźników rozwoju giełdy. Do określenia korelacji między rozwojem giełdy a wzrostem gospodarczym wykorzystano dane panelowe oparte na modelu efektu losowego. Wyniki badania pokazują, że kapitalizacja rynkowa i całkowita wartość akcji w obrocie od łącznej wartości pozytywnie wpływają na wzrost gospodarczy. Natomiast relacja między akcjami będącymi przedmiotem obrotu w akcjach krajowych a wzrostem PKB jest ujemna. Aby wspierać większy wzrost gospodarczy, kraje i decydenci muszą skoncentrować się na rozwoju sektora rynku finansowego i utrzymaniu stabilności makroekonomicznej.

Słowa kluczowe

EN

finance-growth nexus; FDI; middle-income economies; high-income countries; SDG8

PL

powiązanie finansów ze wzrostem; BIZ; gospodarki o średnich dochodach; kraje o wysokich dochodach; SDG8

• Wydawca: Czestochowa University of Technology
• Czasopismo: Polish Journal of Management Studies
• Rocznik: 2021
• Tom: Vol. 23, No. 2
• Strony: 481--494
• Opis fizyczny: Bibliogr. 62 poz., tab.

Twórcy

autor

Setiawan Budi

• Doctoral School of Economics and Regional Sciences, Hungarian University of Agriculture and Life Science, Hungary

autor

Saleem Adil

• Doctoral School of Economics and Regional Sciences, Hungarian University of Agriculture and Life Science, Hungary

autor

Nathan Robert Jeyakumar

• Multimedia University, Malaysia

autor

Zeman Zoltan

• Doctoral School of Economics and Regional Sciences, Hungarian University of Agriculture and Life Science, Hungary

autor

Magda Robert

• Doctoral School of Economics and Regional Sciences, Hungarian University of Agriculture and Life Science, Hungary

autor

Barczi Judit

• Doctoral School of Economics and Regional Sciences, Hungarian University of Agriculture and Life Science, Hungary

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Uwagi

Opracowanie rekordu ze środków MEiN, umowa nr SONP/SP/546092/2022 w ramach programu "Społeczna odpowiedzialność nauki" - moduł: Popularyzacja nauki i promocja sportu (2022-2023).