Guide for Major Group and Other Stakeholders Participation provides information for those interested in the Asia-Pacific Civil Society Forum on Sustainable Development (CSO Forum) and the Asia-Pacific Forum on Sustainable Development (APFSD).
Access to a well-functioning financial system empowers individuals, in particular poor people, allowing
them to better integrate into the economy, actively contribute to improving their livelihoods and protect
themselves against economic shocks. In addition, financial services provide budding entrepreneurs with
the opportunity to create jobs for others in the community to earn livelihoods as well. Therefore, creation
and expansion of financial services targeted towards poor and low-income populations, has become a
Over the last five decades, Asia has enjoyed one of the highest economic growth records in the world, despite
a multitude of political challenges and economic shocks. With the support of global organizations such as the
United Nations (UN), Asia has led the world in the drive to achieve the Millennium Development Goals
(MDGs), with the proportion of people living on less than $1.25 per day projected to have fallen from 53% in
1990 to 12% by the end of the 2015.
The objective of the paper is to use nonparametric methodology to examine the relationship between indicators of financial
development and economic growth. The paper uses the Li-Racine (2004) generalized kernel estimation methodology to examine
the role of financial development in understanding economic performance across countries and country-groups. We also control
for other factors that influence economic performance such as, trade openness, government policies and institutional quality. The