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The Role of Financial Deepening on Economic Growth and Business Cycle in Korea
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한국에서 경제성장과 경기변동에 대한 금융심화의 역할

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Type
Academic journal
Author
Jong-Ha Lee (IBK경제연구소) Jin-Young Hwang (한남대학교)
Journal
Korean Industrial Economic Association Journal of Industrial Economics and Business Vol.25 No.4 KCI Accredited Journals
Published
2012.8
Pages
2,645 - 2,664 (20page)

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The Role of Financial Deepening on Economic Growth and Business Cycle in Korea
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Abstract· Keywords

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This paper investigates the role of financial market development on economic growth and business cycle in the economy of Korea, using time-series data for the 1967-2010 period. A country’s financial market development, economic growth, and business cycle are measured by three different variables of financial deepening, real GDP growth, and moving-average standard deviation of real GDP growth, respectively. We construct both long-run causality measure suggested by Granger and Lin (1995) and Granger causality test in the context of cointegrated systems and VEC model. The estimates indicate that the measures of financial deepening promote economic growth and mitigate cyclical fluctuations in the long-run, but the reverse impacts provide little evidence. However, ‘the ratio of M2 to nominal GDP’ as a measure of financial deepening has a dampening effect on business cycle. We find little evidence on the impact of financial deepening on economic growth and business cycle in the short-run. On the contrary, ‘the ratio of M2 to nominal GDP’ has impacts on economic growth and business cycle in the short-run. Based on the findings, we can infer that financial market reforms will not quickly promote economic growth and relief from growth volatility.
#금융시장의 발전 #금융심화 #경제성장 #경기변동 #VEC 모형 #financial market Development #financial deepening #economic growth #business cycle #VEC model

Contents

Ⅰ. 머리말
Ⅱ. 선행연구 검토
Ⅲ. 자료
Ⅳ. 실증분석 방법론과 추정결과
Ⅴ. 맺음말
참고문헌
Abstract

References (36)

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1. [학술지(정기간행물)] - 박찬일 / 2005 / 금융제도의 발전과 경제성장의 관계: 동북아 국가들의 경험을 중심으로 / 계량경제학보 16 (3) : 1 ~ 19 dbpia 3. [학술지(정기간행물)] - 이명훈 / 2007 / 초외생성 검정을 이용한 금융발전과 경제성장 간 제어인과관계 분석 : 아시아 5개국을 중심으로 / 한국경제의 분석 13 (1) : 195 ~ 236 dbpia 4. [학술지(정기간행물)] - 이종하 / 2011 / 한국ᆞ중국ᆞ일본에서 생산량 변동성과 성장 / Journal of East Asian Economic Integration 15 (1) : 87 ~ 111 dbpia 6. [학술지(정기간행물)] - 황상인 / 2009 / 한국의 금융발전과 경제성장과의 관계 / 사회과학연구 8 (2) : 117 ~ 128 google schola 7. [학술지(정기간행물)] - Acemoglu, D. / 1997 / Was Prometheus Unbound by Chance? Risk, Diversification, and Growth / Journal of Political Economy 105 (4) : 709 ~ 751 google schola

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