臺灣博碩士論文加值系統

金融發展與經濟成長之間的關係一直是經濟學界爭議的焦點，且鮮少有研究針對東協加三成員國進行探討，本研究旨在填補這一空白。然而，由於汶萊、寮國及柬埔寨三國的數據缺乏，最終本研究聚焦於亞洲十個國家的經濟發展與金融發展之間的關係。
首先，透過敘述性統計分析，發現各國在金融發展、經濟自由度、經濟成長率和人均 GDP 等方面存在明顯差異。其次，通過 Panel 單根檢定，確定了需要進行一階差分才能達到定態的變數。接著，通過 Dumitrescu-Hurlin Panel 因果關係檢定，確定經濟自由度、人均 GDP 和金融發展對經濟成長具有單向因果關係。最後，本研究採用 Panel ARDL 模型進行實證分析，發現金融發展和人均 GDP 對經濟成長具有長期顯著影響，而經濟自由度對經濟成長僅具有短期顯著影響。

The relationship between financial development and economic growth has long been a contentious issue in the field of economics, and there has been a lack of research focusing on the ASEAN Plus Three member countries. This study aims to fill this gap. However, due to the lack of data from Brunei, Laos, and Cambodia, this research ultimately focuses on the relationship between economic evelopment and financial development in ten Asian countries.
Firstly, descriptive statistical analysis reveals significant differences among these countries in terms of financial development, economic freedom, economic growth rate, and per capita GDP. Secondly, through panel unit root tests, it is determined that firstorder differencing is needed to achieve stationarity for the variables. Next, the Dumitrescu-Hurlin panel causality test confirms that economic freedom, per capita GDP, and financial development have unidirectional causal relationships with economic growth. Finally, using the panel ARDL model for empirical analysis, it is found that financial development and per capita GDP have significant long-term effects on economic growth, while economic freedom only has a significant shortterm effect on economic growth.

第一章緒論 ................................................................................................1
第一節 研究背景及動機........................................................................1
第二節 研究目的....................................................................................5
第三節 研究架構....................................................................................6
第二章 文獻回顧 .......................................................................................7
第一節 金融發展對經濟成長的影響....................................................8
第二節 經濟成長對金融發展的影響..................................................15
第三節 經濟成長與金融發展互相影響..............................................18
第四節 經濟成長與金融發展不互相影響..........................................22
第三章 研究方法與實證模型 ..............................................................25
第一節 變數定義與資料來源...........................................................25
第二節 Panel 單根檢定....................................................................29
第三節 Dumitrescu-Hurlin Panel 因果關係檢定........................32
第四節 實證模型...............................................................................33
第四章 實證結果 ..................................................................................35
第一節 敘述性統計...........................................................................36
第二節 Panel 單根檢定實證結果....................................................39
第三節 Dumitrescu-Hurlin Panel 因果關係檢定結果................42
第四節 Panel ARDL 實證結果..........................................................43
第五章 結論與建議 ..............................................................................45
參考文獻...................................................................................................47

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