韓國의 經濟發展에 따른 導入外資의 效果와 外債問題에 관한 硏究 = A Study on the Effect of Foreign Capital Inflow and External Debt Repayment Capacity in the Economic Development of Korea.

다국어 초록 (Multilingual Abstract)

After the World War II, many underdeveloped countries were interested in reforming their economies. The reason was that they wished to extricate themselves not only from the humiliation of the colonial subordination but also from the absolute poverty. Moreover, under the ambiguous circumstances of the confrontation between the United States and the Soviet Union, the Weatern countries desperately needed to tie the new-born countries with the capitalistic system through the aid for the economic development due to grasping the ideological hegemony against socialism.
At that time, Korea still had suffered form the aftermath of colonial period : that is the society was too unstable by political turmoil and economic chaos to maintain its system as an independent country. To make it worse, the Korean war turned the poor country into ruins. As a result, Korea in the beginning of 1960s had no choice but the rapid economic development so as to stabilize the fluctuating society and solidify the political foundation.
Generally, to solve the problem of so-called vicious circle of poverty, most of under-developed countries without any historical experience of economic development are subject to follow the growth pattern of advanced countries who have utilized the theory of economic development in terms of the serial stages of development in capitalistic society. Thus, the typical economic development theories are the five-stage scheme by Rostow and the linear growth model by Harrod-Domar. Both theories focus on the need for capital accumulation of which is the most pervasive theme in the literature on economic growth. They always appear as the lesson to be learnt from Western experience and to be mechanically applied to the rest of the world. Unfortunately capital accumulation, as the major factor governing the rate of developmant. is the historical products that underdeveloped countries are too poor to have the kind of experience ; there is simply not enough wealth available to formate the necessary capital for economic development. Any country without domestic saving to invest, therefore resultes in facilitating foreign capital for the economic growth.
Accordingly, Korea in hoping of accelerating the economic development introduced foreign capital by recognizing that the best way to break the vicious circle between capital shortage and underdevelopment was to design the most efficient and optimum level of capital accumulation. By doing so, the role of foreign capital on the economic development in Korea during the last quarter of century has played so significant that there is no way to comprehend the successful economy without the impact of foreign capital : that is. it is a tractive force to acceleration the unprecedented economic growth and has constructed the infrastructure which ended in the industrial structure changes from traditional to modern.
Nontheless, the inflow of foreign capital as a national burden in the future has caused somewhat malfunctions to the Korea economy : it seems to incur the issue of economic dependency on the advanced countries as well as dual structure in the society. Such malfunctions. though, are inevitable results from pursueing trade-oriented economic policy and adopting unbalanced economic development strategy because of limited capital accumulation necessitated for equally investing to all the industries. In any case. these kinds of secondary effect have been seemingly occurred by trial and error through the process of economic big-push within such a short period of time. Furthermore. the benefit from the rapid growth by means of foreign capital can definitely compensate for the cost of malfunctions, because the vitally important matters in Korean economy are the right to life and national security through the economic development. But it is equally important that Korean economy cannot leave along those kinds of secondary effect derived from the open economic system for take-off.
Anothor facing matter to solve as soon as possible is foreign debt repayment. As the twice energy crises and international high interest policy in the 1970s pressed down foreign debtor nation, the feasibility of the foreign debt redumption of Korea as well as other foreign debt nations became to be suspected. There are two reasons in the accumulation of foreign debt in Korea : the first is the import of capital goods in the process of industrial development and the second is the increase in consumption demands such as oil and grains, plus the rise of international interest rate.
Nevertheless, the imported foreign capital has contributed to the support of our national economy as mentioned the above, And we should first of all take into account and understand such situational circumstances in stead of insisting the seriousness of foreign debt. From this point of view. we tried to evaluate the contribution of foreign capital in the affirmative in this paper. Fortunately, the index of the capacity of foreign debt redumption and the degree of trust examined by international economic organization have been gradually improved in Korea. But we cannot ignore the management of foreign debt because the capacity of foreign debt repayment is depended upon the change of international economic circumstances and domestic economic policy. In this respect, the control of foreign debt in Korea was not perfect in the past : That is, the excessive investment in the heavy industry and its resultant decline of the investment effect along with imperfect prospects of world econonmic future and the lack of its countermeasures are the main abstacles for the balance of international payments in Korea. Besides the statistical error and omission of imported foreign debt in 1982 was amounted nearly 1.3 billion dollar on an official data, and this fact shows a certain aspect that foreign capital was used inproperly in Korean economy.
Consequently, the foreign debt should be effectively managed from now on in order to avoid the previous false instances. To accomplish this goals, we may need to build a foreign capital management organzation operated by the government officials, scholars, civilians and businessmen, in that foreign capital is ultimately the liability of national economy or the people of a nation, not the liability of a government itself.

목차 (Table of Contents)

• I. 序言
• II. 外資導入의 背景
• 1. 社會經濟的 背景
• 2. 國際環境의 변화
• 3. 理論的 背景
• III. 導入外資의 力割
• 1. 導入外資의 必要額의 決定理論
• 2. 外資導入의 現況
• 3. 導入外資의 力割
• IV. 外債償還 能力
• 1. 開途國 外債問題의 發生 背景
• 2. 우리나라의 外債規模와 外債 增加 要因
• 3. 韓國의 外債償還 能力
• V. 要約 및 結言
• Abstract
• 參考文獻