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Title: Financial development, social development, and economic growth: the causal nexus in Asia
Authors: Pradhan, Rudra Prakash
Mukhopadhyay, Bidisha
Gunashekar, Aadra
Samadhan, Bele
Pandey, Shashikant
Keywords: Financial development
Social development
Economic growth
Issue Date: Nov-2013
Publisher: Indian Institute of Management Calcutta, Kolkata
Series/Report no.: Vol.40;No.1-2
Abstract: The paper investigates the causal nexus among financial development, social development, and economic growth for 15 Asian countries for the period 1961–2011. Using the Granger causality test, both at the individual country and at the panel settings, the results suggest that (1) financial development and social development generally lead to economic growth; (2) the Granger causality from financial development to economic growth and from economic growth to financial development coexists; (3) the Granger causality from social development to economic growth and from economic growth to social development coexists; and (4) the Granger causality from financial development to social development and from social development to financial development coexists. The findings are, however, not uniform; it varies from country to country and from region to region.
Description: Rudra P. Pradhan, Bidisha Mukhopadhyay & Shashikant Pandey, Vinod Gupta School of Management, IIT Kharagpur, Kharagpur, 721 302, West Bengal, India; Aadra Gunashekar, Department of Food & Agricultural Engineering, IIT Kharagpur, Kharagpur, India; Bele Samadhan, RCG School of Infrastructure Design and Management, IIT Kharagpur, Kharagpur, India
Issue Editor – Bhaskar Chakrabarti, IIM Calcutta, Kolkata, India
ISSN: 0304-0941 (print version) ; 2197-1722 (electronic version)
Appears in Collections:Issue 1 & 2, June-September 2013

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