Publication Type

Book Chapter

Version

publishedVersion

Publication Date

7-2022

Abstract

This paper analyzed the association between bank and capital markets financial development with income per capita in three regions; ASEAN-5 economies (Singapore, Malaysia, Thailand, Philippines, Indonesia), Asia-5 (Japan, China, Hong Kong SAR, South Korea, and India), and OECD-7 (Australia, Canada, Denmark, Norway, Sweden, UK, and US) from 2000 to 2017 using panel data regressions. A key lesson ASEAN-5 can learn from Asia-5 and OECD-7 experience is that bank size does matter despite digital disruptions to their banking system; yet large financial structure that favors banks is negatively associated with Asia-5, and importantly, efficient banking system (not bank size alone) is positively associated with OECD-7 income per capita. The finding has practical policy implications for ASEAN-5’s financial sector liberalization programs that impact the depth, breadth, and efficiency of banks and capital markets.

Keywords

Financial development, Banking system, Capital markets, Economic growth

Discipline

Asian Studies | Finance | Finance and Financial Management | International Economics

Research Areas

International Economics

Publication

Economics and Finance Readings: Selected Papers from Asia-Pacific Conference on Economics & Finance, 2021

Editor

Evan Lau, Anthony Makin, & Tan Lee Ming

First Page

107

Last Page

118

ISBN

9789811917196

Identifier

10.1007/978-981-19-1720-2_6

Publisher

Springer

City or Country

Singapore

Additional URL

https://doi.org/10.1007/978-981-19-1720-2_6

Download

Share

COinS