성장잠재력 제고를 위한 금융정책 과제

Abstract

Structural problems of the Korean economy as evidenced by wide swings in FX movements and real estate bubbles are deeply connected with the fragile financial sector. Weak capital accumulations and hot money have created asset price bubbles rather than facilitating economic development, and anomalous capital flow uphill in the region turns out to be the root cause of the current financial crisis. It is thus imperative to promote Korea's economic potential by overcoming fundamental vulnerabilities of the financial sector. Financial policy measures and regulations should be focused on helping promote both capital formation and accumulation, while strengthening market infrastructure and market disciplines. Risk-taking needs to be supported with better capital cushion. Short-termism and biased compensation scheme have to be realigned within an improved regulatory structure to minimize social costs. At the same time, alternative financial services for small and medium sized enterprises need to be established to achieve sustainable economic growth potential in an increasingly polarized economy.