Moderator Effect of Technological Advancement on Financial Development and Economic Growth Nexus in Asian Countries
The examination of the nexus between Financial Development (FD), Technological Advancement (TA), Human Capital (HC), and Private Consumption (PC) to Economic Growth (EG) has gained substantial attention in both empirical and theoretical academia since the early nineteenth century. Scholars affirm th...
| Main Authors: | , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Universiti Utara Malaysia Press
2024
|
| Subjects: | |
| Online Access: | https://repo.uum.edu.my/id/eprint/31255/1/JIS%2020%2001%202024%20115-147.pdf https://doi.org/10.32890/jis2024.20.1.5 |
| _version_ | 1825806324362903552 |
|---|---|
| author | Hewage, Rishan Sampath Pyeman, Jaafar Othman, Norashida |
| author_facet | Hewage, Rishan Sampath Pyeman, Jaafar Othman, Norashida |
| author_sort | Hewage, Rishan Sampath |
| collection | UUM |
| description | The examination of the nexus between Financial Development (FD), Technological Advancement (TA), Human Capital (HC), and Private Consumption (PC) to Economic Growth (EG) has gained substantial attention in both empirical and theoretical academia since the early nineteenth century. Scholars affirm that FD, HC, PC, and TA are crucial factors in determining optimal resource allocation and efficient utilization required to achieve sustainable EG. This study investigates the nexus of FD, HC, and PC with EG in Asian countries, with TA serving as the moderator. Data from 35 countries were collected annually over 15 years, spanning from 2005 to 2019. Using short panel data analysis, due to the higher number of crosssections (35) compared to time intervals (15), the findings confirm TA’s significant moderator effect in both short and long-run time scenarios. Additionally, a significant negative relationship with EG is observed for FD and PC, while TA and HC are identified as promoters of EG. The study underscores the importance of investing in TA while concurrently developing the quality of the labor force. Policymakers are encouraged to prioritize technology development and the introduction of innovative techniques. However, caution is advised in FD projects, necessitating strategies to reduce domestic private consumption |
| first_indexed | 2024-10-01T01:44:11Z |
| format | Article |
| id | uum-31255 |
| institution | Universiti Utara Malaysia |
| language | English |
| last_indexed | 2024-10-01T01:44:11Z |
| publishDate | 2024 |
| publisher | Universiti Utara Malaysia Press |
| record_format | eprints |
| spelling | uum-312552024-08-14T04:32:45Z https://repo.uum.edu.my/id/eprint/31255/ Moderator Effect of Technological Advancement on Financial Development and Economic Growth Nexus in Asian Countries Hewage, Rishan Sampath Pyeman, Jaafar Othman, Norashida HG Finance The examination of the nexus between Financial Development (FD), Technological Advancement (TA), Human Capital (HC), and Private Consumption (PC) to Economic Growth (EG) has gained substantial attention in both empirical and theoretical academia since the early nineteenth century. Scholars affirm that FD, HC, PC, and TA are crucial factors in determining optimal resource allocation and efficient utilization required to achieve sustainable EG. This study investigates the nexus of FD, HC, and PC with EG in Asian countries, with TA serving as the moderator. Data from 35 countries were collected annually over 15 years, spanning from 2005 to 2019. Using short panel data analysis, due to the higher number of crosssections (35) compared to time intervals (15), the findings confirm TA’s significant moderator effect in both short and long-run time scenarios. Additionally, a significant negative relationship with EG is observed for FD and PC, while TA and HC are identified as promoters of EG. The study underscores the importance of investing in TA while concurrently developing the quality of the labor force. Policymakers are encouraged to prioritize technology development and the introduction of innovative techniques. However, caution is advised in FD projects, necessitating strategies to reduce domestic private consumption Universiti Utara Malaysia Press 2024 Article PeerReviewed application/pdf en cc4_by https://repo.uum.edu.my/id/eprint/31255/1/JIS%2020%2001%202024%20115-147.pdf Hewage, Rishan Sampath and Pyeman, Jaafar and Othman, Norashida (2024) Moderator Effect of Technological Advancement on Financial Development and Economic Growth Nexus in Asian Countries. Journal of International Studies (JIS), 20 (1). pp. 115-147. ISSN 1823-691X https://e-journal.uum.edu.my/index.php/jis/article/view/19830 https://doi.org/10.32890/jis2024.20.1.5 https://doi.org/10.32890/jis2024.20.1.5 |
| spellingShingle | HG Finance Hewage, Rishan Sampath Pyeman, Jaafar Othman, Norashida Moderator Effect of Technological Advancement on Financial Development and Economic Growth Nexus in Asian Countries |
| title | Moderator Effect of Technological Advancement on Financial Development and Economic Growth Nexus in Asian Countries |
| title_full | Moderator Effect of Technological Advancement on Financial Development and Economic Growth Nexus in Asian Countries |
| title_fullStr | Moderator Effect of Technological Advancement on Financial Development and Economic Growth Nexus in Asian Countries |
| title_full_unstemmed | Moderator Effect of Technological Advancement on Financial Development and Economic Growth Nexus in Asian Countries |
| title_short | Moderator Effect of Technological Advancement on Financial Development and Economic Growth Nexus in Asian Countries |
| title_sort | moderator effect of technological advancement on financial development and economic growth nexus in asian countries |
| topic | HG Finance |
| url | https://repo.uum.edu.my/id/eprint/31255/1/JIS%2020%2001%202024%20115-147.pdf https://doi.org/10.32890/jis2024.20.1.5 |
| work_keys_str_mv | AT hewagerishansampath moderatoreffectoftechnologicaladvancementonfinancialdevelopmentandeconomicgrowthnexusinasiancountries AT pyemanjaafar moderatoreffectoftechnologicaladvancementonfinancialdevelopmentandeconomicgrowthnexusinasiancountries AT othmannorashida moderatoreffectoftechnologicaladvancementonfinancialdevelopmentandeconomicgrowthnexusinasiancountries |