Abstract
This study examines the impact of financial liberalization on developing countries' growth rates and the relationship between the variables using the fixed effects least squares approach for five developing countries from 1990 to 2021. Based on the results, financial liberalization and economic freedom are the driving factors underlying economic growth in five Asean members (Thailand, Singapore, Indonesia, Malaysia, and the Philippines). Secondly, financial liberalization puts the financial system at risk, but it plays an important role in the growth of economies.. Financial system deregulation is a key driver of economic growth in Asean member countries. Policymakers should evaluate and strengthen existing financial transparency standards.
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