金融深化, 金融體制發展與經濟增長 : 中韓對比硏究
저자
발행사항
[S.l.] : 中國社會科學院, 2002
학위논문사항
Thesis(doctoral)-- 中國社會科學院: 經濟學 2002
발행연도
2002
작성언어
중국어
주제어
KDC
327 판사항(4)
형태사항
102 p. ; 26cm.
일반주기명
Includes bibliographical referenfes
소장기관
This article talks about the process of financial deepening and relations between financial development and economic growth, by comparison of consequences of China and Korea, and provided directions of financial reform. The following is the summary of each chapter:
Chapter One: Because of the innovative studies during the 1960s, people had realized the need of enhancing financial organizations. Especially when U. S. economist E. S. Shaw and R. I.McKinnon extensively analyzed the experience research of the "financial restriction" policy in developing countries in 1973, they put forward a policy proposal of "financial deepening", formed a "M-S school" with their followers. They also emphasized the need of pursuing liberalization strategy to realize financial deepening, but early theory of financial deepening was rough and simple. The scholars with "financial restriction" idea pointed out that the discussion by M-S school was focused on "liberalization". Government could prevail on private financial organizations to take society-benefiting measures by creating renting opportunities. To battle this viewpoint, the scholars embracing "financial liberalization" such as Fry struggled in pushing financial liberalization to promote financial development and economic growth. They also emphasized the precondition of financial liberalization, while McKinnon put forward the proposed process of financial, liberalization. Since 1990s, many researches have made breakthrough to the early "financial deepening" theory by M-S school, their achievements was called "second generation or 90s generation of financial development theory". The two generations of financial development theory have many differences in aspects such as contents, spectrum, assumption and policy meaning. In 1990s, scholars studying financial development had not only studied the formation and development of financial system, including agencies such as bank, and financial markets such as stocks and bonds, but also studied the interactions between financial system development and economic growth, as well as the corresponding policy meaning. The evolution of endogenous growth theory led to the expansion of the researching spectrum of financial development theory in 1990s. These theories provided precious practice proof test to he developing and changing economy. Besides, the financial development theorists used great variety of specifications and actual demonstration models in their study during the 1990s.
Chapter Two: In China' s about 20 years of high speed economic growth, the speed of financial capital growth is also very fast. Although China realized diversity of financial capital structure and growth in numbers, but the financial growth must still be passively applied to the performance of economic marketing. In fact, it can be said that the high financial deepening index in China appeared under circumstances of singularity of financial tools, the monopoly of banking system, the underdevelopment of financial markets. Maintaining positive real interest rate is also a factor of financial capital growth. But the government instead of market decides the interest rate. In the later half of 1990s, China' s positive real interest rate was realized through decreasing of structural price. It should be noted that the inefficient residential deposit and high-level financial deepening caused but bad loan must be costly. Apart from the negative effect to residential income growth, the bad loan problem became an obstacle of banking system reform. In fact, some financial restriction policy could create leasing opportunities, but these opportunities in China are mainly in the state-owned banks and enterprises, so that it encouraged economic monopoly by nation-owned branches. On the other hand, because of the negative effect of financial limitation policy, the development of financial market, such as stocks and bonds, is still in the elementary level. For example, the development of stock markets and bonds markets in China have only 1 invited effect to the economic growth, compared with developed countries. With China joining WTO and further opening of market, the financial organizations need basic reform.
Chapter Three: In the decades of 1950~70, Korea had stimulated investment, reducing enterprises' costs and enhanced their competition capability with financial restriction tools, policy of low interest rate and policy credits assignment, to power up the country's economic growth. In 1970s and 1980, the undulation of real interest rate in Korea kept in-phase with that of economic growth. There had been pertinence between (M_2-M_1)/GDP rate and economic growth rate in 1970s and 1980s. But in 1980 s, pertinence between (M_3-M_3)/GDP and economic growth rate in Korea had changed. The formal marketization of informal civilian markets in Korea had brought about many short-term financial markets, but developments of these short term market had little influence to the economic growth. Although the financial restriction policy in Korea during 1970s and 1980s had not done much harm to their economic growth, but many negative effects appeared in the market. So the Korea government had to push financial reform in the country in late 1980s. In 1980s and 1990s, a lot of contradictions had not been solved during the liberalizations and openness of financial organizations in Korea. There is still phenomenon of interfering of banking operations by the government, which spread the ethical risk of banking operations. The operational model of emphasizing sanity, profitability, responsibility and transparence inside financial organizations had not been established. Korea had carried out rapid financial openness without ensuring the basic economic competition capability and independent operating capability, so they met financial crisis for lacking of efficient financial system.
