{"id":"https://openalex.org/W3207986020","doi":"https://doi.org/10.1016/j.bir.2021.10.004","title":"Does financial development matter for economic growth in the emerging markets?","display_name":"Does financial development matter for economic growth in the emerging markets?","publication_year":2021,"publication_date":"2021-11-03","ids":{"openalex":"https://openalex.org/W3207986020","doi":"https://doi.org/10.1016/j.bir.2021.10.004","mag":"3207986020"},"language":"en","primary_location":{"id":"doi:10.1016/j.bir.2021.10.004","doi":"https://doi.org/10.1016/j.bir.2021.10.004","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.bir.2021.10.004","pdf_url":"https://www.sciencedirect.com/science/article/pii/S2214845021000983/pdf","source":{"id":"https://openalex.org/S2764882396","display_name":"Borsa Istanbul Review","issn_l":"2214-8450","issn":["2214-8450","2214-8469"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["abdc-b","cwts-core","doaj","jufo-1","poland-70"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Borsa Istanbul Review","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://www.sciencedirect.com/science/article/pii/S2214845021000983/pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5101690411","display_name":"Nguy\u1ec5n Minh H\u00e0","orcid":"https://orcid.org/0000-0002-8411-7817","observed_orcids":["https://orcid.org/0000-0002-8411-7817"]},"institutions":[{"id":"https://openalex.org/I4210096063","display_name":"Ho Chi Minh City Open University","ror":"https://ror.org/00tean533","country_code":"VN","type":"education","lineage":["https://openalex.org/I4210096063"]}],"countries":["VN"],"is_corresponding":false,"raw_author_name":"Ha Minh Nguyen","raw_affiliation_strings":["Ho Chi Minh City Open University, 35 \u2013 37 Ho Hao Hon Street, District 1, Ho Chi Minh City, Viet Nam"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Ho Chi Minh City Open University, 35 \u2013 37 Ho Hao Hon Street, District 1, Ho Chi Minh City, Viet Nam","institution_ids":["https://openalex.org/I4210096063"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5111054276","display_name":"Quan Thai-Thuong Le","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4210096063","display_name":"Ho Chi Minh City Open University","ror":"https://ror.org/00tean533","country_code":"VN","type":"education","lineage":["https://openalex.org/I4210096063"]}],"countries":["VN"],"is_corresponding":false,"raw_author_name":"Quan Thai-Thuong Le","raw_affiliation_strings":["The CBER \u2013 Research Centre in Business, Economics & Resources, Ho Chi Minh City Open University, 97 Vo Van Tan Street, District 3, Ho Chi Minh City, Viet Nam"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"The CBER \u2013 Research Centre in Business, Economics & Resources, Ho Chi Minh City Open University, 97 Vo Van Tan Street, District 3, Ho Chi Minh City, Viet Nam","institution_ids":["https://openalex.org/I4210096063"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5025949224","display_name":"Ch\u00ed Minh H\u1ed3","orcid":"https://orcid.org/0000-0002-6400-185X","observed_orcids":["https://orcid.org/0000-0002-6400-185X"]},"institutions":[{"id":"https://openalex.org/I4210096063","display_name":"Ho Chi Minh City Open University","ror":"https://ror.org/00tean533","country_code":"VN","type":"education","lineage":["https://openalex.org/I4210096063"]}],"countries":["VN"],"is_corresponding":false,"raw_author_name":"Chi Minh Ho","raw_affiliation_strings":["The CBER \u2013 Research Centre in Business, Economics & Resources, Ho Chi Minh City Open University, 97 Vo Van Tan Street, District 3, Ho Chi Minh City, Viet Nam"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"The CBER \u2013 Research Centre in Business, Economics & Resources, Ho Chi Minh City Open University, 97 Vo Van Tan Street, District 3, Ho Chi Minh City, Viet Nam","institution_ids":["https://openalex.org/I4210096063"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5014996332","display_name":"Thang Cong