การทดสอบความสัมพันธ์ระหว่างสินเชื่อภายในประเทศกับการเจริญเติบโตทางเศรษฐกิจของกลุ่มประเทศอาเซียน

Abstract

The main purpose of this study is to test the relationship between domestic credit and economic growth of ASEAN member countries using secondary panel data dating back 16 years, from 1997 to 2012. There were seven countries in this study, namely Thailand, Lao P.D.R, Cambodia, Vietnam, Philippines, Indonesia, and Malaysia. Applying theatrical model from Biggs et al (2009) is employed to illustrate the relationships between 2 variables. Whereas, Panel cointegration test, panel estimation and error correction mechanism has been conducted in this study. The results of this study provided as follows: 1). Domestic credit and economic growth of ASEAN member countries have long run relationship equilibrium 2). Studying a short-term adjustment to long run equilibrium found that economic growth has moved to the equilibrium in each period of time 3). In the estimation of the relationship between two variables, denote domestic credit as independent variables and economic growth as dependent variables, three methods ,which comprise of Ordinary Least Square: OSL; Dynamic Ordinary Least Square: DOSL; and Generalized Method of Moment: GMM, is employed to estimate the data. The result showed that domestic credit has a positive effect to the growth rate of economic growth.