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Korean Version |
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Abstract
We examine the relationship between financial development and economic growth in North East Asia. We construct the long-run causality measure suggested by Granger and Lin. We find that in the case of Japan financial development causes economic (or manufacturing) growth in the long run, whereas in the cases of Korea and China economic (or manufacturing) growth causes financial development in the long run. This finding from the North East Asia suggests that the relationship between financial development and economic growth may depend on the stage of economic growth. |
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Keywords Financial Development, Economic Growth, Long-Run Causality |
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JEL classification codes O16, O53 |
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Journal of the Korean Econometric Society |
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