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Cited by 92Monetary Policy and Economic ImpactFinTech, Crowdfunding, Digital FinanceEconomic Growth and Development

Nexus between financial innovation and economic growth in South Asia: evidence from ARDL and nonlinear ARDL approaches

Open access
Qamruzzaman, Md., Jianguo, Wei·2018·Financial Innovation
DOI 10.1186/s40854-018-0103-3
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Abstract

This study examined the relationship between financial innovation and economic growth in Bangladesh, India, Pakistan, and Sri Lanka for the period Q1 1975 to Q4 2016. The autoregressive distributed lag (ARDL) bounds test was used to gauge long-run relationships, and the nonlinear ARDL (NARDL) test was used to explore asymmetry between financial innovation and economic growth in the sample of Asian countries. The findings from the bounds tests revealed long-run cointegration between financial innovation and economic growth in the sample countries. Furthermore, NARDL confirmed that positive changes in financial innovation linked positively with economic growth and vice versa in the long run. In the short run, however, the study found mixed behaviors in the case of positive and negative changes in financial innovation. To investigate directional causality, the Granger causality test under an error correction model was employed. The Granger causality results supported the feedback hypothesis in both the long run and short run. Thus, financial innovation boosts economic growth in the long run by stimulating financial service expansion, financial efficiency, capital accumulation, and efficient financial intermediation, which are essential for sustainable economic growth.

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  • Financial development is mainly connected to how production works and the positive impact of having money to invest and save for long-term growth.

    “According to [14] financial development (FD) is mainly connected to how production works and the positive impact of having money to invest and save for long-term growth.”

    From Dynamics of economic growth in ASEAN-5 countries: a panel ARDL approach (2024) · cites this paper as [14]

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Research works printed but not linked: 1

  1. Ministry of Finance (2016) Bangaledshe economic review 2016. In: Government of the People's Republic of Bangladesh

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Authors
Qamruzzaman, M., & Jianguo, W.
Affiliations
  • Wuhan University of Technology (CN)
  • United International University (BD)
Corresponding author
Qamruzzaman, Md.
ORCID
Qamruzzaman, Md.
Venue
Financial Innovation
Publisher
Springer Science and Business Media LLC
Published
2018-09-06
Volume
4
Issue
1
ISSN
2199-4730 (ISSN-L)
DOI
10.1186/s40854-018-0103-3
OpenAlex
W2890515570
Cited by
92
References
84
Citations by year
2026: 10 · 2025: 14 · 2024: 16 · 2023: 21 · 2022: 12 · 2021: 11 · 2020: 7 · 2019: 1
FWCI
10.43
Type
journal article
Language
en
Open access
Licence
Locations
  • Financial Innovation (publishedVersion, cc-by)
  • RePEc: Research Papers in Economics (submittedVersion)
  • DOAJ (DOAJ: Directory of Open Access Journals) (submittedVersion)
  • Econstor (Econstor) (submittedVersion, cc-by)
Funders
  • Wuhan University
  • Wuhan University of Technology
Topics
  • Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
  • Social Sciences › Business, Management and Accounting › Management Information Systems › FinTech, Crowdfunding, Digital Finance
  • Physical Sciences › Computer Science › Information Systems › Economic Growth and Development
Keywords
economic growth, South Asia, Bangladesh, India, Pakistan, Sri Lanka, nonlinear ARDL, feedback hypothesis, financial intermediation, financial efficiency, capital accumulation

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