금융자유화와 동아시아 발전모델의 전형

국문 초록 (Abstract)

금융자유화는 영미형 모델(Anglo-American model)의 가장 두드러진 특징이다. 반면, 금융억압(financial repression)은 동아시아 발전모델(East Asian development model)의 주요한 구성 요소다. 따라서 금융자유화는 동아시아 발전모델에 파괴적인 요인이 될 수 있다. 금융자유화는 기업 부문에 주주자본주의(shareholder capitalism)의 요소들을 도입시켰다. 주주자본주의는 주주가치를 극대화하는 것이 경영의 주요한 목적이다. 따라서 주주자본주의는 그 원칙들에 내재된 단기주의(short-termism)로 인해서 장기적인 투자를 저해한다. 이 연구는 금융자유화가 진전되는 과정에서 동아시아 발전모델이 어떻게 전형되었는지 밝히고자 한다. 이 글은 동아시아 발전모델이 영미형 모델의 요소들을 결합한 혼성모델(hybrid model)로 전형되었다고 주장한다. 금융자유화는 노동시장의 유연화를 수반했다. 그 전형이 낳은 결과는 발전모델의 이행(transition)이라기보다는 하이브리드화(hybridization)였다.

다국어 초록 (Multilingual Abstract)

Financial liberalization was the most distinctive in the Anglo-American model. By contrast, financial repression was a major ingredient of the East Asian development model. Thus, financial liberalization would be a destructive force for the East Asian development model.Financial liberalization introduced the elements of shareholder capitalism into the corporate sector. In shareholder capitalism, maximization of the shareholder becomes a major goal of management. Thus, it depressed long-term investment because of the short-termism inherent in the principles of shareholder capitalism. This study aims to clarify how the East Asian development model has transformed in the process of financial liberalization. It is argued that the East Asian development model has transformed into a hybrid model in which the elements of the Anglo-American model were grafted onto the East Asian development model. Financial liberalization was followed by labor market flexibilization. The result of the transformation has been hybridization rather than transition.

목차 (Table of Contents)

• I. 서론
• II. 일본, 한국, 중국에서의 금융자유화
• III. 금융자유화와 기업지배구조 및 노동시장의 변화
• IV. 결론
• 참고문헌
• Abstract

참고문헌 (Reference)

1 김형기, "한국경제 제3의 길" 한을아카데미 2006

2 Lincoln, James, "Whither the Keiretzu, Japan’s Business Network? How were They Structured? What did They do? Why are They gone?" Institute for Research on Labor and Employment, University of California 2009

3 Hall, Peter. A., "Varieties of Capitalism: The Institutional Foundations of Comparative Advantage" Oxford University Press 2001

4 Chen, Yun, "Transition and Development in China: Towards Shared Growth" Ashgate 2009

5 Aoki, Masahiko, "Toward a Comparative Institutional Analysis" MIT Press 2001

6 Jackson, Gregory, "The Japanese firm and its diversity" 38 (38): 606-629, 2009

7 Takahashi, Wataru, "The Japanese Financial Sector’s Transition from High Growth to the Lost Decades" 2010

8 Kim, Hyungkee, "The Great Transformation of the Korean Economy since 1962: Processes and Consequences" 229-240, 2012

9 Richter, Frank-Jurgen, "The East Asian Development Model: Economic Growth, Institutional Failure and the Aftermath of the Crisis" Palgrave Macmillan 2000

10 Chang, Ha-Joon, "The East Asian Development Experience: The Miracle, the Crisis and the Future" Zed Books and TWN 2006

11 Amable, Bruno, "The Diversity of Modern Capitalism" Oxford University Press 2000

12 Tohyama, Hironori, "The Capital-Labour Compromise and the Financial System" 2000

13 IMF Staff, "The Asian Crisis: Causes and Curses" 35 (35): 18-21, 1998

14 Woo-Cumings, M., "Rethinking the East Asian Miracle" Oxford University Press 2001

15 Kim, T.K., "Restructuring and Industrial Relations" Korera Labor Institute 2004

16 Carney, Richard, "Political Hierarchy and Finance: The Politics of China's Financial Development" 2012

17 Kambayashi, Ryo, "Japan’s Bubble, Deflation, and Long-term Stagnation" MIT Press 217-262, 2011

18 Miyamoto, M., "Japanese Firms and Employment: The Future of Longterm Employment and Pay for Performance" 2007

19 Boyer, Robert, "Japanese Capitalism in Crisis: A Regulationist Interpretation" Routledge 2000

20 Hamaaki, M., "Is the Japanese Employment System Degenerating? Evidence from the Basic Survey on Wages Structure" 2010

21 Miyoshi, Hiroaki, "Have Japanese Firms Changed?: The Lost Decade" Palgarve Macmillan 2010

22 Yan, Isqabel K., "Financial Liberalization and Financing Constraints: Some Evidence from Panel Data of Listed Chinese Firms" Munich Personal RePEc Archive 356227-, 2011

23 Mahoney, James, "Explaining Institutional Change: Ambiguity, Agency, and Power" Cambridge University Press 2010

24 Gwartney, J., "Economic Freedom of the World" World Bank 2012

25 Walter, Andrew, "East Asian Capitalism: Diversity, Continuity, and Change" Oxford University Press 2012

26 Lee, ChingKwan, "Durable Subordination: Chinese Labour Regime through a South Korean Lens" 2012

27 Boyer, Robert, "Diversity and Transformations of Asian Capitalisms" Routledge 2012

28 Isogai, Akinori, "Diversity and Transformations of Asian Capitalisms" Routledge 31-35, 2012

29 Kang, DongSoo, "Development and Challenges of the Chinese Financial System" Korea Development Institute 2011

30 Aglietta, Michel, "China’s Development: Capitalism and Empire" Routledge 2013

31 Coplan, Asli M., "Changing Ownership and Governance Innovation: Japanese Enterprises in Transition" 2010

32 Abiad, A., "A New Database of Financial Reforms" IMF 2008