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The role of financial development in economic growth : The experiences of Taiwan, Korea, and Japan

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  • The role of financial development in economic growth
  • Liu, Wan-Chun; Hsu, Chen-Min
  • Science Direct


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Title The role of financial development in economic growth
Similar Titles
Sub Title

The experiences of Taiwan, Korea, and Japan

Material Type Articles
Author(English)

Liu, Wan-Chun; Hsu, Chen-Min

Publisher

[Seoul]:Science Direct

Date 2006
Journal Title; Vol./Issue Journal of Asian Economics:vol. 17
Pages 24
Subject Country Japan(Asia and Pacific)
South Korea(Asia and Pacific)
Taiwan(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Economy < Financial Policy
Holding Science Direct; Elsevier

Abstract

Since the financial crisis broke out in East Asia, the importance of financial development and stability had been noted. This paper tries to examine the relationship between financial development and the source of growth for three Asian economies, namely, Taiwan, Korea, and Japan. Particularly, we wish to emphasize the role of financial development and structure (including banking and stock markets), monetary and financial policies, as well as the degree of international capital mobility in the economic growth processes. Using the generalized method of moments (GMM) and principal component analysis, we find that (1) high investment had accelerated economic growth in Japan, while high investment to GDP ratio did not necessarily lead to better growth performance if investment did not have been allocated efficiently, e.g. in Taiwan and Korea cases; (2) real export growth rate had contributed to Taiwan and Korea; (The rest omitted)