Nguyen","orcid":"https://orcid.org/0000-0001-5035-2002","observed_orcids":["https://orcid.org/0000-0001-5035-2002"]},"institutions":[{"id":"https://openalex.org/I4210096063","display_name":"Ho Chi Minh City Open University","ror":"https://ror.org/00tean533","country_code":"VN","type":"education","lineage":["https://openalex.org/I4210096063"]}],"countries":["VN"],"is_corresponding":true,"raw_author_name":"Thang Cong Nguyen","raw_affiliation_strings":["The CBER \u2013 Research Centre in Business, Economics & Resources, Ho Chi Minh City Open University, 97 Vo Van Tan Street, District 3, Ho Chi Minh City, Viet Nam"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"The CBER \u2013 Research Centre in Business, Economics & Resources, Ho Chi Minh City Open University, 97 Vo Van Tan Street, District 3, Ho Chi Minh City, Viet Nam","institution_ids":["https://openalex.org/I4210096063"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5061059537","display_name":"Duc Hong Vo","orcid":"https://orcid.org/0000-0001-7823-0349","observed_orcids":["https://orcid.org/0000-0001-7823-0349"]},"institutions":[{"id":"https://openalex.org/I4210096063","display_name":"Ho Chi Minh City Open University","ror":"https://ror.org/00tean533","country_code":"VN","type":"education","lineage":["https://openalex.org/I4210096063"]}],"countries":["VN"],"is_corresponding":false,"raw_author_name":"Duc Hong Vo","raw_affiliation_strings":["The CBER \u2013 Research Centre in Business, Economics & Resources, Ho Chi Minh City Open University, 97 Vo Van Tan Street, District 3, Ho Chi Minh City, Viet Nam"],"raw_orcid":"https://orcid.org/0000-0001-7823-0349","affiliations":[{"raw_affiliation_string":"The CBER \u2013 Research Centre in Business, Economics & Resources, Ho Chi Minh City Open University, 97 Vo Van Tan Street, District 3, Ho Chi Minh City, Viet Nam","institution_ids":["https://openalex.org/I4210096063"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5014996332"],"corresponding_institution_ids":["https://openalex.org/I4210096063"],"apc_list":{"value":0,"currency":"USD","value_usd":0},"apc_paid":{"value":0,"currency":"USD","value_usd":0},"fwci":30.6281,"has_fulltext":true,"cited_by_count":117,"citation_normalized_percentile":{"value":0.99731532,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":99,"max":100},"biblio":{"volume":"22","issue":"4","first_page":"688","last_page":"698"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9901999831199646,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9901999831199646,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10393","display_name":"Economic Growth and Productivity","score":0.0024999999441206455,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13867","display_name":"Economic Growth and Development","score":0.0024999999441206455,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/financial-development","display_name":"financial development","score":1.0},{"id":"https://openalex.org/keywords/economic-growth","display_name":"economic growth","score":1.0},{"id":"https://openalex.org/keywords/emerging-markets","display_name":"emerging markets","score":0.9490000009536743},{"id":"https://openalex.org/keywords/finance-growth-nexus","display_name":"finance-growth nexus","score":0.8949999809265137},{"id":"https://openalex.org/keywords/granger-causality","display_name":"Granger causality","score":0.8510000109672546},{"id":"https://openalex.org/keywords/bidirectional-causality","display_name":"bidirectional causality","score":0.8180000185966492}],"concepts":[{"id":"https://openalex.org/C148609458","wikidata":"https://www.wikidata.org/wiki/Q7021281","display_name":"Nexus (standard)","level":2,"score":0.8159257173538208},{"id":"https://openalex.org/C129824826","wikidata":"https://www.wikidata.org/wiki/Q2630107","display_name":"Granger causality","level":2,"score":0.7542397975921631},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7389947772026062},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.6842586994171143},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.5591555833816528},{"id":"https://openalex.org/C64357122","wikidata":"https://www.wikidata.org/wiki/Q1149766","display_name":"Causality (physics)","level":2,"score":0.5129849314689636},{"id":"https://openalex.org/C121087249","wikidata":"https://www.wikidata.org/wiki/Q546395","display_name":"Emerging markets","level":2,"score":0.4283067286014557},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.41264528036117554},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.3892524540424347},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.3735722601413727},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3267309069633484},{"id":"https://openalex.org/C149635348","wikidata":"https://www.wikidata.org/wiki/Q193040","display_name":"Embedded system","level":1,"score":0.0},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C62520636","wikidata":"https://www.wikidata.org/wiki/Q944","display_name":"Quantum mechanics","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1016/j.bir.2021.10.004","doi":"https://doi.org/10.1016/j.bir.2021.10.004","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.bir.2021.10.004","pdf_url":"https://www.sciencedirect.com/science/article/pii/S2214845021000983/pdf","source":{"id":"https://openalex.org/S2764882396","display_name":"Borsa Istanbul Review","issn_l":"2214-8450","issn":["2214-8450","2214-8469"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["abdc-b","cwts-core","doaj","jufo-1","poland-70"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Borsa Istanbul Review","raw_type":"journal-article"},{"id":"pmh:oai:doaj.org/article:515f54bca10144b6a7eb73a654aa6db4","doi":null,"is_oa":true,"landing_page_url":"https://doaj.org/article/515f54bca10144b6a7eb73a654aa6db4","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Borsa Istanbul Review, Vol 22, Iss 4, Pp 688-698 (2022)","raw_type":"article"},{"id":"pmh:oai:econstor.eu:10419/340302","doi":null,"is_oa":true,"landing_page_url":"https://hdl.handle.net/10419/340302","pdf_url":null,"source":{"id":"https://openalex.org/S4306401696","display_name":"Econstor (Econstor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"doc-type:article"}],"best_oa_location":{"id":"doi:10.1016/j.bir.2021.10.004","doi":"https://doi.org/10.1016/j.bir.2021.10.004","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.bir.2021.10.004","pdf_url":"https://www.sciencedirect.com/science/article/pii/S2214845021000983/pdf","source":{"id":"https://openalex.org/S2764882396","display_name":"Borsa Istanbul Review","issn_l":"2214-8450","issn":["2214-8450","2214-8469"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["abdc-b","cwts-core","doaj","jufo-1","poland-70"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Borsa Istanbul Review","raw_type":"journal-article"},"sustainable_development_goals":[{"display_name":"Decent work and economic growth","score":0.7257999777793884,"id":"https://metadata.un.org/sdg/8"}],"sustainable_development_goals_aurora":[{"display_name":"Decent work and economic growth","score":0.4099999964237213,"id":"https://metadata.un.org/sdg/8"}],"study_designs":[],"awards":[{"id":"https://openalex.org/G1303628558","display_name":null,"funder_award_id":"502.02","funder_id":"https://openalex.org/F4320309617","funder_display_name":"National Foundation for Science and Technology Development"},{"id":"https://openalex.org/G1670113179","display_name":"Ph\u00e1t tri\u1ec3n t\u00e0i ch\u00ednh, ti\u00eau th\u1ee5 n\u0103ng l\u01b0\u1ee3ng v\u00e0 t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf \u1edf Vi\u1ec7t Nam v\u00e0 c\u00e1c n\u01b0\u1edbc m\u1edbi n\u1ed5i.","funder_award_id":"502.02-2019.321","funder_id":"https://openalex.org/F4320309617","funder_display_name":"National Foundation for Science and Technology Development"},{"id":"https://openalex.org/G5038745797","display_name":null,"funder_award_id":"02-2019","funder_id":"https://openalex.org/F4320309617","funder_display_name":"National Foundation for Science and Technology Development"}],"funders":[{"id":"https://openalex.org/F4320309617","display_name":"National Foundation for Science and Technology