MODERATOR EFFECT OF TECHNOLOGICAL ADVANCEMENT ON FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH NEXUS IN ASIAN COUNTRIES

Q1 Social Sciences

Journal of International Studies Pub Date : 2024-05-12 DOI:10.32890/jis2024.20.1.5

Rishan Hewage, J. Pyeman, Norashida Othman

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Abstract

The examination of the nexus between Financial Development (FD), Technological Advancement (TA), Human Capital (HC), andPrivate Consumption (PC) to Economic Growth (EG) has gained substantial attention in both empirical and theoretical academia sincethe early nineteenth century. Scholars affirm that FD, HC, PC, and TA are crucial factors in determining optimal resource allocationand efficient utilization required to achieve sustainable EG. This study investigates the nexus of FD, HC, and PC with EG in Asiancountries, 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.

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技术进步对亚洲国家金融发展和经济增长关系的调节作用

自十九世纪初以来，关于金融发展（FD）、技术进步（TA）、人力资本（HC）和私人消费（PC）与经济增长（EG）之间关系的研究在实证和理论学术界都获得了极大的关注。学者们认为，FD、HC、PC 和 TA 是决定资源优化配置和有效利用以实现可持续 EG 的关键因素。本研究调查了亚洲国家的 FD、HC 和 PC 与 EG 的关系，并以 TA 作为调节因素。从 2005 年到 2019 年的 15 年间，每年收集 35 个国家的数据。由于横截面数量（35）多于时间间隔（15），使用短面板数据分析，研究结果证实 TA 在短期和长期时间情景中都具有显著的调节作用。此外，FD 和 PC 与 EG 呈显著负相关，而 TA 和 HC 被认为是 EG 的促进因素。这项研究强调了在投资技术援助的同时发展劳动力素质的重要性。鼓励决策者优先考虑技术开发和引进创新技术。不过，建议在实施金融发展项目时谨慎行事，必须采取减少国内私人消费的战略。

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来源期刊

Journal of International Studies Social Sciences-Political Science and International Relations

CiteScore

4.80

自引率

0.00%

发文量

审稿时长

24 weeks

期刊介绍： The Journal of International Studies is a quarterly, open access scholarly journal published by Centre of Sociological Research in co-operation with University of Szczecin (Poland), Academy of Economic Studies in Bucharest (Romania) and University College of Business in Prague (Czech Republic). The journal is dedicated to advancing the socio-economic analyses of societies, institutions, organisations, groups, networks and their interactions. Looking back on 2014 we see the growing of interest in JIS. Taking this possibility, we would like to say thank you to all our contributors, researchers and readers. At the present moment, we see the necessity to update our strategies and mission for forthcoming years in order to comply with your needs and expectations. First of all, we became the part of open access process and all materials are available online. Secondly, from 2017 JIS became a quarterly publication. In respect of the above the broad topics of interest include, but are not limited to, the following areas of research: Current global developments; Economic theory and international economics; The theory of international relations; Forecasting and the analysis of world economy dynamics and socio-political developments; Developments in international financial markets; The theory of social and political processes; International politics; Economic and socio-political developments in the United States, Europe and third world countries; Economic, social and political problems associated with the transition period in CE Europe and former SU Ukraine.