초록

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Abstract ▼ AI-Helper

We examine the relation of financial market and economic growth in both advanced countries and developing countries of Asia. For these analysis. We used empirical data of GDP, capital market based financial total amount (market capitalization), and bank based financial total amount (banking credit...

We examine the relation of financial market and economic growth in both advanced countries and developing countries of Asia. For these analysis. We used empirical data of GDP, capital market based financial total amount (market capitalization), and bank based financial total amount (banking credits). We employed Panel Cointegration Test, Granger Causality Test, Impulse-Response Analysis, and Variance Decomposition. The results of this study are as follows. (ⅰ) Advanced countries and developing countries of Asia has long-term equilibrium in financial market growth and economic growth. (ⅱ) There is one-way causality between financial market growth and economic growth in Advanced countries while there is both-way causality between them in developing countries of Asia. (ⅲ) Stock market size has overwhelming effect than bank credits in advanced countries while there is no evidence in developing countries. This implicates that the effects of financial development on economic growth are different in countries.

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