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1、Availableonlineatwww.sciencedirect.comJournalofPolicyModeling30(2008)827840Doesfinancialdevelopmentcauseeconomicgrowth?ImplicationforpolicyinKoreaYungY.Yanga,MyungHoonYib,∗aDepartmentofEconomics,CaliforniaStateUniversity,Sacramento,6000JStreet,Sacrament
2、o,CA95819,USAbDepartmentofEconomics,MyongjiUniversity,50-3Namgajwadong,Seodaemungu,Seoul120-728,RepublicofKoreaReceived1February2007;receivedinrevisedform3June2007;accepted1September2007Availableonline29September2007AbstractThecausalrelationshipbetween
3、financialdevelopmentandeconomicgrowthisexamined,utilizingthesuperexogeneitymethodology.WeuseannualdataforKoreaduring19712002,duringwhichKoreahasexperiencedbothphenomenaleconomicgrowthandavarietyoffinancialliberalizationandreforms.Inourtestsforsuperexogen
4、eity,wefindthatfinancialdevelopmentcontrolcauseseconomicgrowth,butthereverseisnottrue.OurempiricalresultsprovideevidenceinfavorofthefinancecausesgrowthviewforthecaseofKoreawhilerejectingthegrowthcausesfinanceview.ThepolicyimplicationisthatKoreashouldgivepo
5、licyprioritytofinancialreformratherthaneconomicgrowth,becauseonlyadecisiveandacceleratedpaceoffinancialrestructuringcanensureasustainablegrowthinthemediumorlongterm.©2007SocietyforPolicyModeling.PublishedbyElsevierInc.Allrightsreserved.JELclassification:O
6、40;G10;C49Keywords:Controlcausality;Superexogeneity;Financialdevelopment;Economicgrowth1.IntroductionTheroleoffinancialdevelopmentindetermininglong-runeconomicgrowthhasbeenstudiedsincethe19thcentury(Schumpeter,1939).However,modernempiricalresearchonther
7、ela-tionshipbetweenfinanceandgrowthbeganwithGoldsmith(1969).Researchontheissuehas∗Correspondingauthor.Tel.:+8223000685;fax:+8223000654.E-mailaddress:yimh@mju.ac.kr(M.H.Yi).0161-8938/$seefrontmatter©2007SocietyforPolicyModeling.PublishedbyElsevierInc.All
8、rightsreserved.doi:10.1016/j.jpolmod.2007.09.006828Y.Y.Yang,M.H.Yi/JournalofPolicyModeling30(2008)827–840flourishedinrecentyearsandnowthereisalarge,growingbodyofempiricalstudies.1Whilebasedondifferentstatisticalproceduresanddatasets,thes
