國內 文獻에 나타난 外換危機 原因에 대한 批判的 考察
A Critical Review of the Domestic Literature on the Causes of Korean Foreign Exchange Crisis
1
조회
0
다운로드
2
인용
0
참고문헌
키워드
초록
이 논문은 외환위기 원인에 관한 국내 문헌을 검토하고 문제점을 지적한다. 국내 문헌이 외환위기의 원인을 주로 국내 경제의 구조적 요인에서 찾으려는 반면에 외국 문헌은 주로 외화유동성의 부족에서 외환위기의 원인을 찾고 있다. 위기의 전개 과정과 경제의 빠른 회복은 한국의 외환위기가 구조적 요인보다는 유동성 부족에 의한 위기라는 결론에 도달하게 한다. 김대중 정권의 성격, IMF의 견해, 신자유주의 이데올로기, 국내경제 개혁에 대한 열망 등이 국내에서 구조적 원인설이 더 설득력이 있게 한 것으로 보인다. IMF 위기로부터 얻어야 할 교훈은 시장이 기능을 제대로 발휘하려면 시장의 제도 와 기반이 잘 갖추어 져야 한다는 것이다. 최근의 신용카드회사 문제가 잘 들어내 듯이 자유로운 금융시장이 반드시 효율적인 결과를 가져오지 못한다.
Abstract
This paper reviews two contrasting views on the causes of Korean foreign exchange crisis in the Korean literature; structure vs liquidity. It is concluded here that a shortage of foreign exchange (liquidity) is the main cause of the Korean Crisis. The Korean Economy had weaknesses as it tried to grow fast. But the whole system of the Korean Economy worked without much trouble before it opened capital market. This paper also investigates why many Korean economists took the view that the crisis was caused by structural reasons. The most important lesson from this crisis is that we need to have a proper law and institution to have a well functioning market.
참고문헌 (66)
- "ꡔ구조조정과 정보화 시대의 한국 경제 발전전략ꡕ" (2001), 박영사
- "한국경제 반세기 경제정책에 대한 역사적 고찰" (2003), 한국경제학회
- "한국의 자본자유화 정책:평가 및 과제" (2003)
- "ꡔ맥킨지 금융보고서ꡕ" (1999), 한국경제신문
- "한국의 외환위기와 외채", 5(1) (1999)
- 이창용, "한국의 외환위기:전개과정과 교훈" (1998)
- 조윤제, "한국견제의 구조적 문제점:위기 이전과 이후" (2002), mimeo
- 신유근, "ꡔ한국의 경영ꡕ" (1993), 박영사
- 신인석, "한국의 외환위기:발생 메카니즘에 관한 일고" (1998)
- 유승민, "과연 위기의 주범인가ꡕ" (2000), 비봉출판사
- 이종욱, "한국의 외환위기 예측가능했는가?「한국의 금융외환위기와 IMF」" (1998), 경문사
- 이정우, "한국의 경제발전 50년" (2003), 한국경제학회
- 이충열, "한국 통화위기의 성격과 발생 원인에 대한 연구" (2003), 한국금융연구원
- 장하준, "「사다리 걷어차기」" (2004)
- 정갑영, "기업 구조조정의 평가와 과제" (2002), 한국경제학회
- 정연승, "통합・조정 실패로서의 한국외환위기" (2003)
- 최두열, "ꡔ아시아 외환위기의 발생과정과 원인ꡕ" (1998)
- 한진희, "재벌기업의 과잉투자 및 그 원인에 관한 실증분석" (1998)
- "한국외환위기의 발생원인에 관한 실증분석" (1999)
- "Asia's Next Giant" (1989), Oxford University Press
- "The Role ofGovernment in East Asian Development" (1997), Clarendon Press
- "The Economic Future of Europe", (10310) (2004)
- "The Political Economy of Industrial Policy" (1996), Macmillan Press Ltd.
