Impact of the Development of Financial Sector on the Real Production Sector in ASEAN Countries
Kesan Perkembangan Sektor Kewangan Terhadap Sektor Pengeluaran Sebenar di Negara ASEAN
Keywords:
ASEAN, Financial Sector, Real Production Sector, Domestic LendingAbstract
Sustainable economic growth depends on the ability to raise the rates of accumulation of physical and human capital, to use the resulting productive assets more efficiently, and to ensure the access of the whole population to these assets. Financial development helps economic growth through allocation of scarce investments to various sectors. The countries in ASEAN region are in different stages of development process. Singapore is considered to be a developed country with GDP per capita competing with the richest countries in the world. Malaysia, Indonesia, Thailand Brunei Darussalam and Philippines are significantly developing countries with large populations and consumer base. Laos PDR, Cambodia, Vietnam and Myanmar are the countries in the least developed countries in the region. The development of financial sector is one of crucial factor to the overall development of real economic sector. This study attempts to analyse the impact of development of financial sector on the real sector according to different stages of development. The study evaluates the development of financial sector using level of domestic lending and market capitalization as independent variable and the dependent variable, GDP growth rate as an indicator for growth of real sector. The study carried regression analysis to explain the variation in the dependent variable. The results indicate that the GDP growth of Malaysia and Thailand is significantly explained by the growth of domestic lending. Because of the lack of data available for countries, Vietnam, Laos PDR, Brunei Darussalam, Cambodia and Myanmar may there were no significant statistical evidence to relationship among selected variables. This outcome of the study has certain limitation and results may different if other variables were applied. However, the study contributes significant insight to relevant stakeholders to understand the impact of the financial sector to the real sector.
Pertumbuhan ekonomi yang mampan bergantung kepada keupayaan untuk meningkatkan kadar pengumpulan modal fizikal dan insan, untuk menggunakan aset produktif yang terhasil dengan lebih cekap, dan untuk memastikan akses seluruh penduduk kepada aset ini. Pembangunan kewangan membantu pertumbuhan ekonomi melalui peruntukan pelaburan yang terhad kepada pelbagai sektor. Negara-negara di rantau ASEAN berada dalam pelbagai peringkat proses pembangunan. Singapura dianggap sebagai negara maju dengan KDNK per kapita bersaing dengan negara terkaya di dunia. Malaysia, Indonesia, Thailand Brunei Darussalam dan Filipina merupakan negara membangun dengan ketara dengan populasi dan jumlah pengguna yang besar. Laos PDR, Kemboja, Vietnam dan Myanmar adalah negara-negara di negara paling kurang membangun di rantau ini. Pembangunan sektor kewangan merupakan salah satu faktor penting kepada pembangunan keseluruhan sektor ekonomi sebenar. Kajian ini cuba menganalisis kesan pembangunan sektor kewangan terhadap sektor sebenar mengikut peringkat pembangunan yang berbeza. Kajian ini menilai perkembangan sektor kewangan menggunakan tahap pinjaman domestik dan permodalan pasaran sebagai pembolehubah bebas dan pembolehubah bersandar, kadar pertumbuhan KDNK sebagai penunjuk pertumbuhan sektor sebenar. Kajian ini menjalankan analisis regresi untuk menjelaskan variasi dalam pembolehubah bersandar. Keputusan menunjukkan bahawa pertumbuhan KDNK Malaysia dan Thailand dijelaskan dengan ketara oleh pertumbuhan pinjaman domestik. Oleh kerana kekurangan data yang terdapat di negara, Vietnam, Laos PDR, Brunei Darussalam, Kemboja dan Myanmar menunjukkan kemungkinan tiada bukti statistik yang signifikan untuk hubungan antara pembolehubah terpilih. Hasil kajian ini mempunyai had tertentu dan keputusan mungkin berbeza jika pembolehubah lain digunakan. Walau bagaimanapun, kajian ini menyumbangkan pandangan yang signifikan kepada pihak berkepentingan yang berkaitan untuk memahami kesan sektor kewangan kepada sektor sebenar.
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