Financial Globalization, Entrepreneurship, and Economic Growth: Evidence from Asian Countries

Abstract

This study examines the dynamic relationships between financial globalization, entrepreneurship development, and economic growth across 18 Asian nations from 2013 to 2024. The results reveal that financial globalization significantly enhances entrepreneurial activity primarily by improving access to capital, fostering a better regulatory environment, and increasing financial literacy. Furthermore, entrepreneurship is found to be an effective driver of GDP growth, especially when accompanied by technology adoption, workforce skills development, flexibility, and infrastructure investment. While the study highlights the general positive impact of financial globalization and entrepreneurship, it also acknowledges variations due to institutional weaknesses and uneven market competition among countries. The findings offer nuanced insight into how globalization, supported by strong institutions and targeted policy interventions, can promote sustainable development. Based on empirical analysis, this research provides practical guidance for policymakers seeking to design inclusive growth strategies based on global financial integration and to foster robust entrepreneurship ecosystems.

Keywords: Financial Globalization, Entrepreneurship Development, Economic Growth