Pradhan, Rudra P.Arvin, Mak B.Bahmani, SaharHall, J.H. (John Henry)Norman, Neville R.2017-04-072017-11Pradhan, R.P. Arvin, M.B., Nair,Bahmani, S., Hall, J.H. & Norman, N.R. Finance and growth: Evidence from the ARF countries. The Quarterly Review of Economics and Finance (2017) 66 : 136-148, http://dx.doi.org/10.1016/j.qref.2017.01.011.1062-976910.1016/j.qref.2017.01.011http://hdl.handle.net/2263/59698This paper examines the relationships between economic growth and four different types of financial development in ASEAN Regional Forum (ARF) countries over the period 1991–2011. Using principal component analysis (PCA) to construct development indices, and a panel vector auto-regressive model to test for Granger causalities, the study demonstrates unidirectional and bidirectional causality between the variables. The study enhances understanding of the interrelationship between the variables, combining different strands of the literature, and investigating countries previously neglected in this context. The paper recommends making banking more accessible to residents without bank accounts in ARF countries and promoting stock market development to facilitate access to investment capital in order to enhance economic growth.en© 2017 Board of Trustees of the University of Illinois. Published by Elsevier Inc. All rights reserved. Notice : this is the author’s version of a work that was accepted for publication in Quarterly Review of Economics and Finance. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. A definitive version was subsequently published in Quarterly Review of Economics and Finance, vol. 66, pp. 136-148, 2017. doi : 10.1016/j.qref.2017.01.011.Financial developmentEconomic growthGranger causalityARF countriesASEAN Regional Forum (ARF)Principal component analysis (PCA)Postprint Article