Domestic Credit and Stock Market Impact on Economic Growth: A New Evidence in Five ASEAN Countries

Capital accumulation and technological innovation had been the two channels through which financial sector plays a vital role in growth of economy. However, there are some different results between banking stock market. The research tested Solow-Swan model augmented with markets to show that domestic credit equity from long run determinants Gross Domestic Products (GDP) per capita five ASEAN countries: Indonesia, Malaysia, Singapore, Thailand, Philippines. used data 2000 2019 panel regression. result shows all determinant variables have positive impact on economic growth. also has higher economy than In addition, market statistically significant positif across countries. researchalso finds although population countries give effect growth, it is not convincing. It suggested people already technology, so encourages