학위논문(석사)--서울대학교 대학원 :국제대학원 국제학과(국제지역학전공),2019. 8. Jeong, Hyeok.This dissertation examines the empirical relationship between financial development
and Economic growth in different regions by conducting a meta-analysis study. The
measures of precision of the effects (for example t-statistics and Standard Errors)
were derived from 22 recently published studies that provided the current study with
295 unique observations, which are used for interpretation and analysis purposes. To
tackle the file-drawer problem, some other studies suggesting a negative empirical
relationship were selectively added for the studys exposure to more profound
scrutiny and a different analytical and interpretation approach.
The finding confirms the empirical relationship between the two variables, however,
it also highlights the major discrepancies in defining and measuring financial
development by researchers, and how it can impinge upon the policies, should we
disregard the different definitions of the term. The study argues that the inverted Ushaped
relationship as highlighted by some of the recent studies is perhaps strictly
confined to the cases of most developed countries. The study also concludes after
providing policy recommendations.본 논문은 메타-분석 연구를 통해 여러 지역에서 금융 발전과 경제 성장 사이의 경험적 관계를 분석한다. 효과의 정밀도 측정(예: t- 통계 및 표준 오류)은 통역 및 분석 목적으로 사용되는 295 회의 고유한 관찰 결과를 제공하는 최근 22 개의 연구에서 얻었다. 파일 서랍 문제를 해결하기 위해, 부정적인 경험적 관계를 제시하는 다른 연구들도 선택적으로 사용해 연구가 더 심도 있는 정밀 조사와 다른 분석 및 해석 방법에 노출될 수 있게 했다.
연구결과는 두 변수 사이의 경험적 관계를 확인하지만, 또한 연구자가 금융 발전을 정의하고 측정하는 데에 있어 나타나는 주요한 불일치와 우리가 용어의 다양한 정의를 무시한다면 그것이 어떻게 정책에 영향을 미칠 수 있는지를 강조한다. 본 연구는 몇몇 최근 연구들에서 강조되는 역 U자형 관계가 최고 선진국의 경우에만 국한되어 있을 수 있다고 주장한다. 본 연구는 또한 결론을 맺기 전 정책적 권고를 제공한다.CHAPTER ONE: GENERAL INTRODUCTION .............................................................. 1
1.1. Background of the Study ....................................................................................... 1
1.2. Problem Statement ................................................................................................. 7
1.3. Objectives of the Study .........................................................................................10
1.4. Research Questions...............................................................................................11
1.5. Significance of the study .......................................................................................11
1.6. Organization of the Study ....................................................................................14
1.7. Meaning of Financial Development ....................................................................15
CHAPTER TWO: LITERATURE REVIEW ...................................................................17
2.1. Introduction ..........................................................................................................17
2.2. Theoretical Background .......................................................................................17
2.3. Finance as a Determinant of Growth ..................................................................22
2.4. The Literature on Finance-Growth Nexus .........................................................25
2.5. File-Drawer Problem ............................................................................................29
CHAPTER THREE: DATA AND VARIABLES ..............................................................31
3.1. Research Design ....................................................................................................31
3.2. Data and Sources ..................................................................................................32
3.2.1 Studies indicating negative and/or U-shaped relationship ........................37
3.3. Variables ................................................................................................................38
3.3.1. Proxy Variables for Financial Development ..............................................38
3.3.2. Real Factors ..................................................................................................40
3.4. Methodology ..........................................................................................................42
3.5. Data Treatment and Arrangement .....................................................................45
CHAPTER FOUR: INTERPRETATION AND ANALYSIS ...........................................50
4.1. Introduction ..........................................................................................................50
4.2. Summary Statistics ...............................................................................................51
4.2.1. Summary Statistics of Regression Variables ..............................................52
4.2.2. Summary Statistics of FD Indicators ..........................................................52
4.2.3. Summary Statistics for Regions ..................................................................54
4.3. Analysis of the Findings .......................................................................................54
4.3.1. First Category: Studies with Significant Findings .....................................57
4.3.2. Second Category: Studies with Statistically Insignificant Findings .........66
4.3.3. Third Category: Studies indicating Negative Empirical Relationship ....70
CHAPTER FIVE: CONCLUSION AND POLICY RECOMMENDATIONS ...............75
5.1. Introduction ..........................................................................................................75
5.2. Meta-analysis and Interpretation ........................................................................75
5.2.1. Studies with Statistically Significant Results .............................................77
5.2.2. Studies with Statistically Insignificant Findings ........................................79
5.2.3. Studies with Negative Empirical Relationship ...........................................80
5.3. General Conclusion ..............................................................................................82
5.4. Limitations of the Study .......................................................................................84
5.5. Policy Recommendations .....................................................................................85
5.6. Recommendation for Future Studies ..................................................................88
5.7. Concluding Remarks ............................................................................................89
REFERENCES .....................................................................................................................91Maste