'●제목 : Literature Review of the Relationship between Financial System and Economic Growth
●저자 : 소재환(덕성여대)
●개요 : This paper takes broad literature survey of the overall contemporary literatures on the relationship between financial system and economic growth with its main focus on the comparison of the role of bank-based versus market-based financial system. In doing so, this review summarises them into 10 categorical views of contemporary research theses. They include irrelevance view, relevance view, financial service view, economic development stage view, accounting standards view, legal environment view, institutional view, socio-cultural and politico-economic view, path dependency view, and, Korea-specific negative view, due to sceptic or pessimistic concerns on frustrated experiences in transition period.
Based on the above survey, the paper derives implications in terms of further research areas for the future Korean economy. They include financial market intermediation relevance view, economic development stage view, institutional prerequisite view and path dependent consideration view, relative to the Korea-specific research necessity.
Finally, it is hoped these results might contribute in identifying the further research topics regarding the relationship of financial system and economic growth in Korea, thereby being conducive to academics and policy makers in searching of the efficient financial system for the future Korean economy.'