Eurasian Business Review

, Volume 6, Issue 2, pp 141–154 | Cite as

Financial structure and economic growth: the case of Vietnam

  • Xuan Vinh VoEmail author
  • Huu Huan Nguyen
  • Khanh Duy Pham
Original Paper


This paper investigates the role of financial structure in promoting economic growth in Vietnam using a number of econometric techniques. The results indicate that there is no strong relationship between stock market development and economic growth. In particular, the Granger causality tests suggest no causal effects between these variables. The impulse response tests and the variance decomposition analysis present evidence of the one-way impact from the stock market capitalization variable on the change of economic growth, however, this effect is marginal.


Financial structure Economic growth Vietnam Granger VAR 

JEL Classification

E60 G10 



This paper was presented at the 15th Eurasia Business and Economics Society Conference, Lisbon, Portugal and benefited from comments and discussions from conference participants. We acknowledge the constructive comments and useful suggestions from the two anonymous referees. Financial support from the University of Economics Ho Chi Minh City to conduct this research is acknowledged. Any remaining errors or shortcomings are our own responsibilities.


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Copyright information

© Eurasia Business and Economics Society 2016

Authors and Affiliations

  • Xuan Vinh Vo
    • 1
    • 2
    Email author
  • Huu Huan Nguyen
    • 1
  • Khanh Duy Pham
    • 1
  1. 1.School of BankingUniversity of Economics Ho Chi Minh CityHo Chi MinhVietnam
  2. 2.CFVG Ho Chi Minh CityHo Chi MinhVietnam

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