한국의 금융발전과 경제성장의 관계 = Financial Development and Economic Growth in Korea

다국어 초록 (Multilingual Abstract)

This paper attempts to find the nexus between financial development and economic growth in Korea, focusing on two issues: the causality between financial development and economic growth and the measurement of financial development. It was found that financial development Granger caused economic growth, but financial depth did not Granger cause economic growth. Conversely, economic growth did not Granger cause financial development or financial depth. The cointegration estimates show that economic growth in Korea has been positively related with financial development, while economic growth has been negatively related with financial depth, which is statistically significant. The impulse response function and variance decomposition confirm that financial development and investment have been the main driver of economic growth. Thus, this study could support the argument that financial development, not financial depth, has had positive effects on economic growth in Korea.

참고문헌 (Reference)

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