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Financial development and economic growth in Malaysia
James B. Ang
London ; New York : Routledge, 2009
ISBN: 9780415467261
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Book description
This book is concerned with the role of financial
intermediation in economic development and growth in the context of
Malaysia. Using an analytical framework, the author investigates the
Malaysian economy from 1960 onwards to examine how far financial development
has progressed in the course of economic development, and whether it has
been instrumental in promoting economic growth.
A significant improvement in the Malaysian financial system, coupled with
rapid economic growth and a rich history of financial sector reforms, makes
Malaysia an interesting case study for this subject. The author shows
that some government interventions seem to have impacted negatively on
economic growth, whereas repressionist financial policies such as interest
rate controls, high reserve requirements and directed credit programmes seem
to have contributed positively to financial development. The analysis
concludes that financial development leads to higher output growth via
promoting private saving and private investment.
Shedding light on the evolutionary role of financial system and the
interacting mechanisms between financial development and economic growth,
this book will be of interest to those interested in economic and financial
development, financial liberalisation, saving behaviour and investment
analysis and Asian Studies.
About the author
James B. Ang is Senior Lecturer in the Department of
Economics, Monash University.
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