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Jurnal Ekonomi Malaysia

42 2008 65 – 89

Pembangunan Kewangan dan Pertumbuhan Sektor-Sektor Ekonomi: Bukti Empirikal di Malaysia

Pusat Pengajian Ekonomi
Universiti Kebangsaan Malaysia
Bangi
Selangor D.E


Pusat Pengajian Ekonomi
Universiti Kebangsaan Malaysia
Bangi
Selangor D.E


Pusat Pengajian Ekonomi
Universiti Kebangsaan Malaysia
Bangi
Selangor D.E


Abstract

The objective of this paper is to study the impact of financial sector development on three main economic sectors of Malaysia , namely primary sector , secondary sector and tertiary sector . Time series econometric methods , such as stationary tests , cointegration tests and causality tests in the form of vector autoregresive ( VAR ) model are applied. The results show that the financial development proxied by M3 / KDNK significantly influence the change in output of the primary sector , while the real lending interest rate ( RLR ) significantly influence the change in output of tertiary sector . This findings support the finance – led growth hypothesis or suppply leading hypothesis for the primary sector and the tertiary sector . On the other hand , the output of the secondary sector does influence the financial development variable of M3 / KDNK , this supporting the demand – following hypothesis .

Keywords

causality test; cointegration; economic sectors; Financial development
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Abdul Karim, , Zaidi, , & Mod Asri, (2008). Pembangunan Kewangan dan Pertumbuhan Sektor-Sektor Ekonomi: Bukti Empirikal di Malaysia. Jurnal Ekonomi Malaysia, 42, 65–89.

@article{Karim2008Pembangunan,
  title={Pembangunan Kewangan dan Pertumbuhan Sektor-Sektor Ekonomi: Bukti Empirikal di Malaysia},
  author={Abdul Karim, Zulkefly and Zaidi, Mohd Azlan Shah and Mod Asri, Norain},
  journal={Jurnal Ekonomi Malaysia},
  volume={42},
  number={},
  pages={65—89},
 

year={2008},
}

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