Determinants of Economic Growth in Malaysia 1970-2010

Economic growth of a country can be seen in term of increase or growth of Gross Domestic Product (GDP). The rapid economic growth will result in per capita income growth and changes in national economic sectors. Thus economic growth is an important indicator in measuring economic development. The ob...

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Main Author:	Norazrul, Mat Ros
Format:	Thesis
Language:	eng eng
Published:	2012
Subjects:	HC Economic History and Conditions
Online Access:	https://etd.uum.edu.my/3523/1/s809192.pdf https://etd.uum.edu.my/3523/7/s809192.pdf
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id	my-uum-etd.3523
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Hussin, Fauzi
topic	HC Economic History and Conditions
spellingShingle	HC Economic History and Conditions Norazrul, Mat Ros Determinants of Economic Growth in Malaysia 1970-2010
description	Economic growth of a country can be seen in term of increase or growth of Gross Domestic Product (GDP). The rapid economic growth will result in per capita income growth and changes in national economic sectors. Thus economic growth is an important indicator in measuring economic development. The objective of this study is to examine the determinants of economic growth in Malaysia. This study uses trade openness, foreign direct investment, government development expenditure and gross fixed capital formation as an independent variables. The empirical analysis is based on time series data for 40 years for period 1970 to 2010. The model that used to tested the long run relationship is by using Johansen and Juselius cointegration approach shows that trade openness, foreign direct investment, government development expenditure and gross fixed capital formation are the determinants of economic growth in a long run. On the other hand, results that based on Vector Error Correction Model (VECM) shows that trade openness and foreign direct investment are the significant determinants of economic growth in a short run but bring negative impact to economic growth. Furthermore, an ECM variable is negative and significant, that postulates the cointegration among given variables. The response coefficient value is -0.343895, that suggesting moderate adjustment behavior, approx 34.4% percent of the disequilibria of the previous period’s shock adjust back to the long run equilibrium in the current year. Based on causality test in this study found that, firstly OPEN variable is Granger cause to GDP variable. Secondly is GDP variable is Granger cause to GDE variable. Thirdly is GDP variable is Granger cause to GFCF variable. Fourthly is OPEN variable is Granger cause to FDI, GDE and GFCF variables. Based on the Ordinary Least Squares (OLS) regression in this study shows that trade openness, government development expenditure and gross fixed capital formation fixed at 1 per cent significance level. This indicates that these variables have a positive effect on economic growth in Malaysia. While foreign direct investment variable is not significant to the growth of Malaysian economy. Results also shows that government development expenditure is the highest variables affect Malaysia economic growth of 1% increase in development expenses will lead to the growth rate increase by 2.16%. Second highest variable is trade openness of a 1% increase in trade openness will lead to 1.28% increase in the growth of the Malaysian economy. Third highest variable is gross fixed capital formation of a 1% increase in gross fixed capital formation will lead 0.98% increase in economic growth in Malaysia. Results obtained in this study suggest that policymakers should keep an eye on all of the significant variables since it will give impact on economic growth.
format	Thesis
qualification_name	masters
qualification_level	Master's degree
author	Norazrul, Mat Ros
author_facet	Norazrul, Mat Ros
author_sort	Norazrul, Mat Ros
title	Determinants of Economic Growth in Malaysia 1970-2010
title_short	Determinants of Economic Growth in Malaysia 1970-2010
title_full	Determinants of Economic Growth in Malaysia 1970-2010
title_fullStr	Determinants of Economic Growth in Malaysia 1970-2010
title_full_unstemmed	Determinants of Economic Growth in Malaysia 1970-2010
title_sort	determinants of economic growth in malaysia 1970-2010
granting_institution	Universiti Utara Malaysia
granting_department	Othman Yeop Abdullah Graduate School of Business
publishDate	2012
url	https://etd.uum.edu.my/3523/1/s809192.pdf https://etd.uum.edu.my/3523/7/s809192.pdf
_version_	1747827593973858304
spelling	my-uum-etd.35232022-07-31T02:56:19Z Determinants of Economic Growth in Malaysia 1970-2010 2012 Norazrul, Mat Ros Hussin, Fauzi Othman Yeop Abdullah Graduate School of Business Othman Yeop Abdullah Graduate School of Business HC Economic History and Conditions Economic growth of a country can be seen in term of increase or growth of Gross Domestic Product (GDP). The rapid economic growth will result in per capita income growth and changes in national economic sectors. Thus economic growth is an important indicator in measuring economic development. The objective of this study is to examine the determinants of economic growth in Malaysia. This study uses trade openness, foreign direct investment, government development expenditure and gross fixed capital formation as an independent variables. The empirical analysis is based on time series data for 40 years for period 1970 to 2010. The model that used to tested the long run relationship is by using Johansen and Juselius cointegration approach shows that trade openness, foreign direct investment, government development expenditure and gross fixed capital formation are the determinants of economic growth in a long run. On the other hand, results that based on Vector Error Correction Model (VECM) shows that trade openness and foreign direct investment are the significant determinants of economic growth in a short run but bring negative impact to economic growth. Furthermore, an ECM variable is negative and significant, that postulates the cointegration among given variables. The response coefficient value is -0.343895, that suggesting moderate adjustment behavior, approx 34.4% percent of the disequilibria of the previous period’s shock adjust back to the long run equilibrium in the current year. Based on causality test in this study found that, firstly OPEN variable is Granger cause to GDP variable. Secondly is GDP variable is Granger cause to GDE variable. Thirdly is GDP variable is Granger cause to GFCF variable. Fourthly is OPEN variable is Granger cause to FDI, GDE and GFCF variables. Based on the Ordinary Least Squares (OLS) regression in this study shows that trade openness, government development expenditure and gross fixed capital formation fixed at 1 per cent significance level. This indicates that these variables have a positive effect on economic growth in Malaysia. While foreign direct investment variable is not significant to the growth of Malaysian economy. Results also shows that government development expenditure is the highest variables affect Malaysia economic growth of 1% increase in development expenses will lead to the growth rate increase by 2.16%. Second highest variable is trade openness of a 1% increase in trade openness will lead to 1.28% increase in the growth of the Malaysian economy. Third highest variable is gross fixed capital formation of a 1% increase in gross fixed capital formation will lead 0.98% increase in economic growth in Malaysia. Results obtained in this study suggest that policymakers should keep an eye on all of the significant variables since it will give impact on economic growth. 2012 Thesis https://etd.uum.edu.my/3523/ https://etd.uum.edu.my/3523/1/s809192.pdf text eng public https://etd.uum.edu.my/3523/7/s809192.pdf text eng public masters masters Universiti Utara Malaysia Abdullahi, Yahya Zakari., Aliero., et al (2012). Does fdi cause economic growth? evidence from selected countries in Africa and Asia. African Journal of Social Sciences Volume 2 Number 4 (2012) 114-124. Adhikary, B. K. (2011). FDI, Trade Openness, Capital Formation, and Economic Growth in Bangladesh: A Linkage Analysis. International Journal of Business and Management Vol. 6, No. 1; January 2011. Aitken, B., G, Hanson & Harrison, A. (1997). 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