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OECD 국가에서 금융 쿠즈네츠커브와 금융감독 거버넌스의 역할

Financial Kuznets Curve and the Role of the Governance of the Financial Supervision in OECD

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주제분류경제학

초록

본 논문은 소득불평등과 금융발전 수준 간에 역 U-자형의 관계를 보인다는 Greenwood and Jovanovic(1990) 가설에서 역-U 자형의 꼭지점에 상응하는 금융발전 수준이 금융감독 거버넌스의질과 관계가 있음을 보인다. OECD 34개국을 대상으로 동아시아 외환위기 이후인 1999년부터2011년까지의 자료를 이용하여 패널분석을 한 결과, 금융감독기구의 독립성과 감독의 시장규율거버넌스 개선이 소위 금융 쿠즈네츠커브 가설에서 소득불평등의 추세를 역전시키는 금융발전수준을 낮출 수 있음을 발견하였다.

Abstract

This paper studies Greenwood and Jovanovic (1990) hypothesis that claims the inverse U-shaped relationship between the income inequality and the financial development (the so-called ‘financial Kuznets curve hypothesis’). We propose a new specification of the financial Kuznets curve, conditioning the threshold level of the financial development on the governance quality of financial supervision. Investigating the annual panel data of the OECD 34 countries from 1999 to 2011, we found that the independence of the financial supervisory authority and the improvement of the strength of external audits and financial statements transparency of the financial institutions contribute to a more even distribution of income by lowering the threshold level of the financial development in the inverse U-shaped curve.

참고문헌 (50)

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