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      다국어 초록 (Multilingual Abstract)

      By analyzing the impact of government credible commitment on private investments, the theory of credible commitment offers a new perspective of political economy for economic development resulting from the stimulation of private investment in response to government's self-restraint. However, existing literatures of credible commitment have some theoretical and empirical limitations. First, they neglect the theoretical importance of bureaucratic delegation reflecting theoretical considerations on such issues as liberalization, privatization, and deregulation, all of which naturally emerge in a process of economic development. Second, they mostly and heavily rely on qualitative data measured in a form of nominal or categorical variable rather than on quantitative data including interval or ratio variables. Third, they mainly focus on national-economy-level analysis of political economic phenomena rather than on sector- or firm-level analysis. To refine the theory of credible commitment theoretically and empirically, this paper attempts to insert bureaucratic delegation into a set of explanatory variables including monitoring and punishment, to deepen our understanding of the components of credible commitment by measuring them in a numeric(quantitative) form rather than in a nominal(qualitative) form, and to extend our empirical concerns to industry(or sector) micro level analysis.
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      By analyzing the impact of government credible commitment on private investments, the theory of credible commitment offers a new perspective of political economy for economic development resulting from the stimulation of private investment in response...

      By analyzing the impact of government credible commitment on private investments, the theory of credible commitment offers a new perspective of political economy for economic development resulting from the stimulation of private investment in response to government's self-restraint. However, existing literatures of credible commitment have some theoretical and empirical limitations. First, they neglect the theoretical importance of bureaucratic delegation reflecting theoretical considerations on such issues as liberalization, privatization, and deregulation, all of which naturally emerge in a process of economic development. Second, they mostly and heavily rely on qualitative data measured in a form of nominal or categorical variable rather than on quantitative data including interval or ratio variables. Third, they mainly focus on national-economy-level analysis of political economic phenomena rather than on sector- or firm-level analysis. To refine the theory of credible commitment theoretically and empirically, this paper attempts to insert bureaucratic delegation into a set of explanatory variables including monitoring and punishment, to deepen our understanding of the components of credible commitment by measuring them in a numeric(quantitative) form rather than in a nominal(qualitative) form, and to extend our empirical concerns to industry(or sector) micro level analysis.

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      참고문헌 (Reference)

      1 전국경제인연합회, "한국경제연감" 전국경제인연합회

      2 체신부, "체신통계연보" 체신부

      3 대한민국정부, "제2차 경제개발 5개년 계획 1967~1971" 1961

      4 대한민국정부, "제 3차 경제개발 5개년 계획 1972~1976" 1961

      5 "정부조직편람" 행정자치부 1992

      6 한국전기통신공사, "전기통신통계연보" 한국전기통신공사

      7 한국통신공사, "전기통신연감" 한국통신공사

      8 행정자치부, "대한민국정부조직변천사" 행정자치부 1998

      9 법제처, "대한민국법제오십년사" 법제처 1998

      10 기획조정실, "경제개발 5개년 계획 평가교수단 제1차 경제개발 5개년 계획 평가보고서" 19671962-1966

      1 전국경제인연합회, "한국경제연감" 전국경제인연합회

      2 체신부, "체신통계연보" 체신부

      3 대한민국정부, "제2차 경제개발 5개년 계획 1967~1971" 1961

      4 대한민국정부, "제 3차 경제개발 5개년 계획 1972~1976" 1961

      5 "정부조직편람" 행정자치부 1992

      6 한국전기통신공사, "전기통신통계연보" 한국전기통신공사

      7 한국통신공사, "전기통신연감" 한국통신공사

      8 행정자치부, "대한민국정부조직변천사" 행정자치부 1998

      9 법제처, "대한민국법제오십년사" 법제처 1998

      10 기획조정실, "경제개발 5개년 계획 평가교수단 제1차 경제개발 5개년 계획 평가보고서" 19671962-1966

      11 Jones, "and Representative Government During the Reigns of the Last Stuarts" Stanford University Press 1450-1789, 1994

      12 JIversen, Torben, "Wage Bargaining, Hard Money and Economic Performance: Theory and Evidence for Organized Market Economies" 28 : 31-61, 1998

      13 Balassa, "TheNewly Industrializing Countries in the World Economy" Pergamon Company 1981

      14 Larson, James F, "The Telecommunications Revolution in Korea" Oxford University Press 1995

      15 Choi, "The Structure of the Economic Policy-Making Institution in Korea and the Strategic Role of the Economic Planning Board Development Administration in Korea" Kurmarian Press Inc 1991

      16 Black, "The Social Structure of Right and Wrong" Academic Press 1993

      17 Jwa, Sung-Hee, "The Role of Government in Economic Management: Korea’s Experiences and Lesso" 37 : 5-14, 1997

      18 Chang, "The Political Economy of Industrial Policy" Macmillan 1994

      19 Wagle, Udaya, "The Policy Science of Democracy The Issues of Methodology and Citizen Participation" 33 : 207-223, 2000

      20 Baumgartner,M.P, "The Moral Order of A Suburb" Oxford University Press 1988

      21 Woo-Cumings, Meredith, "The Korean Bureaucratic State: Historical Legacies and Comparative Perspectives" St. Martin’s Press 1995

      22 Daniels, "The Implications of the Directors’ and Officers’ Insurance Liability Crisis on Canadian Corporate Governance" 1993182-230

      23 Root, "The Fountain of Privilege" University of California Press 1994

      24 North, "The Evolution of Institutions Governing Public Choice in Seventeenth Century England Journal of Economic History 49" 803-32, 1989

