ARTICLE

ROLE OF INFRASTRUCTURE FINANCIAL DEVELOPMENT AND URBAN POPULATION IN DETERMINING ECONOMIC GROWTH AN ANALYSIS IN ASIAN COUNTRIES

  1. HOME
  2. ARTICLE

05 Pages : 50-58

http://dx.doi.org/10.31703/ger.2023(VIII-I).05      10.31703/ger.2023(VIII-I).05      Published : Mar 2023

Role of Infrastructure, Financial Development, and Urban Population in Determining Economic Growth: An Analysis in Asian Countries

Abstract

    The purpose of this study is to look into the role of infrastructure, financial development (FD), and urban population (UP) in the economic growth (GDP) of a few Asian countries. The research used panel data methodology, using time spans from 2003 to 2019. GDP is used as the dependent variable, and the education index, health index, financial development, and urban population are used as independent variables in this study. The authors have used the random effect technique to highlight the role of infrastructure and financial development in the growth potential of Asian economies. The study findings indicated that health and education, and financial development with urban population have enhanced economic growth in these selected Asian countries. It is suggested that Government must play a major role in enhancing more and free-of-cost education in society and must focus on improving the infrastructure of society for further growth and development.

    Infrastructure, Financial Development, and Economic Growth

    (1) Asghar Kamal
    PhD scholar Dr Hasan Murad School of Management (HSM), Department of Banking and Finance, University of Management and Technology Lahore,Punjab, Pakistan.
    (2) Muhammad Saad
    Institute of Management Science, UST, Bannu, KP, Pakistan.
    (3) Faran Ali
    Senior officer, University of Management and Technology, Lahore, Punjab, Pakistan.
Fulltext PDF

References

  • Dessus, S. (2013). Human Capital and Growth: The Recovered Role of Educational System, Working Paper, 2632, World Bank. https://doi.org/10.1596/1813-9450-2632
  • Das, A. and Sethi, N. (2019). Effect of foreign direct investment, remittances, and foreign aid on economic growth: evidence from two emerging South Asian economies . Journal of Public Affairs, 20(3), e2043, https://doi.org/10.1002/pa.2043
  • Eggoh, J., Houeninvo, H., & Sossou, G. A. (2015). Education, health and economic growth in African countries. Journal of Economic Development, 40(1), 93. http://dx.doi.org/10.35866/caujed.2015.40.1.004
  • Eryigit, S. B., Eryigit, K. Y., & Selen, U. (2012). The long-run linkages between education, health and defence expenditures and economic growth: evidence from Turkey. Defence and Peace Economics, 23(6), 559-574. https://doi.org/10.1080/10242694.2012.663577
  • Hanushek, E.A., and D.D. Kimko (2000). Schooling, Labor-Force Quality and the Growth of Nations. American Economic Review, 90(5), 1184-1208. https://DOI:10.1257/aer.90.5.1184
  • Habibi, F., & Zabardast, M. A. (2020). Digitalization, education and economic growth: A comparative analysis of Middle East and OECD countries. Technology in Society, 63, 101370. https://doi.org/10.1016/j.techsoc.2020.101370
  • Jaiyeoba, S. V. (2015). Human capital investment and economic growth in Nigeria. African Research Review, 9(1), 30-46. https://doi.org/10.4314/afrrev.v9i1.4
  • Keh, C. G., Gan, P. T., Tan, Y. T., Hadi, F. S. B. A., & Jalil, N. B. A. (2022). Financial development and economic growth in Malaysia: a nonlinear ARDL application. International Journal of Sustainable Economy, 14(2), 197-215. https://dx.doi.org/10.1504/IJSE.2022.10043668
  • Lucas, R. (1988). On the Mechanics of Economic Development, Journal of Monetary Economics, 22(1), 3-42. https://doi.org/10.1016/0304-3932(88)90168-7
  • Nasir, M., Ahmed, F., Ahmed, M. and Wu, J. (2015). Financial and economic stability as ‘two sides of a coin’: Non-crisis regime evidence from the UK based on VECM. Journal of Financial Economic Policy, 7, 327-353 https://doi.org/10.1108/JFEP-01-2015-0006
  • Ogun, T. P. (2010). Infrastructure and poverty reduction: Implications forurban development in Nigeria. WIDER Working Paper, No. 2010/43, ISBN 978-92-9230- 280-1, The United Nations University World Institute for Development Economics Research (UNUWIDER), Helsink
  • Romer, P.M. (1990). Endogenous Technological Change. Journal of Political Economy, 98(5), S71-S102. https://www.jstor.org/stable/2937632
  • Rosenthal, Stuart S. and William C. Strange. (2003). Geography, Industrial Organization, and Agglomeration. Review of Economics and Statistics, 85(2), 377- 393. http://www.jstor.org/stable/3211587
  • Saidi, S., Muhammad, S., and Pervaiz, A. (2018). The long-run relationships between transport energy consumption, transport infrastructure, and economic growth in MENA countries. Transportation Research Part A: Policy and Practice, 111:78-95. ISSN 0965-8564. https://doi.org/10.1016/j.tra.2018.03.013
  • Shahbaz, M., Nasir, M. A., & Lahiani, A. (2022). Role of financial development in economic growth in the light of asymmetric effects and financial efficiency. International Journal of Finance & Economics, 27(1), 361-383. https://doi.org/10.1002/ijfe.2157
  • Zhang, J., Wang, L., & Wang, S. (2012). Financial development and economic growth: Recent evidence from China. Journal of Comparative Economics, 40(3), 393-412. https://doi.org/10.1016/j.jce.2012.01.001
  • Zahra, k., Azim,p., and Mahmood, A. (2008). Telecommunication infrastructure development and economics growth: A Panel data approach. The Pakistan development review, 711-726 https://www.jstor.org/stable/41261249

