Effect of Structural Break on Financial Development and Economic Growth Nexus in Middle-Income Countries in Asia: Moderating Role of Technological Advancements

Asian countries have experienced many financial catastrophes and pandemics in the past couple of decades. Therefore, evaluating effect structural breaks on economies has taken substantive attention empirical literature. Thus, this study aims to investigate Financial Development (FD) Economic Growth (EG) middle-income Asia. The considered global crisis 2008 as a key break. sample consisted 24 while period was 20 years from 2000 2019. Technological Advancement moderator variable that facilitate smooth functioning FD EG. Structural Break identified using "xtbreak" function analyzed with panel unit root, homogeneity test short cointegration. findings revealed before break, variables were only significant but after breaks, Human Capita Private Consumption also become significant. had negative influence over EG break positive influence. HC not factor economic downturn In contrast, PC shows breaks. Hence, it guides policymakers decide reducing investments for direct funds development developing technology. Moreover, they must consider making policy decisions reduce PC.