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정병욱 고려대학교 민족문화연구원 2017 Cross-Currents Vol.- No.22
This article compares two historical massacres that resulted from ethnic antagonism during the Japanese colonial period: the massacre of Koreans and Chinese by the Japanese during the Great Kanto Earthquake in 1923 and a series of anti-Chinese riots and the massacre of Chinese that erupted in colonial Korea in 1931. A similar trajectory led up to both massacres: most of the assailants and victims were lower-class male workers, and both incidents occurred during economic depressions when competition between indigenous workers and immigrants had intensified due to a massive influx of migrant labor. The fact that the majority of the assailants were from the lower class suggests that their own resentment, long condensed from years of experiencing discrimination in their home society, combined with nationalism and anti-foreignism to explode in the form of massacres. In addition, the reality that all assailants were male workers implies that their value system, their mode of life, and the consciousness of a patriarchal hierarchy, which dominated the everyday lives of the male workers of the lower class, were transformed into violence under exceptional circumstances. Lastly, the fact that the victims of the two massacres were migrant workers means that, from the outset, the trigger for the massacres can be understood from a transnational perspective on migrant labor and cannot be confined to the boundary of a single nation.
금융경색이 차입기업의 자금조달 신용경로 선택에 미치는 영향
정병욱,황인덕 한국재무학회 2014 한국재무학회 학술대회 Vol.2014 No.05
본 연구는 통화정책과 신용경색이 차입기업의 신용경로 선택에 미치는 영향을 실증적으로 분석한다. 신용경로는 금융기관 및 금융수단으로 구성되는 복합적인 자금흐름 및 자금조달 방식을 의미한다. 통화정책과 신용경색이 기업의 자금조달에 미치는 영향을 은행차입이라는 단선적인 신용경로만을 고려하는 것이 아니라 기업간신용 신용경로의 대체성 또는 보완성을 분석한다. 즉, 금융시장의 변동성에 따라서 특정 신용경로는 축소되는 반면에 여타 신용경로는 확장되어 금융시장 충격이 자금의 가용성에 미치는 영향이 상쇄될 수 있는지 검증한다. 본 연구의 국내 상장기업을 분석한 실증결과는 긴축적 통화정책 및 금융위기 상황에서 기업간신용은 은행차입의 보완재로서 기능하며 대체조달원으로서의 기능을 수행하지 못함이 발견되었다. 심각한 신용경색 상황 하에서는 대기업이 중소기업보다 경기순응성이 강하여 기업간신용 활용이 보다 급격히 감소하는 등 시장상황의 변화에 더 민감하게 반응하는 것으로 나타났다. 또한 재무제약 기업은 이자보상배율, 현금, 레버리지, 신용등급 및 배당금미지급 등 대부분의 제무제약 특성 지표에 있어서 기업간신용 활용도가 더 높은 것으로 나타나 기업간신용이 재무제약 기업의 금융시장 접근성 제약을 완화할 수 있음을 보여주었다. This paper investigates how monetary shock and the associated financial constraint affect the determination of trade credit usage in short-term debt market of Korean economy. There is a general notion that trade credit is considerably more expensive than short-term bank financing, revolving line, as trade credit is preferred by the firms facing obstacles to obtain financing from banks. In corporate debt market, it is prevailing wisdom that the reliance on vendor financing increases with the degree of credit rationing on financially constrained firms. This paper examines whether bank loan lending channel and trade credit lending channel is substitutes or complements at the time of contracting monetary policy, financial constraints, and financial crisis. This paper provides finding that bank loan and trade credit are substitutes and both are pro-cyclical. These findings are opposite to those of industrialized countries such as US and Western European counties while they are in accordance with those of Japan, Spain, and Italy. This paper also finds that the various aspects of financial constraints of a firm increase the usage of trade credit lending channel.