한국에 있어서 은행업 부문의 경제성장 기여도 실증분석:효율성: 경쟁성 및 안전성 지표를 중심으로

The relation between economic growth and financial development has been one of the topics, which have been studied most briskly in the field of macro-finance and the theory of economic development during the last 30∼40 years. Based on the empirical studies, there is somewhat a consensus concerning the fact that there exists at least a close correlation between economic growth and financial development. There have been, however, lots of debate concerning not a few theoretical and empirical topics, such as the direction of causality between economic growth and financial development, the factors having an effects on the direction of causality and channels through which factors have an effect, and financial structure. This paper aims to analyze empirically the banking’s contribution to economic growth, with the indicators such as efficiency, competition and safety in Korea, contrast to the majority of studies analyzing the relation between economic growth and financial development with the quantity indicators. The data is covering the period 2000. 1/4∼2013. 3/4 and analysis was carried out, using Vector Error Correction Model, Granger causality analysis as analytic technique. The result shows that there exists a significant correlation between economic growth and banking development. In other words, in accordance with a priori judgement, the efficiency and competition indicators have a negative coefficient value, whereas safety indicator has a positive coefficient value, which implies that with the quantitative enlargement, improvement and enhancement in these aspects considerably contribute to the economic growth. And also, the analysis of Granger causality indicates that the qualitative development at least in the aspects of competition and safety plays a role in promoting economic growth, but that there exists no evidence supporting the demand following hypothesis.