Financial system and economic growth: The Korean experience

Chongwoo Choe; Imad A. Moosa

doi:10.1016/S0305-750X(99)00042-X

Financial system and economic growth: The Korean experience

Chongwoo Choe, Imad A. Moosa

Research output: Contribution to journal › Article › Research › peer-review

52 Citations (Scopus)

Abstract

This paper examines the relationship between the development of financial systems and economic growth using Korea as a case study. In particular, we focus on the relative development of financial intermediaries and capital markets, and their impact on the portfolio behavior of the household and business sectors. Causality and non-nested model selection tests show that financial development in general leads economic growth and that financial intermediaries are more important than capital markets in this relationship.

Original language	English
Pages (from-to)	1069-1082
Number of pages	14
Journal	World Development
Volume	27
Issue number	6
DOIs	https://doi.org/10.1016/S0305-750X(99)00042-X
Publication status	Published - 1 Jun 1999
Externally published	Yes

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10.1016/S0305-750X(99)00042-X

Cite this

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AB - This paper examines the relationship between the development of financial systems and economic growth using Korea as a case study. In particular, we focus on the relative development of financial intermediaries and capital markets, and their impact on the portfolio behavior of the household and business sectors. Causality and non-nested model selection tests show that financial development in general leads economic growth and that financial intermediaries are more important than capital markets in this relationship.

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Financial system and economic growth: The Korean experience

Abstract

UN SDGs

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