產業間 金融資源의 生產性 및 因果關係分析

Productivity and Causalility test among industries in Korea

It has been one of the most ambigous fields in the theory of industrial organization and finance how the financial resources are distributed among industries, and what role they have in the industries production. We cannot deny that financial resources have made much contributions toward the growth of some industries in Korea. Also, there has been many arguments about the relations between financial resources and economic development since Gurley and Shaw set out. In this paper, we tried to detect the productivity of such financial resources as bank loans on the basis of firm theory and compared it two period, from 1965 to 1975 and from 1975 to 1984. Also to drive the relationship between financial resources and economic development, we used causality test made by G. Granger and C. Sims. According to the empirical results of this paper, there has been a upward rising trend of loan’s productivity in overall industry, though it is ambigous in specific industry. We can infer from this result that there was some loss of efficiency in industrial policy of government in late 70s because the financial resources were under the strong direct or indirect control of government in Korea. The evidence of causality test said that loan increase in manufacturing cause the increase in GNP of manufacturing area. Since the growth of Korean economy was due to the industrialization and the portion of manufacturing has been rapidly rising, we can’t neglect that the role of financial resources can’t be denied in Korea.