Finance and Growth of the Korean Economy from 1960 to 2004
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In this paper I overview the relation between finance and growth of the Korean economy from the year of 1960 to that of 2004 through the literature survey. Financial regimes of liberalization and those of repressions alternated each other during this period. However, economic growth continued independently of the various financial regimes. Financial deepening, as well as an increase in the variety of financial instruments, accompanied an increase in per capita income. In particular, it is observed that a peak growth rate of the trade balance lagged behind eight to ten years that of investments. In the interval of these two peaks occurred the financial distresses. Possible scenarios for investment financing role of exports are suggested.
Abstract
In this paper I overview the relation between finance and growth of the Korean economy from the year of 1960 to that of 2004 through the literature survey. Financial regimes of liberalization and those of repressions alternated each other during this period. However, economic growth continued independently of the various financial regimes. Financial deepening, as well as an increase in the variety of financial instruments, accompanied an increase in per capita income. In particular, it is observed that a peak growth rate of the trade balance lagged behind eight to ten years that of investments. In the interval of these two peaks occurred the financial distresses. Possible scenarios for investment financing role of exports are suggested.
참고문헌 (22)
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