Development","ror":"https://ror.org/04rw64z44"}],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3207986020.pdf","grobid_xml":"https://content.openalex.org/works/W3207986020.grobid-xml"},"referenced_works_count":52,"referenced_works":["https://openalex.org/W1556806284","https://openalex.org/W1573469609","https://openalex.org/W1604789001","https://openalex.org/W2014006441","https://openalex.org/W2023668736","https://openalex.org/W2043277550","https://openalex.org/W2048158235","https://openalex.org/W2051990833","https://openalex.org/W2064236775","https://openalex.org/W2074928461","https://openalex.org/W2077675621","https://openalex.org/W2088835444","https://openalex.org/W2098916672","https://openalex.org/W2099268311","https://openalex.org/W2102897370","https://openalex.org/W2103002444","https://openalex.org/W2115027769","https://openalex.org/W2117899509","https://openalex.org/W2124597406","https://openalex.org/W2124884000","https://openalex.org/W2125331782","https://openalex.org/W2126383263","https://openalex.org/W2155573686","https://openalex.org/W2167660964","https://openalex.org/W2312269098","https://openalex.org/W2556507681","https://openalex.org/W2757930005","https://openalex.org/W2803800840","https://openalex.org/W2808276600","https://openalex.org/W2885391564","https://openalex.org/W2888552864","https://openalex.org/W2903498429","https://openalex.org/W2905217312","https://openalex.org/W2948075644","https://openalex.org/W2953637311","https://openalex.org/W2980522275","https://openalex.org/W2990928200","https://openalex.org/W3004743265","https://openalex.org/W3005234204","https://openalex.org/W3010431093","https://openalex.org/W3023714059","https://openalex.org/W3122509291","https://openalex.org/W3123689740","https://openalex.org/W3123833473","https://openalex.org/W3123931759","https://openalex.org/W3124091918","https://openalex.org/W3149366288","https://openalex.org/W3167906154","https://openalex.org/W3176821286","https://openalex.org/W3202161423","https://openalex.org/W4301020739","https://openalex.org/W4311046541"],"related_works":["https://openalex.org/W7214856343","https://openalex.org/W7168188992","https://openalex.org/W137028155","https://openalex.org/W3207376503","https://openalex.org/W2886126911","https://openalex.org/W2799812308","https://openalex.org/W1952364322","https://openalex.org/W2027393005","https://openalex.org/W2789913559","https://openalex.org/W2037896857"],"abstract_inverted_index":{"Despite":[0],"an":[1],"increasing":[2],"focus":[3,42],"on":[4,43,66,90,110],"the":[5,15,50,71,91],"nexus":[6],"between":[7,93,125],"finance":[8],"and":[9,57,96,113,128],"growth,":[10,112],"little":[11],"is":[12,26,116],"known":[13],"about":[14],"growth":[16,130],"effect":[17,109],"of":[18],"financial":[19,94,104,126,135],"development":[20,25,95,105,127],"in":[21,83,131],"emerging":[22,68],"markets.":[23],"Financial":[24],"generally":[27],"considered":[28],"a":[29,37,44,58,107],"multifaceted":[30],"phenomenon.":[31],"Unlike":[32],"previous":[33,84],"studies,":[34],"which":[35],"use":[36,63],"static":[38,79],"panel":[39,59,64,80],"model":[40,82],"or":[41],"single":[45],"country,":[46],"this":[47],"paper":[48],"uses":[49],"advanced":[51],"dynamic":[52],"common":[53],"correlated":[54],"estimator":[55],"(DCCE)":[56],"Granger-causality":[60],"test.":[61],"We":[62,118],"data":[65,81],"22":[67],"markets":[69],"over":[70],"period":[72],"1980\u20132020.":[73],"Our":[74],"empirical":[75],"findings":[76,101],"confirm":[77,102],"that":[78,103],"studies":[85],"can":[86],"have":[87],"misleading":[88],"conclusions":[89],"relationship":[92,115],"economic":[97,111,129],"growth.":[98],"Instead,":[99],"our":[100],"has":[106],"positive":[108],"their":[114],"linear.":[117],"also":[119],"find":[120],"solid":[121],"bidirectional":[122],"Granger":[123],"causality":[124],"all":[132],"proxies":[133],"for":[134],"development.":[136]},"counts_by_year":[{"year":2026,"cited_by_count":17},{"year":2025,"cited_by_count":19},{"year":2024,"cited_by_count":24},{"year":2023,"cited_by_count":46},{"year":2022,"cited_by_count":11}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2021-11-08T00:00:00"}