Financial development and economic growth in Vietnam |
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Authors: | Sajid Anwar Lan Phi Nguyen |
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Institution: | (1) University of the Sunshine Coast, Maroochydore, Queensland, Australia;(2) State Bank of Vietnam, Hanoi, Vietnam |
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Abstract: | By making use of a panel dataset that covers 61 provinces of Vietnam over the period 1997 to 2006, this paper examines the
link between financial development and economic growth. Our analysis, which is based on endogenous growth theory, reveals
that financial development has contributed to economic growth in Vietnam. We find that high ratio of credit to Gross Provincial
Product (GPP) has accelerated economic growth in Vietnam. We also found a strong positive link between financial development
and economic growth when alternative measures of financial development were used. The impact of foreign direct investment
on economic growth will be stronger if more resources are invested in financial market development. |
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Keywords: | |
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