مکانیسم ایجاد ارتباط بین توسعه مالی و رشد اقتصادی در مالزی چیست؟

This paper estimates a six-equation model of financial development and economic growth for Malaysia to shed light on the mechanisms linking these two variables. The results indicate that financial development leads to higher output growth via promoting both private saving and private investment. The findings also provide some support for the hypothesis of endogenous financial development and growth models that finance leads to higher growth through improved efficiency of investment. There is evidence that repressionist financial policies, such as interest rate controls, high reserve requirements and directed credit programs, have contributed positively to financial development. However, other direct government interventions in the economy, such as resource allocation through the operation of a broad-based employee provident fund (EPF) scheme and various public investment programs, seem to have impacted negatively on economic development in Malaysia.

Every economy requires a sophisticated and efficient financial system to prosper since a healthy financial system is integral to the sound fundamentals of an economy. A more efficient financial system provides better financial services, and this enables an economy to increase its GDP growth rate. Conversely, a weakened financial system spills over unfavourably into the economy. An inadequately supervised financial system may be crisis-prone, with potentially devastating effects. The important role of financial intermediaries and financial markets therefore merits more attention from researchers and policy makers. Empirical studies on the relationship between finance and growth have been dominated by cross-country studies until recently due to the lack of sufficient time series data for developing countries. These studies have consistently demonstrated that financial development is an important determinant of economic growth.1 Although the findings of these studies provide a useful guide on the finance–growth relationship, it is difficult to see how the results can be generalized since such a causal link is largely determined by the nature and operation of the financial institutions and policies pursued in each country (Arestis and Demetriades, 1997 and Demetriades and Andrianova, 2004). Against this backdrop, only one country is chosen here as a case study as opposed to the conventional broad comparative examination that involves a much larger sample.2

This study adopts an in-depth case study approach to address the key issues in the financial development literature in order to inform appropriate analytical as well as policy debates. It is motivated by the concern that the results from cross-country studies, while useful in detecting general empirical regularities for further analysis, are unable to capture and account for the complexity of the financial environments and economic histories of each individual country. The results show that financial development has a significant positive impact on economic growth in Malaysia via both the quantitative and qualitative channels. A key policy implication that emerges from the results is that it is critical for the government to develop the financial sector since financial deepening facilitates mobilization of saving, private capital formation, and long-term economic growth. A sound financial system instills confidence among savers so that resources can be effectively mobilized to increase productivity in the economy. To this end, a credible and reliable support system is indispensable to ensure the smooth-functioning of the financial system. The results also highlight that the financial constraints imposed on the Malaysian financial system seem to have helped deepening the financial system. Since the success of financial sector policies may depend on the effectiveness of the institutions that implement them, it is critical to ensure that sound institutional quality is always in place.