      25 Bhagat S, "The Effect on Shareholder Wealth Journal of Risk and Insurance 55" 721-36, 19871986

      26 Newman, David, "The Credibility of the PRC Commitment to a Market Economy in Hong Kong: Hypotheses and Evidence" 9 : 251-280, 1997

      27 Majone, Giandomenico, "The Credibility Crisis of Community Regulation" 38 : 273-302, 2000

      28 Nam, Young-Ho, "The Changing Roles of Government-supported Research Institutes in Korea: Analysis of Their Missions from Their Inception to the Present" STEPI 1995

      29 Borner, Silvio, "Strength and Commitment of the State: It Takes Two to Tango: A Case Study of Economic Reforms in Argentina in the 1990s" 110 : 327-350, 2002

      30 Borg, Marian J, "Social Monitoring as Social Control : The Case of Drug Testing in a Medical Workplace" 12 : 441-460, 1997

      31 Fama E, "Separation of Ownership and Control Journal of Law and Economics 26" 301-25, 1983

      32 Kim, "Role and Contribution of Social Scientists in Planning National Development" 33-41, 1978

      33 Calvert, Randall, "Rational Actors, Equilibrium, and Social Institutions" University of Michigan Press 1995

      34 Renn, "Public Participation in Decision Making" 1993189-214

      35 Borner, Silvio, "Political Credibility and Economic Development" St. Martin Press, Inc. 1995

      36 Morrissey, Oliver, "Political Commitment, Institutional Capacity and Tax Policy Reform in Tanzania" 23 : 637-649, 1995

      37 Haggard, "Pathways from the Periphery The Politics of Growth in the Newly Industrializing Countries" Cornell University Press 1990

      38 Durning, "Participatory Policy Analysis in a Social Service Agency Journal of Policy Analysis and Management 12" 231-57, 1993

      39 Yap, Fiona, "Non-Electoral Responsiveness Mechanisms: Evidence from the Asian Less-Democratic Newly Industrialized Countries" 33 : 491-514, 2003a

      40 Sargent, Thomas, "Macroeconomic Features of the French Revolution" 103 : 474-518, 1995

      41 Young, "Lessons From the East Asian NICS" 964-73, 1994

      42 Singh, J. P, "Leapfrogging Development?: The Political Economy of Telecommunications Restructuring" State University of New York 1999

      43 Kim, Hyuk-Rae, "Korea’s Economic Governance in Transition Governance Crisis and the Future of Korean Capitalism" 31 : 553-577, 2000

      44 Schleifer, "Journal of Political Economy 94" 461-88, 1986

      45 North, "Journal of Institutional and Theoretical Economics 149" 11-23, 1993

      46 Rhee, "Instruments for Export Policy and Administration Lessons from the East Asian Experience" World Bank 1985

      47 Choo, "In Telecommunications in the Pacific Basin" Oxford University Press 1994

      48 Yap, Fiona, "Government’s Credible Commitment in Economic Policy-Making: Evidence from Singapore" 36 : 237-255, 2003b

      49 Alam, "Governments and Markets in Economic Development Strategies Lessons from Korea" Praeger Press 1989

      50 Whang, "Government Direction of the Korean Economy Development Administration in Korea" Kurmarian Press Inc 1991

      51 Ostrom, "Governing the Common" Cambridge University Press 1990

      52 Evans, Peter, "Embedded Autonomy: States and Industrial Transformation" Princeton University Press 1995

      53 Whang, In-Joung, "Economic Transformation of Korea, 1945-95: Issues and Responses" The Sejong Institute 1997

      54 Wade, "Economic Theory and the Role of the Government in East Asian Industrialization" Princeton Princeton 1990

      55 Johnson, "Economic Strategy in Socialist States" Ithaca and London Cornell University Press the (the): 1986

      56 DeLeon, P, "Democracy and the Policy Sciences" State University of New York Press 1997

      57 Root, "Credible Commitments and Royal Fiscal Policy During the Old Regime" 240-58, 1989

      58 Falaschetti, Dino, "Credible Commitments and Investment: Does Opportunistic Ability or Incentive Matter?" 41 (41): 660-674, 2003

      59 Stasavage, David, "Credible Commitment in Early Modern Europe: North and Weingast Revisited" 18 : 155-186, 2002

      60 Frye, Timothy, "Credible Commitment and Property Rights: Evidence from Russia" 98 : 453-466, 2004

      61 Huff, W. G, "Credibility and Reputation Building in the Developmental State: A Model with East Asian Applications" 29 (29): 711-724, 2001

      62 Barry, "Constitutions as Governance Structures The Political Foundations of Secure Markets Journal of Institutional and Theoretical Economics 149" 287-311, 1993

      63 Fisher, "Citizen Participation and the Democratization of Policy Expertise From Theoretical Inquiry to Practical Cases" 165-87, 1993

      64 Moser, Peter, "Checks and Balances, and the Supply of Central Bank Independence" 43 : 1569-1595, 1999

      65 Gujarati, Damodar N, "Basic Econometrics" McGrow-Hill 1995

      66 Amsden, "Asia’s Next Giant" Oxford University Press 1989

      67 Kim, "An Assessment of Government Intervention in Korean Economic Development" 149-60, 1986

      68 Miller, Gary, "Above Politics: Credible Commitment and Efficiency in the Design of Public Agencies" 10 (10): 289-327, 2000

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