동북아 국가들의 경제성장과 금융제도의 발전 : 주류학파의 한계와 대안

• 영문명: Financial Development and Economic Growth in Northeast Asian Countries
• 발행기관: 한국동북아경제학회
• 저자명: 박찬일(Chanil Park)
• 간행물 정보: 『동북아경제연구』東北亞經濟硏究 第16卷 第2號, 1~31쪽, 전체 31쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2004.08.31

영문 초록

According to the mainstream view, the well-functioning financial systems exert a large positive impact, irrespective of stages of economic development, on economic growth via two channels: capital accumulation and technological innovations. Despite the substantial theoretical and empirical work on the role of financial markets, experiences of Northeast Asian countries(including China, Japan, Korea) cast serious doubts on the mainstream view. These countries achieved phenomenal economic success in the face of severe financial repression, while the reform in financial sector had lagged significantly behind the development in other sectors. Therefore, it is not clear whether financial sector development promotes economic growth or developments in financial systems are, in fact, catching up with the growth in real sectors. This paper provides a selective overview of the literature on the mainstream view, with the aim of identifying its intrinsic limitations in explaining the commonly observed phenomenon of rapid economic growth without financial development in Northeast Asian countries. Particular attention is paid in this study to endogenous natures of financial repression as a key for the construction of alternative theoretical frameworks in the finance-growth nexus. This paper shows that financial reforms in Northeast Asian countries, from the historical perspective, can be viewed as an endogenous adjustment process responding primarily to economic growth.

목차

Ⅰ. 서론

Ⅱ. 주류학파의 견해: 이론적 발전, 실증적 증거 및 한계

Ⅲ. 금융-성장의 인과관계에 대한 대안적 설명과 동북아 지역연구에의 적용 가능성

Ⅳ. 요약 및 향후 연구방향

키워드

동북아 국가 금융발전 경제성장 내생적 금융개혁 시장하부구조 Northeast Asian countries financial development economic growth endogenous financial reforms market infrastructure