북한 금융시스템 연구 -몽골 사례를 통해 본 개발은행 설립의 필요성을 중심으로-

Abstract

Under the socialist planned economy, North Korea maintained a unified banking system centered on the central bank, based on fiscal management in which all funds were distributed and controlled by the state. However, in the midst of economic difficulties since the 1990s, the role of finance is being emphasized as the supply of funds to enterprises by the state finances has been reduced. Meanwhile, since Kim Jong-un took power, improvement measures have been taken, such as the introduction of the regional commercial banking system, but the dependence on private finance is still high and the regional commercial banks are not functioning properly due to low reliability. Therefore, in order to normalize the stagnant industry in North Korea, a more active role of finance is required. In particular, it is necessary to expand the artery of money circulation for economic revitalization by providing long-term facility funds necessary for strategic key industries through the establishment of a development bank. In the past, many developing countries, including a number of socialist countries such as China, Vietnam, and Mongolia, introduced development finance to serve as a catalyst for the recovery of the domestic economy. I would like to suggest implications for North Korea by analyzing the case of the establishment of the Mongolian Development Bank, which was promoted in 2011 in Mongolia and has similarities with North Korea by using underground resources such as coal as the basis of its economy. Based on this, the North Korean authorities also concluded that it is necessary to consider the establishment of the North Korean Development Bank to convert the privately held funds increased by the progress of marketization into industrial funds.