집합투자를 통한 금융발전과경제성장에 관한 연구

The capital, the main input factor together with the labor for economic growth, is accumulated by total savings that is channeled through the financial intermediaries and securities markets. In microeconomic point of view, the purpose of securities investment is to maximize the expected rate of return in terms of risk. This purpose is to be actualized effectively by investing funds which are provided by investment trust industry. The fund industry not only increase the saving by supplying a variety of financial products, but also tend to improve the efficiency of capital allocation. Based on this perspective, this study made an empirical analysis on the relationship between the economic growth and financial development measured by fund volume. For the estimation, the annual data starting 1970 as well as quarterly data beginning at 1978 are used and the quarterly data is divided into two period - pre and post IMF financial crisis. The major findings from the empirical analysis are First, both annual data analysis and quarterly data analysis show a positive long-term relationship between the gross domestic products(GDP) and total fund volume. Especially, the annual one provides the statistical significance for the positive effects of fund increase on the economic growth. Second, pre IMF quarterly data analysis on the effects of growth of the stock-related fund as well as bond-related fund on the economic growth also shows the similar results as in the annual date analysis. However, in spite of the positive long term relationship, post IMF quarterly one did not show the same results in the short term relationship. Furthermore, the analysis producted the adverse effects of the stock-related fund on the economic growth, which is likely to reflect the unstability of stock market fund derived from stock markets. All these findings implies the necessity of the financial development propelled by fund industry development for the long term economic growth. In addition, the policy measures are required to control the negative effects of short term level caused by the instability of stock-related fund area.