- "The Hazard of Moral Hazard: Untangling the Asian Crisis", 28(4) (2000)
- "Restructuing ‘Korea Inc.-Evaluating the Post-CrisisCorporate Restructuring in Korea:the 10th Seoul Journal of Economics,International Symposium on 'The Socio-Economic Roles of Firms and Chaebols" (2002), SeoulNational University,Seoul, Korea
- "The Monetary Policy Response to the Crisis:The Korea EconomyBeyond" (2004), Edward Elgar Press,forthcoming
- "Currency Crisis of Korea: Internal Weakness or ExternalInterdependence?:The Korean Crisis: Before and After" (2000), KDI
- "East Asian Growth Before and After the Crisis", 46(2), pp.139~166 (1998)
- "Between Meltdown and Moral Hazard: TheInternational Monetary and Financial Policies of the Clinton Administration:forthe conference on the Economic Policies of the Clinton Administration" (2001), Kennedy Schoolof Government
- "Monitoring Banking Sector Fragility: AMultivariate Approach with an Application to the 1996-97 Banking Crisis" (1998), World Bank and IMF
- "The Foreign Economic Policies of Singapore, South Korea and Taiwan" (2002), EdwardElgar,MA, USA
- "Private Inflows When Crisis Are Anticipated: A Case Study ofKorea:The Korean Crisis: Before and After" (2000), KDI
- "Mirror, Mirror on the Wall" (2004), The Economist
- "Financial and Currency Crises in Emerging Market Economies: AnIntroduction:Economic and Financial Crises in Emerging Market Countries" (2002), Chicago,University of Chicago Press
- "Currency Crashes in Emerging Markets: An EmpiricalTreatment", (41), pp.351~366 (1996)
- "Economic Crises: Evidence and Insight from East Asia", (2), pp.1~135 (1998)
- "The Political Economy of the Korean Financial Crisis", 7(2), pp.197~218 (2000)
- "Causes of the Korean Financial Crisis: Lessons for Policy:The Korean Crisis: Before and After" (2000), KDI
- "Economic Development As Self-Discovery" (2002), mimeo
- "Financial Restraint: Toward A NewParadigm:The Role of Governmentin East Asian Economic Development" (1997), Oxford University Press
- "IMF-Supported Programs in Indonesia,IMF Korea and Thailand:A PreliminaryAssessment" (1999)
- "Does Sharehoder Conflict Reduce Profitability?: Evidence from Korea:TheKorean Crisis: Before and After" (2000), KDI
- Joh,S, "Korean Economic Crisis and Corporate Governance System: The 12th AnnualNBER Seminar on the East Asian Economics" (2001)
- "Leading Indicators of Currency Crises", 45(1), pp.1~48 (1998)
- "The Twin Crises: The Causes of Banking andBalance-of-Payments Problems", 544 (1998), Board ofGovernors of the Federal Reserve System
- "The Myth of Asia's Miracle", pp.62~78 (1994)
- "What Happened to Asia?", 10(1), pp.69~87 (1998)
- "Chaebol Capitalism and the Currency-Financial Crisis in Korea:Korea NBER Conference" (2001)
- "Korea Financial Crisis: The Crisis of A Development Model?" (2001), Crisis toRecovery ,World Scientific
- "The Korean Currency Crisis; A Report on the Third Country Meeting of theNBER Project on Exchange Rate Crisis in Emerging Market Countries" (2000)
- "Technological Change and Growth in East Asia: Macro versus MicroPerspectives:Rethinking the East Asian Miracle" (2001)
- "Recovery and Sustainability in East Asia", (8373) (2001), NBER
- "Financial Crisis and Recovery: Patterns of Adjustment in East Asia,1996-99", (45) (2002)
- "The East Asian Financial Crisis: Diagnosis, Remedies,Prospects", (1), pp.1~90 (1998)
- "What Have We Learned so far from the Asian FinancialCrisis?" (1999), mimeo
- "Growth Strategies: the forthcoming Handbook of Economic Growth" (2003)
- "From ‘Hindo Growth’ to Productivity Surge: TheMystery of the Indian Growth Transition" (2004), mimeo
- "Comment in the Conference on Economic and Financial Crises in EmergingMarket Countries" (2002), Chicago,University of Chicago Press
- "Beyond the Crisis: Development Strategies in Korea:theConference on the Second Intellectual Dialogue on 'Building Asia's Tomorrow: PromotingSustainable Development and Human Security'" (1999), Singapore
- "Restructuring Korea Inc." (2003), Routledge Curzon
- "The Korean Crisis-Causes and Resolution", (9805) (1998)
- "From Miracle to Crisis to Recovery: Lessons from Four Decades of EastAsian Experience:Rethinking the East Asian Miracle" (2001)
- Stiglitz, J, "Globalization and its Discontents" (2002), W.W. Norton & Company,New YorkLondon
- "Race to the Swift" (1991), Columbia University Press
- "The East Asian Miracle" (1993)
- "The East Asian Miracle at the Millenium:Rethinking the East Asian Miracle" (2001)
