이 연구는 고교학점제의 전면 도입이라는 학교 교육의 커다란 전환점 앞에서 학교 경제금융 교육의 발전 방향을 모색하고 있다. 첫째, 고교학점제하에서 학생들은 자신의 진로, 적성, 흥미 등에 따라 과목을 선택하게 될 것인데, ‘경제’,‘금융과 경제생활’,‘인간과 경제활동’과목 의 선택률은 경제금융교육의 일차적인 성패를 판가름하는 기준이 될 것이다. 둘째, 대학수 학능력시험에서 경제 관련 과목은 앞으로 제외될 가능성이 높다. 이를 전화위복의 기회로 삼을 필요가 있다. 셋째, 교육과정과 교과서가 흥미롭게 개발되어 학생들에게 매력적으로 다가가는 것이 중요하다. 넷째, 대학 입학 가이드라인에서 경제 관련 과목을 포함한다면 학 생들의 과목 선택에 도움이 될 수 있다. 다섯째, 경제 평가와 교수학습 분야에서 지속적인 연구가 이루어질 필요가 있다.

After the catastrophic financial crisis in of 2008, a significant portion of the legal academia in the globe has started to concentrate on the interrelationship between law, financial stability and economic development. Through reviewing the voluminous literature in this field, it is figured out that the scope of law has been largely confined to strengthening regulation of the pre-crisis unbundled derivative transactions and enhancing cooperation among sovereign States by making formal sources of international law. Few discussions have been made to scrutinize the existing regulatory structures for the domestic financial markets of sovereign countries and demonstrate the potential possessed by informal international law in reinforcing the efficacy of these regulatory structures. By comparing the financial regulatory structures in Hong Kong, Mainland China, the UK and the US and the core principles of the BIS, the IOSCO and the IAIS, this article attempts to fill in the above research gap to some extent.

최근 서비스 산업이 성장하면서 창업활동이 매우 활성화되고 있다. 창업활동은 경제에 새로운 활력을 불어넣어준다는 측면에서 경제성장에 긍정적인 영향을 미친다고 알려져 있지만 어떤 과정을 통해 경제성장률을 제고시키는지에 대한 연구는 매우 부족한 실정이다. 이에 본 연구에서는 금융시스템의 발전단계에 따라 창업활동이 경제성장에 미치는 영향이 어떻게 달라지는지 분석하였다. 분석대상을 고소득 국가군과 중간소득 국가군으로 구분하여 실증 분석한 결과 창업활동은 모든 분석 국가집단에서 경제성장에 유의한 양(+)의 영향을 미치는 것으로 나타났다. 한편, 금융시스템의 발전단계를 고려한 분석결과에 따르면, 고소득 국가군에서는 창업활동이 시장 중심 금융시스템의 발달과 연계하여 경제성장에 영향을 미치고 있었지만 중간소득 국가군에서는 은행 중심 금융시스템과 상호작용하여 경제성장에 영향을 미치는 것으로 나타났다. 하지만 금융시스템의 발전단계와의 상호작용변수의 추정계수는 유의한 음(-)의 값을 보였다. 이러한 결과는 창업활동이 경제성장에 미치는 긍정적인 효과가 금융시스템의 발전에 의해 오히려 약화된다는 것을 의미한다. 따라서 기존의 금융시스템 외에 창업활동을 지원하는 금융 서비스를 정책적으로 강화하는 것이 매우 중요하다고 여겨진다. 그러나 장기적인 관점에서 정책적으로 직접적인 창업자금을 조달하기보다는 시장을 이용한 자본조달 시스템을 강화하는 한편 창업 실패에 대한 안전장치를 마련하는 등의 추가적인 조치를 취하는 것이 바람직할 것이다.

As an effort to achieve sustainable development and increase people’s welfare, financial inclusion has become the policy agenda of many countries. Therefore, the effect of financial inclusion on economic growth, poverty, income inequality, and financial stability in several countries in Asia has become the goal and this is the subject of this study. Financial inclusion is measured by 3 dimensions, namely banking penetration, access to banking services, and use of banking services. Poverty ratio below the national poverty line and the Gini coefficient are used as indicators of poverty and income inequality. Financial stability is measured by Bank Z-Score and bank nonperforming loans. The results from the hypothesis test shows that all dimensions of financial stability simultaneously have significant influence on economic growth, poverty, income inequality, and financial stability. On the other hand, the partial impact of financial inclusion dimension on economic growth, poverty alleviation, income inequality, and financial stability in ten countries of Asia has not been optimal. The derived results of this study is required to be interpreted and considered by the Governments of each country in developing strategies for increasing financial inclusion, so that the policy to achieve sustainable development and enhancement of people’s welfare can be achieved.

This study examines the nonlinear relationship between financial development and economic growth in Pakistan using the threshold regression model for the period 1980-2017. We also employed quantile regression with 0.25, 0.50, and 0.75 quantiles of conditional distribution. The quantile regression is based on minimizing of sum of squared residuals. The result indicates that economic growth responds positively to financial development when the level of financial development surpasses the threshold value of 0.151. However, when financial development lies below the threshold value (that is, 0.151), its impact on economic growth is negative. Thus, when financial development of Pakistan surpasses the threshold level, it contributes more towards economic growth since greater level of financial development contributes more to boosts economic growth. This finding reveals that economic growth reacts differently to financial development, and the relationship between financial development and economic growth is U-shaped in Pakistan. Among the other variables, physical capital, labor force, and government expenditure exert a positive effect on economic growth. Furthermore, inflation rate and trade openness have an insignificant impact on economic growth. The results of quantile regression also confirm the non-linear relationship between financial development and economic growth in Pakistan. The finding of this study suggests revamping of financial sector policies in Pakistan.

The study examines the nexus between financial development and economic growth in India during Q1: 1996 to Q3: 2018. This study employs time-series data of real GDP and ratio of broad money to GDP as a proxy for economic and financial development, respectively. The data are obtained from RBI database on the Indian economy. All variables are seasonally adjusted using X12-arima technique and expressed in natural logarithm form. Non-linear Autoregressive Distributed Lag (NARDL) bound test has been used to check for cointegrating relationship of these two variables. Empirical findings suggest that, unlike in the short run, in the long run financial development does impact economic growth positively. Further, a symmetric effect of positive and negative components of financial development is found for the Indian economy, whereas the effect of control variable like exchange rate and trade openness is in consonance with common economic intuition. Exchange rate is in consonance with intuitive economic logic that a fall in exchange rate makes exports cheaper and increases the quantity of export, which improves the balance of payment and leads to a rise in aggregate demand, hence improves economic growth. This paper contributes to the existing li

This paper examines the impact of financial integration on economic growth in Southeast Asia over the period 1993-2013. This paper further investigates whether the relationship depends on the level of financial and economic development, government corruption, and macroeconomic policy. These questions raise important issues both from a theoretical and a policy perspective. We employ the generalized methods of moment (GMM) in the dynamic panel estimation framework to analyse several factors, including initial income, initial schooling, financial development, inflation, trade openness, corruption, and financial crisis. The study further analyzes the data using the EGLS model to examine the consistency of the GMM model. We found that financial integration has a significant positive effect on economic growth in Southeast Asia. Our findings suggest that increasing financial integration could improve the productive capacity of the economy, including more investments and efficient allocation of capital, and thus enhancing economic growth in this region. More specifically, the results suggest that the government should work towards eliminating corruption and stabilizing macroeconomics in order to enhance financial integration and economic growth. This paper sheds new insights on a better evaluation of the past and present theorizing on the subject of financial integration and economic growth; especially, in Southeast Asia.