은행 규제와 제도적 특성이 경제성장에 미치는 영향 - OECD 국가들의 패널자료 분석 -
An Impact of Bank Regulation and Institutional Characteristics on Economic Growth: Evidence from OECD Countries
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초록
본 연구에서는 OECD 국가들의 은행규제의 형태와 경제성장에 관해서 논의하였다. 첫째, 특성별로 구분된 은행규제의 정도와 경제성장에 관해서 실증적으로 분석함으로써 금융규제의 거시경제적 효과에 대한 실증적 증거를 축적하는데 기여하고자 하였다. 둘째, 국가별 제도적 요인에 따라 은행규제의 경제적 성과가 상이할 수 있다는 가설 하에서 국가별 제도적 요인과 금융규제 간의 상호작용이 경제성장에 어떠한 영향을 미치는 지를 분석하였다. 분석결과를 요약하면, 은행규제 완화는 경제성장을 촉진시킨다는 결론을 얻었다. 또한 ‘공식적․감독 규제'에 대한 규제 완화는 ‘관리조정 국가’를 반영하는 요소들에 대한 제도 정비가 확대될수록 경제성장을 촉진시킨다는 결론을 얻었다. 즉 은행규제의 완화에 있어서 안전, 법과 질서, 조정과 기대, 거래와 계약의 안전, 사회응집이 강한 나라일수록 은행규제의 ‘공식적․감독 규제’에 대한 규제완화가 경제성장을 촉진시키는 것으로 알 수 있다. 이는 법과 질서, 거래와 계약의 안전성이 높은 제도적 인프라의 확충이 은행의 건전성규제 완화로부터 발생할 수 있는 갈등과 렌트 씨킹(rent seeking)에 따른 비효율을 최소화 할 수 있음을 시사한다.
Abstract
In this paper, we analyzed the impact of institutional complementarity between the bank regulation and the characteristics of institutional environment on the economic growth. First, we tried to find an empirical evidence on the positive relationship between the regulatory reform in banking sector and the economic growth. Second, with a tentative assumption that the results of banking deregulation depend on the institutional characteristics in which the banking sector operates, we also analysed the impact of interaction between the institutional characteristics and the bank regulations on the economic growth. The results of our analysis confirm our assumption that the banking deregulation can promote the economic growth depending on the national characteristics of institutional infrastructure. First, our analysis demonstrates that the government's high competence of public management assures the positive impact of banking deregulation on the economic growth. Second, the banking deregulation without considering the government's competence of public management might result in degradation of economic performance. Third, institutional reforms in such areas like social safety, law and order, public administration, government intervention and strategy, contract enforcement, and social cohesion, might minimize the inefficiency of social conflict and rent-seeking behaviors made by banking sector deregulation. The government intending to boost economic growth by banking sector regulatory reform have to keep pace with national reforms in institutional infrastructure especially in public management.
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