Pembangunan Kewangan dan Pertumbuhan Sektor-Sektor Ekonomi: Bukti Empirikal di Malaysia

The objective of this paper is to study the impact of financial sector development on three main economic sectors of Malaysia, namely primary sector; secondary sector mid tertiary sector. Time series econometric methods, such as stationary tests, cotmegration tests and causality tests in the form of vector autoregresive (VAR) model are applied. The results show that the financial development proxied by M3/KDNK significantly influence the change in output of the primary sector, while the real lending interest rate (RLR) significantly influence the change in output of tertiary sector. This findings support the finance-led growth hyputhesis or suppply-leading hypothesis for the primary sector and the tertiary sector, On the other hand, the output of the secondary sector does influence the financialdevelopment variable of M3/KDNK, thus supporting the demand-following hypothesis.