Cite this article

APA

    APA : Kamal, A., Saad, M., & Ali, F. (2023). Role of Infrastructure, Financial Development, and Urban Population in Determining Economic Growth: An Analysis in Asian Countries. Global Economics Review, VIII(I), 50-58. https://doi.org/10.31703/ger.2023(VIII-I).05

CHICAGO

    CHICAGO : Kamal, Asghar, Muhammad Saad, and Faran Ali. 2023. "Role of Infrastructure, Financial Development, and Urban Population in Determining Economic Growth: An Analysis in Asian Countries." Global Economics Review, VIII (I): 50-58 doi: 10.31703/ger.2023(VIII-I).05

HARVARD

    HARVARD : KAMAL, A., SAAD, M. & ALI, F. 2023. Role of Infrastructure, Financial Development, and Urban Population in Determining Economic Growth: An Analysis in Asian Countries. Global Economics Review, VIII, 50-58.

MHRA

    MHRA : Kamal, Asghar, Muhammad Saad, and Faran Ali. 2023. "Role of Infrastructure, Financial Development, and Urban Population in Determining Economic Growth: An Analysis in Asian Countries." Global Economics Review, VIII: 50-58

MLA

    MLA : Kamal, Asghar, Muhammad Saad, and Faran Ali. "Role of Infrastructure, Financial Development, and Urban Population in Determining Economic Growth: An Analysis in Asian Countries." Global Economics Review, VIII.I (2023): 50-58 Print.

OXFORD

    OXFORD : Kamal, Asghar, Saad, Muhammad, and Ali, Faran (2023), "Role of Infrastructure, Financial Development, and Urban Population in Determining Economic Growth: An Analysis in Asian Countries", Global Economics Review, VIII (I), 50-58

TURABIAN

    TURABIAN : Kamal, Asghar, Muhammad Saad, and Faran Ali. "Role of Infrastructure, Financial Development, and Urban Population in Determining Economic Growth: An Analysis in Asian Countries." Global Economics Review VIII, no. I (2023): 50-58. https://doi.org/10.31703/ger.2023(VIII-I).05