국제 금융 중심지의 입지를 결정하는 주요 요인 분석: 경쟁우위 요소를 중심으로 = A Study of the Locational Determinants for a Confident International Financial Center: Paying Attention to the Competitive Advantage

다국어 초록 (Multilingual Abstract)

This study aims to answer to the question of what main factors affect on the locational competitive advantage of an International Financial Center(IFC). This empirical analysis examines the factor condition(human capital, foreign currency, pension fund), financial cluster effect(development of related industry), demand condition(economic growth), market attributes(market concentration, size of banking, size of stock market, financial activity), structural factors(trade openness, financial structure) that are generally regarded as necessary factors for establishing an international financial center. The time frame of analysis covers 1998 to 2005, nine countries such as Australia, Canada, the Czech Republic, Hungary, Japan, Korea, Norway, the UK, and the US are the object of this analysis. The result shows that factor condition and financial cluster effect are not significantly correlated with the locational competitive advantage of International Financial Center. In contrast, pension fund, economic growth, and the size of stock market are (significantly) positively correlated with the locational competitive advantage of an IFC. Meanwhile, the size of banking, financial activity(banking sector), and financial structure are (significantly) negatively correlated with the locational competitive advantage of an IFC. This result provides us with implications as follows: first, it is necessary to seek 'Threshold Effect' accelerating the effect of financial openness through financial development and market attributes rather than factor-centric strategy and cluster effect. Second, the location of an international financial center with sufficient demand condition, that is, market size exerts determinant effect on hosting the foreign financial firms. It is, therefore, necessary to develop the liaision between object-economy and financial industry. Third, the increase in market concentration supports the development of an international financial center so as realize effectively the size and scope of economy, not a monopolistic financial market controled by relational finance. Finally, for the locational competitive advantage of an IFC the role of stock market is more significant than banking in terms of the size and activity of financial market. However, the development of stock market that is not in proportion to the size of banking does not contribute to the locational competitive advantage of an IFC.

국문 초록 (Abstract)

본 연구는 국제 금융 중심지 입지를 결정하는 경쟁우위의 주요 요인을 실증 분석하였다. 실증분석에서는 국제 금융 중심지 수립에 필요한 주요 요소로 일반적으로 거론되는 요소조건(인적자원, 외환, 연기금 규모), 금융클러스터효과(관련 산업 발달), 수요조건(경제성장), 시장특성(시장집중도, 은행 중개시장 규모, 주식시장 규모, 금융활동성), 구조적 요인(무역개방도, 금융구조) 등의 실제 효과를 분석한다. 분석기간은 1998~2005년이고, 분석대상은 호주, 캐나다, 체코, 헝가리, 일본, 한국, 노르웨이, 영국, 미국 등 9개국이다. 분석결과 요소조건(인적자원, 외환)과 금융클러스터효과는 국제 금융 중심지의 경쟁우위를 결정하는데 있어 통계적으로 유의미한 관계가 없는 것으로 나타났다. 반면 연기금, 경제성장, 주식시장 규모는 통계적으로 유의미한 정(+)의 관계가 있으며, 은행 중개시장 규모, 은행부문금융활동성, 금융구조는 통계적으로 유의미한 부(-)의 관계가 있는 것으로 추정되었다.
이러한 연구결과는 다음과 같은 함의를 제시한다. 첫째, 국제 금융 중심지를 성공적으로 수립하기 위해서는 요소중심적 전략이나 클러스터효과를 겨냥한 전략보다는 금융발전과 시장특성을 통해 금융개방 효과를 상승시키는 시초효과(Threshold Effect)를 모색해야 한다. 둘째, 충분한 수요조건, 즉 시장규모를 갖춘 국제 금융 중심지의 입지는 해외 금융회사들을 유치하는데 결정적인 영향을 미친다. 따라서 실물경제에 대한 금융 산업의 연계성을 증대시켜 나갈 필요가 있다. 마지막으로, 국제 금융 중심지의 경쟁력은 금융시장의 규모와 활동성 면에서는 은행 중개시장 보다 주식시장의 역할이 크다. 그러나 은행 중개시장의 발달 규모에 비례하지 않는 주식시장의 발달은 국제 금융 중심지의 경쟁우위에 도움을 주지 못한다.

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