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Stock market and economic growth in ASEAN-5 / Siti Muliana Samsi

The aim of this study is to analyze the effect of the financial crisis on economic growth through stock market in ASEAN-5. In particular it analyzes to what extent the financial and non-financial markets effect economic growth through three indices, stock markets, banks and real estate. The study us...

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Main Author: Siti Muliana , Samsi
Format: Thesis
Published: 2017
Subjects:
HC Economic History and Conditions
Online Access:http://studentsrepo.um.edu.my/8468/1/All.pdf
http://studentsrepo.um.edu.my/8468/6/muliana.pdf
http://studentsrepo.um.edu.my/8468/
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spelling my.um.stud.84682020-09-06T20:21:48Z Stock market and economic growth in ASEAN-5 / Siti Muliana Samsi Siti Muliana , Samsi HC Economic History and Conditions The aim of this study is to analyze the effect of the financial crisis on economic growth through stock market in ASEAN-5. In particular it analyzes to what extent the financial and non-financial markets effect economic growth through three indices, stock markets, banks and real estate. The study used quarterly data covering the period 1990:Q1 to 2016:Q4 for Indonesia, Malaysia, the Philippines, Singapore and Thailand. Using analysis of cointegration, vector error correction model (VECM), Granger causality test, impulse response function (IRF) and variance decomposition analysis (VDC), the study found that the effects of stock market on economic growth were different among the countries. The empirical finding from PECM shows that the significant effects of stock market and banks index on economic growth is higher as compare to real estate. This significance effect of stock market on economic growth in Indonesia, Singapore and Thailand is due to the short-run capital inflows from foreign investors. The financial sector in particular the stock market tends to stimulate and promote economic growth when monetary authorities adopt liberalized investment and openness policies, improve the size and the regulations of the stock market, and increase the macroeconomic stability. Interestingly, the effect of sectoral stock indices via stock market, banks and real estate on economic growth is different when the Asian and global financial crises were considered in the model. The findings show that the global financial crisis has no significant effect on economic growth in ASEAN-5 when various sectors are considered into the model. This finding provides evidence that stock market and banking indices contain leading information for economic activity. 2017-10 Thesis NonPeerReviewed application/pdf http://studentsrepo.um.edu.my/8468/1/All.pdf application/pdf http://studentsrepo.um.edu.my/8468/6/muliana.pdf Siti Muliana , Samsi (2017) Stock market and economic growth in ASEAN-5 / Siti Muliana Samsi. PhD thesis, University of Malaya. http://studentsrepo.um.edu.my/8468/
institution Universiti Malaya
building UM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaya
content_source UM Student Repository
url_provider http://studentsrepo.um.edu.my/
topic HC Economic History and Conditions
spellingShingle HC Economic History and Conditions
Siti Muliana , Samsi
Stock market and economic growth in ASEAN-5 / Siti Muliana Samsi
description The aim of this study is to analyze the effect of the financial crisis on economic growth through stock market in ASEAN-5. In particular it analyzes to what extent the financial and non-financial markets effect economic growth through three indices, stock markets, banks and real estate. The study used quarterly data covering the period 1990:Q1 to 2016:Q4 for Indonesia, Malaysia, the Philippines, Singapore and Thailand. Using analysis of cointegration, vector error correction model (VECM), Granger causality test, impulse response function (IRF) and variance decomposition analysis (VDC), the study found that the effects of stock market on economic growth were different among the countries. The empirical finding from PECM shows that the significant effects of stock market and banks index on economic growth is higher as compare to real estate. This significance effect of stock market on economic growth in Indonesia, Singapore and Thailand is due to the short-run capital inflows from foreign investors. The financial sector in particular the stock market tends to stimulate and promote economic growth when monetary authorities adopt liberalized investment and openness policies, improve the size and the regulations of the stock market, and increase the macroeconomic stability. Interestingly, the effect of sectoral stock indices via stock market, banks and real estate on economic growth is different when the Asian and global financial crises were considered in the model. The findings show that the global financial crisis has no significant effect on economic growth in ASEAN-5 when various sectors are considered into the model. This finding provides evidence that stock market and banking indices contain leading information for economic activity.
format Thesis
author Siti Muliana , Samsi
author_facet Siti Muliana , Samsi
author_sort Siti Muliana , Samsi
title Stock market and economic growth in ASEAN-5 / Siti Muliana Samsi
title_short Stock market and economic growth in ASEAN-5 / Siti Muliana Samsi
title_full Stock market and economic growth in ASEAN-5 / Siti Muliana Samsi
title_fullStr Stock market and economic growth in ASEAN-5 / Siti Muliana Samsi
title_full_unstemmed Stock market and economic growth in ASEAN-5 / Siti Muliana Samsi
title_sort stock market and economic growth in asean-5 / siti muliana samsi
publishDate 2017
url http://studentsrepo.um.edu.my/8468/1/All.pdf
http://studentsrepo.um.edu.my/8468/6/muliana.pdf
http://studentsrepo.um.edu.my/8468/
_version_ 1738506146016133120
score 13.211869

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