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국내 금융심화와 산업성장의 관련성에 대한 연구(A study on the relationship between financail development and industrial growth)

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Title 국내 금융심화와 산업성장의 관련성에 대한 연구(A study on the relationship between financail development and industrial growth)
Similar Titles
Material Type Reports
Author(Korean)

신용상

Publisher

[서울]:한국금융연구원

Date 2005-06
Series Title; No 금융조사보고서 / 2005-05
Pages 99
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Industry and Technology < General
Holding 한국금융연구원; KDI 국제정책대학원

Abstract

We review the theoretical bases of the relationship between the dependency of external finance, growth opportunity, and industrial growth, which Rajan?Zingales(1988) and Fisman?Love(2003) try to find out. We also apply the bases to the Korean industrial growth sector-by-sector to capture the relationship between financial development and industrial growth. According to analysis of panel data, while external financing through credit rationing contributed to industrial growth in the 1980s, credit distribution consistent with growth opportunity did it in the 1990s. Our findings substantiates the Fisman?Love(2003)'s hypothesis that, as domestic financial markets develop, more credit is distributed to industries with high growth opportunity, and the related industries also grow higher. Moreover, the findings support Ranaz?Zingales (1988)'s hypothesis that developed financial markets assign credit to industries consistent with the economic growth phases.