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금융화 경제에서의 임금주도 성장 전략

Wage-Led Growth Strategies in Financialized Economy

조복현
한국사회경제학회 (Korean Association for Political Economy)|2019.02|사회경제평론 (The Review of Social & Economic Studies)|제32권 제1호|pp. 29-67|DOI 10.17964/rses.2019.32.1.29

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참고문헌

키워드

금융화financialization임금주도성장성장분배모형growth-distribution modelwage-led growth
주제분류경제학

초록

1980년대 이후 선진 각국의 경제에서 금융화가 크게 진전되면서, 이것이 실물경제의 투자활동이나 경제성장을 위축시키는 역할을 해왔다. 이 논문은 칼레츠키언 성장분배모형에 금융화의 요소인 금융수익률 증가, 기업의 금융투자 증가, 기업의 경영선호 변화를 포함하여 이들의 효과를 분석하였다. 그 결과 금융화의 요소들의 변화에 따라 노동자 또는 금리생활자의 소비나 기업의 투자에 대한 반응 정도에 따라 정체주의, 활황주의, 중간적인 경우의세 가지 결과가 나타났다. 정체주의적 특성을 갖는 경제에서 자본축적을 증가시키고 성장을 지속시키기 위해서는 임금주도성장 전략이 필요하며, 이것이 보다 효과적이 되게하기 위해서는 금융화를 강화시켜온 기존의 금융시스템 개혁이 필요하다. 즉, 금융시스템을 자본시장 중심에서 은행 중심으로 전환해야 하며, 자본 유통시장의 단기적 투기적 거래를 억제하고 기관투자가의 세력을 완화시키기위한 증권거래세 및 자본이득세의 중과가 필요하다. 그리고 은행의 자산운용도 이것이 실물경제의 성장을 지원하는 역할을 하도록 규제해야 한다.

Abstract

This paper will show the effects of financialization on the capital utilization, profit rate, and capital accumulation using the Kaleckian growth-distribution model. The rate of financial return, the change of preference of management, and the financial investment in non-financial firm which are the elements of financialization can affect positively or negatively to the real macroeconomic variables depending on the response of rentier and labour in consumption and firm in real investment. Many empirical evidences have showed that the financialization have affected to the real macroeconomic variables negatively. For the wage-led growth strategies, the financial system which have strengthened the financialization should be reformed to assist the real economy. It is required that the financial system has to transform from capital market to bank based system. The pursuit of liquidity such as securitization, the speculative development of financial market, and the short-term portfolio investment strategies of institutional investors and so on should be regulated more strongly.

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금융화의 발전과 자본축적 : 포스트 케인지언 분석조복현한국사회경제학회 · 사회경제평론2015 · 제28권 제2호노동자의 부채와 성장체제의 변화민병길, 백종성한국사회경제학회 · 사회경제평론2021 · 제34권 제3호현대자본주의의 금융화 경향성과 쟁점들윤상우사회과학연구소 · 사회과학논총2013 · 제15호글로벌 금융위기와 금융주도 자본주의홍장표사회과학연구원 · 마르크스주의 연구2010 · 제7권 제3호금융주도 축적체제의 형성과 금융자본의 지배조복현한국사회경제학회 · 사회경제평론2004 · 제23호글로벌 금융위기에서 글로벌 케인지언 뉴딜로: 신 임금주도성장전략의 성공을 위한 과제서환주, 데이비드 닐슨한국사회경제학회 · 사회경제평론2014 · 제43호

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