금융발전-제도-경제성장
Financial development - institutions - economic growth
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Abstract
This paper explores finance-growth nexus with emphasis on the institutional factors. There is a growing consensus among economists that differences in institutions, in particular the enforcement of property rights, rule of law, and constraints placed on politicians and elites, have a first order effect on long-run development. There is also a strong correlation between institutions and economic and financial development, then economic growth. This paper, therefore, seeks to figure out the channel that connect the role of institutions protecting private property rights, enforcing the rule of law and economic growth through financial development. Depending upon some important stylized facts in recent researches, I analyzed critically the systemic evolution in Korean financial markets. I then argue that on going structural changes in financial systems based on IMF suggestion have been misled because market-based system do not have comparative advantage over bank-based system even if an economy has advanced basic infrastructure and favorable market environment guaranteeing stock market efficiency. Upgrading institutional quality, especially financial market institutions, is most urgent policy option. So lifting up some inefficient regulations and reforming market friendly laws and orders will be first order policy target. Efficient financing through financial reform will serve growth enhancing role of financial expansion without failure: this is a successful road of financial expansion, finance-growth nexus.
참고문헌 (49)
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