Journal of Economic Theory and Econometrics: Journal of the Korean Econometric Society
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Journal of Economic Theory and Econometrics
JETEM/계량경제학보/計量經濟學報/JKES
Journal of the Korean Econometric Society

Financial Development and Economic Growth: Evidence from the North East Asia

Vol.16, No.3, September , 1–19


English Version |  Korean Version
  •   (Kongju National University)

  •   (Kyung Hee University)

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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.


Keywords
   Financial Development, Economic Growth, Long-Run Causality

JEL classification codes
   O16, O53
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