This book is concerned with the role of financial intermediation
in economic development and growth in the context of Malaysia.
Using an analytical framework, the author investigates the
Malaysian economy from 1960 onwards to examine how far financial
development has progressed in the course of economic development,
and whether it has been instrumental in promoting economic
growth.
A significant improvement in the Malaysian financial system,
coupled with rapid economic growth and a rich history of financial
sector reforms, makes Malaysia an interesting case study for this
subject. The author shows that some government interventions seem
to have impacted negatively on economic growth, whereas
repressionist financial policies such as interest rate controls,
high reserve requirements and directed credit programmes seem to
have contributed positively to financial development. The analysis
concludes that financial development leads to higher output growth
via promoting private saving and private investment.
Shedding light on the evolutionary role of financial system and
the interacting mechanisms between financial development and
economic growth, this book will be of interest to those interested
in economic and financial development, financial liberalization,
saving behaviour and investment analysis and Asian Studies.
General
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