우리나라 금융시스템의 발전방향
What should be a Future Financial System in Korea?
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우리나라 금융시스템은 외환위기 이후 자본시장을 통한 직접금융의 비중이 급격히 증가하여 일시적으로 시장중심시스템으로 전환되는 모습을 보였지만 주식시장과 회사채 시장이 시장중심시스템 발전을 위한 하부구조를 제대로 갖추지 못하고 있어 2000년 이후 은행중심시스템으로 다시 회귀하였다. 그러나 우리나라 금융시스템은 양적 측면에서 은행중심시스템이라고 할 수 있지만 질적 측면에서는 은행중심시스템으로 보기 어렵다. 은행에 자금이 집중되고 있지만 은행이 사적 정보생산과 장기적 관계를 바탕으로 기업에 안정적인 자금을 공급하는 역할을 제대로 수행하지 못하고 있기 때문이다. 금융시스템의 성과에 관한 연구결과는 효율적 자금조달과 경제성장을 위해 특정 금융시스템이 필요한 것은 아니라는 것을 시사하고 있지만 우리나라 경제는 구조조정과 자본배분의 효율성을 바탕으로 한 구조고도화가 시급하기 때문에 자본시장의 발전이 필요하다. 또한 1990년대 이후 전 세계적으로 주요 국가들의 금융시스템이 시장중심 금융시스템의 특징을 상당부분 반영되고 있는 추세도 우리나라 금융시스템이 시장중심시스템으로 전환되어야 한다는 것을 시사한다. 우리나라 금융시스템이 시장중심시스템으로 발전하기 위해서는 우선 은행이 기업에 대한 정보생산 계층구조에서 주된 역할을 함과 동시에 자본시장 참여자에 대해서도 신용공급을 효율적으로 수행할 수 있는 체계를 구축해야하고 시장하부구조의 발전이 선행되어야 한다.
Abstract
After the financial crisis of 1997, it seemed that the Korean financial system was transformed into a market-based financial system with the increase of direct financing through capital markets. Since 2000, however, the Korean financial system has returned to a bank-based system due to the weak infrastructure in stock and bond markets. But it is not a bank-based system because the role of banks in monitoring customers through private information, and channelling funds to firms based on long-term relationship is not established well. Research findings provide evidence that a particular financial system is not necessarily needed for efficient financing and economic growth. However, the enhancement of financial system through restructuring and efficient capital allocation in Korea requires the development of capital markets. The trend that many countries tend to incorporate features of the market-based system into their financial system since 1990s also implies that Korean financial system should be transformed into a market-based system. In this transformation process banks should enhance their role in monitoring customers and efficient credit supply to participants in capital markets. The infrastructure of a market-based system should be developed further.
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