금융쿠즈네츠커브 가설과 거버넌스 연계론
Financial Kuznets curve and the governance nexus
0
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
김인배(2019)는 소득불평등과 금융발전 간의 관계가 역 U-자 형태를 띤다는 금융쿠즈네츠커브 가설하에서, 금융감독기구의 거버넌스가 소득불평등의 추세를 전환시키는데 긍정적인 역할을 함을 보였다. 본고는 이를 연장하여 금융감독기구 거버넌스의 역할 뿐 아니라, 공공부문 거버넌스의 역할 및두 거버넌스 간 시너지효과를 확인함으로써 Das and Quintyn(2002)이 말한 거버넌스 연계론을 실증적으로 검증하였다. 이는 금융발전이 금융참가자들의 사적 유인에 의해 왜곡되지 않기 위해서는 공공부문 거버넌스가 전제되어야 할 뿐 아니라 거버넌스 간 연계가 필수적임을 보인 것이다.
Abstract
Kim(2019) showed that a good regulatory governance of the financial supervisory agencies has a positive impact on changing the trend of the income inequality in the the financial Kuznets curve hypothesis that claims the inverse U-shaped relationship between the income inequality and the financial development. Extending Kim(2019), this paper empirically verified the governance nexus of Das and Quintyn (2002) by investigating, in the financial Kuznets curve, the beneficial role for the improvement of the income inequality of the public sector governance as well as its synergistic effect combined with the regulatory governance. This result confirms that a sound public sector governance and its nexus to the regulatory governance is a prerequisite for the financial development.
참고문헌 (32)
- 김인배, "OECD 국가에서 금융 쿠즈네츠커브와 금융감독 거버넌스의 역할", 국제경제연구, 25(2), pp.1~22 (2019), 한국국제경제학회[DOI]
- 김인배, "금융감독기구의 규제거버넌스와 금융안정성", 금융연구, 27(3), pp.29~69 (2013), 한국금융학회
- 박정희, "금융발전이 소득불평등에 미치는 영향에 대한 실증분석", 경제연구, 31(2), pp.155~180 (2013), 한국경제통상학회
- Acemoglu, D., "Why Nations Fail: The Origins of Power, Prosperity, and Poverty" (2012), Crown Business
- Acemoglu, D., "The rise of Europe: Atlantic trade, institutional change, and economic growth", The American Economic Review, 95(3), pp.546~579 (2005)
- Alesina, A., "Fractionalization", Journal of Economic Growth, 8(2), pp.155~194 (2003)
- Baiardi, D., "The fin an cial Kuzn ets curve: Eviden ce for the euro area", Journal of Empirical Finance, 39, pp.265~269 (2016)
- Barro, R., "A New Data Set of Education al Attain men t in the World, 1950-2010", Journal of Development Economics, 104, pp.184~198 (2013)
- Barth, J. R., "The Regulation and Supervision of Banks around the World: A New Database" (2001), Brookings Institution Press
- Beck, T., "A New Database on Financial Development and Structure", World Bank Economic Review, 14(3), pp.597~605 (2000)
- 차운아, "Board Size, Board Diversity, and Firm Performance: A Comparison of Japan and the United States", 경제연구, 31(4), pp.157~178 (2013), 한국경제통상학회
- Das, U. S, "Crisis Prevention and Crisis Management : The Role of Regulatory Governance" (2002), Brookings Institution Press
- Does Regulatory Governance Matter for Financial System Stability? An Empirical Analysis, "Das, U. S.", International Monetary Fund, Monetary and Financial Systems Department, ~ (2004)
- Delis, M. D., "Bank Regulations and Income Inequality: Empirical Evidence", Review of Finance, 18, pp.1811~1846 (2014)
- Diamond, D., "Financial Intermediation and Delegated Monitoring", The Review of Economic Studies, 51, pp.393~414 (1984)
- Greenwood, J., "Financial Development, Growth, and the Distribution of Income", Journal of Political Economy, 98, pp.1076~1107 (1990)
- Governance Matters, "Kaufmann, D.", World Bank, ~, pp.Policy Research Department Working Paper No. 2196 (1999)
- Kim, D., "Nonlinearity in the financial development-income inequality nexus", Journal of Comparative Economics, 39, pp.310~325 (2011)
- Lastra, R. M., "Central banking and banking regulation" (1996), Financial Markets Group, London School of Economics and Political Science
- Law, S. H., "Financial Developmen tand In come In equality at Different Levels of Institutional Quality", Emerging markets Finance and Trade, 50, pp.21~33 (2014)
- Levine, R., "Handbook of Economic Growth Volume 1A" (2005), Elsevier B.V
- Mauro, P., "Corruption and Growth", Quarterly Journal ofEconomics, 110, pp.681~712 (1995)
- Financial Development, Inequality and Poverty: Some International Evidence, "Naceur, S", International Monetary Fund, ~, pp.IMF Working Paper, WP (2016), 16[DOI]
- Nikoloski, Z., "Financial sector development and inequality: is there a financial kuznets curve?", Journal of International Development, 25, pp.897~911 (2013)
- North, D., "The rise of the western world: A new economic history" (1973), Cambridge University Press
- Governance of Financial Supervisors and its Effects - A Stocktaking Exercise, "Quintyn, M", SUERF - The European Money and Finance Forum, ~, pp.SUERF Studies 2007 (2007), 4
- Rajan, R., "The great reversals: The politics of financial development in the twentieth century", Journal of Financial Economics, 69(1), pp.5~50 (2003)
- Rötheli, T. F., "The Kuznets curve: Determinants of its shape and the role of Finance", Studies in Economics and Finance, 28, pp.149~159 (2011)
- Shleifer, A, "The Grabbing Hand: Government Pathologies and Their Cures" (1998), Harvard University Press
- Solt, F., "The Standardized World Income Inequality Database", Social Science Quarterly, 97(5), pp.1267~1281 (2016)
- Townsend, Z., "The SAGE handbook of multilevel modeling", pp.73~88 (2013), SAGE Publications Ltd
- Williamson, O., "The New Institutional Economics: Taking Stock, Looking Ahead", Journal of Economic Literature, 38(3), pp.595~613 (2000)