A meta-analysis of Thailand’s financial development and economic growth

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Published: Aug 16, 2023
DOI: https://doi.org/10.14456/apst.2023.74
Keywords:
Corrected effect Economic growth Financial development Meta-analysis Publication bias Thailand

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Kanokporn Intharak
Faculty of Business Administration and Accountancy, Khon Kaen University, Khon Kaen, Thailand
Surachai Chancharat
Faculty of Business Administration and Accountancy, Khon Kaen University, Khon Kaen, Thailand
Jakkrich Jearviriyaboonya
Faculty of Economics, Khon Kaen University, Khon Kaen, Thailand

Abstract

Results on the studies examining the relationship between financial development and economic growth have remained inconclusive. Literature collection and meta-analysis are employed to understand whether financial development promotes economic growth. A meta-analysis of Thailand’s financial growth and economic prosperity from 1990 to January 19, 2021, was conducted to determine if the financial system’s expansion had a natural effect on the structures that had the most significant effect on economic development. The phrases “finance-growth nexus in Thailand,” “financial development and economic growth in Thailand,” and “financial development and economic growth in Thailand.” A list of 771 estimates from 29 studies was analyzed using the precision-effect estimation with a standard error (PEESE) model. After eliminating the publication bias, the results revealed the importance of the banking sector, stock market, and first-incorporated bond markets, which are crucial to fostering the Thai economy with most economic entities relying on the banking sector. Policymakers can use these findings to better understand their policies’ actual effects on the economy and encourage financial markets to improve the financial intermediaries’ long-term viability and development.

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How to Cite
Intharak, K., Chancharat, S., & Jearviriyaboonya, J. (2023). A meta-analysis of Thailand’s financial development and economic growth. Asia-Pacific Journal of Science and Technology, 28(05), APST–28. https://doi.org/10.14456/apst.2023.74
Issue
Vol. 28 No. 05 (2023): SEP-OCT
Section
Research Articles
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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

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