CAJ | 학술논문

本文通过对基本内生经济增长模型的拓展，将金融创新内生化，构建包含金融创新要素的内生经济增长模型，推导出金融创新是工业增长的重要条件。以往的研究大多集中于金融创新与宏观经济增长方面，尚未涉及金融创新与工业经济增长的关系，本文运用VAR模型探讨金融创新与工业增长的动态关系。VAR模型检验结果表明，金融创新对工业增长具有正向作用，且正向作用时效长于负向作用时效。脉冲响应分析结果表明，工业增长对金融创新冲击的反应呈现波动性，且重工业部门波动性强于轻工业部门，波动幅度差0.05个标准差。
본문통과대기본내생경제증장모형적탁전，장금융창신내생화，구건포함금융창신요소적내생경제증장모형，추도출금융창신시공업증장적중요조건。이왕적연구대다집중우금융창신여굉관경제증장방면，상미섭급금융창신여공업경제증장적관계，본문운용VAR모형탐토금융창신여공업증장적동태관계。VAR모형검험결과표명，금융창신대공업증장구유정향작용，차정향작용시효장우부향작용시효。맥충향응분석결과표명，공업증장대금융창신충격적반응정현파동성，차중공업부문파동성강우경공업부문，파동폭도차0.05개표준차。
〔Abstract〕 Based on the basic model of endogenous economic growth , the paper expands endogenous growth model including ele-ments of financial innovation , financial innovation is important to deduce the conditions of industrial growth . Most previous studies have fo-cused on the aspects of financial innovation and economic growth , but have not involved in the relationship between financial innovation and industrial growth , the paper uses VAR model to explore the dynamic relationship between financial innovation and industrial growth . VAR model shows that financial innovation has a positive effect on industrial growth , and the positive effect of aging longer than the negative ef-fect of aging . Impulse response analysis , industrial growth responses to the impact of financial innovation with fluctuation , and volatility of the heavy industry sector is stronger than the light industry sector with 0.05 standard deviations .