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Financial Liberalization and Financialization
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금융 자유화와 금융화

논문 기본 정보

Type
Academic journal
Author
Journal
한국질서경제학회 질서경제저널 질서경제저널 제22권 제4호 KCI Accredited Journals
Published
2019.1
Pages
31 - 51 (21page)

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Financial Liberalization and Financialization
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This study examines the development of financial liberalization and financialization that began with the progress of globalization. In particular, this study focuses on the historical link between the development of globalization and the international monetary system, and the process of financialization and financial system. Indeed, since the Bretton Woods regime collapsed in the early 1970s, the international monetary system has observed an increase of volatility in financial markets, and since then the scale of financial transactions has been expanded. This has had a profound impact on investors' behavior in the financial markets and has increased uncertainty and instability in economic activity as well as the occurrence of the financial crisis. In addition, the excessive development of the financial market far beyond the size of the real market strengthened the financial incentive system in business activities, thereby increasing managers' short-term and dangerous profit-seeking behavior. The pursuit of high levels of returns was achieved through a reduction in the proportion of equity capital, which led to an excessive increase in corporate debt and increased risks in the economy. In this process, managers who were successful in generating profits were over-rewarded, and profitable companies increased their dominance in the market. In addition, households increased consumption and reduced savings in the process of financialization, and at the same time, the distortion of resource allocation in unreasonable economic activities was expanded. The financialization also had a profound effect on the Korean economy. In the Korean economy, the financial crisis in 1998 and the global financial crisis in the 2000s led to an increase in the proportion of real estate, leasing, and financial services. In particular, as foreign ownership increased in the shares of major companies, the pursuit of short-term profits in corporate activities increased, and the performance-based compensation system for elite groups engaged in high-quality companies in Korea and abroad was strengthened. In addition, household and non-profit financial asset liabilities increased. This led to the slow growth of the economy and a decline in investment. Indeed financial development and credit growth did not lead to corporate investment, and that excessive debt was used to support excessive credit for real estate and household spending. In order to reduce the negative impacts of financialization on the economy, it is noteworthy to mention that the capital ratios and collateral thresholds should be improved to reduce the financial risks. At the same time, the efficiency of financial functions should be improved to create an economic environment in which new companies can grow, in addition to large companies that have a fixed profit with high market share. In addition, it is necessary to operate the system efficiently to fund corporate innovation and evolutionary choices. To this end, it is essential to establish a financial system that can support the market order and effectively manage the systemic risk.

본 연구는 세계화의 진전과 함께 시작된 금융 자유화와 금융화의 과정을 파악하고, 세계화의 전개와 국제통화제도의 역사적 연결고리뿐 아니라 금융화와 금융제도의 변화를 분석한다. 1970년대 초 브레튼우즈 체제의 붕괴 이후 국제통화제도의 변화는 금융시장의 변동성을 증가시켰고, 이후 금융거래의 규모가 확대 발전되었다. 이는 금융시장에서 투자자들의 행태에 지대한 영향을 미쳤을뿐 아니라, 금융위기의 발생과 불확실성의 증대를 통해 경제의 불안정성 확대로 이어졌다. 또한, 실물시장의 규모에 비해 금융시장의 과도한 발전은 기업활동에서 금융의 유인 체계를 강화시켜 관리자의 단기 이윤추구 및 위험한 이윤추구 행태를 증대시켰다. 높은 수준의 수익률 달성을 위해 기업은 자기자본비율을 감소시켰고, 이는 기업 부채의 과도한 증가로 이어져 경제 전반에 위험이 증가하였다. 특히 이윤 창출에 성공적인 관리자는 과대한 보상을 받았고, 이익을 내는 기업은 시장에서 지배력을 증가시켰다. 또한, 금융화의 진행에서 가계는 소비를 증대시키고 저축을 감소시켰다. 이는 비합리적 경제활동을 증대시켜 경제 전체에서 자원 배분의 왜곡이 확대되었다. 금융화의 전개는 한국경제에도 지대한 영향을 미쳤다. 한국경제는 1998년의 외환위기와 2000년대 글로벌 금융위기를 거치면서 부동산·임대업과 금융업의 비중이 확대되었고, 금융법인뿐 아니라 비금융법인의 경우에도 금융자산의 부채가 급격히 증가하였다. 특히 주요 기업들의 지분에서 외국인 소유지분이 높아지면서 기업활동에서 단기이익에 대한 추구행태가 증가하였고, 국내와 해외에서 우량기업에 종사하는 엘리트집단에 대한 성과주의 보상체계가 강화되었다. 또한, 가계 및 비영리법인의 금융자산 부채가 증가하였다. 이는 저성장의 고착화와 함께 기업 투자의 하락으로 이어졌다. 특히 금융업의 발달과 신용의 증가는 금융화의 전개로 거품을 형성하며 기업의 부채를 증가시켰으며, 과도한 신용과 가계의 과소비가 증가해 경제의 건전한 발전이 저해되었다. 이에 금융화가 경제에 미치는 부정적 영향의 축소를 위해 금융 규제뿐 아니라 자본 비율과 담보 기준치를 강화시켜 경제 전반의 위험 정도를 낮추는 것이 필수적이다. 이와 함께 높은 시장점유율로 고정 수익을 올리고 있는 대기업 이외에 새로운 기업들이 성장할 수 있는 경제환경의 조성을 위해 금융기능의 효율성을 제고해야 한다. 또한, 기업의 혁신과 진화적 선택에 대해 자금 지원을 해줄 수 있게 제도를 효율적으로 운영하는 것이 중요하다. 이를 위해 시장 질서를 확립하고 위험 상황을 효과적으로 관리할 수 있는 금융시스템의 구축이 필요할 것이다.
#Financial Liberalization #Financialization #International Monetary System #Market Order #Korean Economy

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