Chapter Four:In the long future, government intervention of financial result has great effect to the agencies' efficiency and economic growth, with the possibility to alter their relations. Both China and Korea had realized high-level financial growth and economic growth under financial restriction policy. But it's hard for the high growth rate to maintain long, because the governments' financial restriction policy lowered equilibrium of growth rate and deposit gain rate, enlarged the gap between deposit interest rate and lending rate. Korea began financial reform from 1980s, and China is also pushing basic reforms such as marketization of interest rat, commercialization of state-owned banks, opening of financial market. According to the experience of liberalization of Korea's financial organizations, the appropriate directions of financial reform should be: prudently implementing the liberalization of interest rate, consummating efficient monitoring system to the financial market; commercial banks should restore real inspecting function, and introducing real responsible operating system; enhancing the competition capability of domestic financial agencies, keeping their sanity and profitability.
In conclusion, "proper" financial restriction policy could result in financial growth and economic growth, but negative effects may come forth. Considering the relations between financial deepening and economic growth in China and Korea, as well as relations between financial system development and economic growth, this article are concluded: (1) it is critical to maintain positive real interest rate; (2) inefficient financial deepening is certain to affect the long term economic development; (3) enhancing the efficiency of existing financial system will benefit the long term economic development. In the process of financial market openness, in order to successfully implement financial reform, priority should be given to enhancing the efficiency of existing financial system.
Keyword: financial deepening, financial system development, economic growth
분석정보
서지정보 내보내기(Export)
닫기소장기관 정보
닫기권호소장정보
닫기오류접수
닫기오류 접수 확인
닫기음성서비스 신청
닫기음성서비스 신청 확인
닫기이용약관
닫기학술연구정보서비스 이용약관 (2017년 1월 1일 ~ 현재 적용)
학술연구정보서비스(이하 RISS)는 정보주체의 자유와 권리 보호를 위해 「개인정보 보호법」 및 관계 법령이 정한 바를 준수하여, 적법하게 개인정보를 처리하고 안전하게 관리하고 있습니다. 이에 「개인정보 보호법」 제30조에 따라 정보주체에게 개인정보 처리에 관한 절차 및 기준을 안내하고, 이와 관련한 고충을 신속하고 원활하게 처리할 수 있도록 하기 위하여 다음과 같이 개인정보 처리방침을 수립·공개합니다.
주요 개인정보 처리 표시(라벨링)
목 차
3년
또는 회원탈퇴시까지5년
(「전자상거래 등에서의 소비자보호에 관한3년
(「전자상거래 등에서의 소비자보호에 관한2년
이상(개인정보보호위원회 : 개인정보의 안전성 확보조치 기준)개인정보파일의 명칭 | 운영근거 / 처리목적 | 개인정보파일에 기록되는 개인정보의 항목 | 보유기간 | |
---|---|---|---|---|
학술연구정보서비스 이용자 가입정보 파일 | 한국교육학술정보원법 | 필수 | ID, 비밀번호, 성명, 생년월일, 신분(직업구분), 이메일, 소속분야, 웹진메일 수신동의 여부 | 3년 또는 탈퇴시 |
선택 | 소속기관명, 소속도서관명, 학과/부서명, 학번/직원번호, 휴대전화, 주소 |
구분 | 담당자 | 연락처 |
---|---|---|
KERIS 개인정보 보호책임자 | 정보보호본부 김태우 | - 이메일 : lsy@keris.or.kr - 전화번호 : 053-714-0439 - 팩스번호 : 053-714-0195 |
KERIS 개인정보 보호담당자 | 개인정보보호부 이상엽 | |
RISS 개인정보 보호책임자 | 대학학술본부 장금연 | - 이메일 : giltizen@keris.or.kr - 전화번호 : 053-714-0149 - 팩스번호 : 053-714-0194 |
RISS 개인정보 보호담당자 | 학술진흥부 길원진 |
자동로그아웃 안내
닫기인증오류 안내
닫기귀하께서는 휴면계정 전환 후 1년동안 회원정보 수집 및 이용에 대한
재동의를 하지 않으신 관계로 개인정보가 삭제되었습니다.
(참조 : RISS 이용약관 및 개인정보처리방침)
신규회원으로 가입하여 이용 부탁 드리며, 추가 문의는 고객센터로 연락 바랍니다.
- 기존 아이디 재사용 불가
휴면계정 안내
RISS는 [표준개인정보 보호지침]에 따라 2년을 주기로 개인정보 수집·이용에 관하여 (재)동의를 받고 있으며, (재)동의를 하지 않을 경우, 휴면계정으로 전환됩니다.
(※ 휴면계정은 원문이용 및 복사/대출 서비스를 이용할 수 없습니다.)
휴면계정으로 전환된 후 1년간 회원정보 수집·이용에 대한 재동의를 하지 않을 경우, RISS에서 자동탈퇴 및 개인정보가 삭제처리 됩니다.
고객센터 1599-3122
ARS번호+1번(회원가입 및 정보수정)