Does foreign direct investment deepen the financial system in Southeast Asian economies?

被引：24

作者：

Islam, Mollah Aminul ^{[1
,2
]}

Liu, Haiyun ^{[1
]}

Khan, Muhammad Asif ^{[3
]}

Islam, Md Tariqul ^{[2
,4
]}

Sultanuzzamana, Md Reza ^{[1
]}

机构：

[1] Huazhong Univ Sci & Technol, Sch Econ, Luoyu Rd 1037, Wuhan, Hubei, Peoples R China

[2] Jatiya Kabi Kazi Nazrul Islam Univ, Fac Business Adm, Namapara Mymensingh, Bangladesh

[3] Univ Kotli, Dept Commerce, Ajk, Pakistan

[4] Univ Lincoln, Lincoln Int Business Sch, Lincoln, England

来源：

JOURNAL OF MULTINATIONAL FINANCIAL MANAGEMENT | 2021年 / 61卷

关键词：

Foreign direct investment; Financial deepening; Southeast Asia; FGLS; PCSE; INSTITUTIONAL QUALITY; CAPITAL CONTROLS; TRADE OPENNESS; GROWTH; DETERMINANTS; AFRICA; PANEL; PERFORMANCE; TECHNOLOGY; GOVERNANCE;

D O I：

10.1016/j.mulfin.2021.100682

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study empirically examines the role of foreign direct investment (FDI) in triggering financial deepening (FD) in the Southeast Asian region. More specifically, it investigates the direct and indirect role of FDI in enhancing the level of FD. The findings of the robust feasible generalized least squares (FGLS) and panel-corrected standard errors (PCSE) estimators suggest that FDI acts as an essential stimulator to FD in the region - directly as well as indirectly through money supply. The results are robust under alternative specifications and institutional measures. The study recommends policymakers to carefully consider the channel of money supply that substantially influences FDI to stimulate the level of FD. In addition, it is important to understand the dynamic role of the institutional framework and other macroeconomic variables in this nexus. (C) 2021 Elsevier B.V. All rights reserved.

引用

页数：13

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