Financial System and Economic Growth: The Korean Experience |
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| Institution: | 1. Laboratoire de Virologie, CHU Angers, France;2. HIFIH Laboratory, UPRES 3859, SFR 4208, LUNAM University, Angers, France;3. IRHS, PRES LUNAM, SFR QUASAV, Angers, France;4. Laboratoire de Virologie, CHU Limoges, France;5. Laboratoire de Virologie, CHU Pitié-Salpêtrière, Paris, France;6. Laboratoire de Virologie, CNR VHE, Inserm U1043, CHU Purpan, Toulouse, France;7. AP-HP, GHU Cochin, Laboratoire de Virologie, Université Paris Descartes, EA 4474 “Hepatitis C Virology”, Paris, France;8. Laboratoire de Virologie, CHU Clermont-Ferrand, France;9. Laboratoire de Virologie, CHU Hôtel Dieu, Nantes, France;10. Département de Bactériologie-Virologie-Hygiène Hospitalière et Parasitologie-Mycologie, CHRU, LUBEM, EA3882, Brest, France;11. Laboratoire de Virologie, CHU, Dijon, France;12. Laboratoire de Virologie, CHU Avicenne, Bobigny, France;13. Laboratoire de Virologie, Hôpital Pellegrin Tripode, CHU Bordeaux, France;14. Laboratoire de Virologie, Centre de Biologie Nord, Hôpital de la Croix Rousse, Lyon, France;15. Université François Rabelais, Inserm U966, CHU Tours, France;p. Laboratoire de Virologie, CHU Besançon, France;q. Laboratoire de Virologie, UMI 3265 UJF-EMBL-CNRS, CHU, Unit of Virus Host Cell Interactions, Grenoble, France;r. Laboratoire de Bactériologie-Virologie, CHU Saint-Etienne, France;s. Laboratoire de Virologie, CHU Rennes, France;t. Institut de Virologie, CHU Strasbourg, Inserm U748, Strasbourg, France;u. Laboratoire de Virologie-Bactériologie, CHU Henri-Mondor, Créteil, France;1. Brigham Young University, United States;2. University of Chicago, United States;1. Faculty of Economics, Khon Kaen University, 123 Mithraphap Rd., Muang, Khon Kaen 40002, Thailand;2. Department of Accountancy and Finance, School of Business, University of Otago, PO Box 56, Dunedin 9054, New Zealand |
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| 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. |
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