미국 금융위기와 신자유주의 경제질서
The U. S. Financial Crisis and Neoliberal Economic Order
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미국의 금융위기는 단순히 금융기관의 도덕적 해이나 정부당국의 감독 미비에서 초래된 것이 아니라, 현재의 금융시스템과 금융시장 발전에 내재해 있는 근본적인 결함으로부터 발생한 것이다. 그리고 이러한 금융시스템과 금융시장 발전을 가져온 신자유주의 경제질서의 내재적 한계로부터 발생한 것이다. 규제완화와 금융혁신의 결과 강화된 자본시장의 과도한 유동성과 수익성 추구는 자본시장과 신용의 과잉팽창을 가져와 금융부문 전체의 위험과 취약성을 증대시켰다. 금융취약성의 증가는 당연히 금융위기를 초래하게 되며, 발전된 금융세계화 속에서 한 나라의 금융위기는 곧바로 세계적인 금융위기를 초래하게 된다.
Abstract
The U. S. Financial crisis is resulted from the inherent faults of financial development which has developed during the last thirties and has been based on the neoliberal economic order. In the last thirties, financial liberalization and innovation in the financial sector have boosted the liquidity and profitability of financial sector by reducing risk and illiquidity of financial assets. It has led to the excessive expansion of financial securities and loans, which is likely to result in financial fragility and financial crisis. The risk and illiquidity of a individual may be reduced by financial innovation, however the those of a economy as a whole can not be reduced by any technical innovations. Rather the latter will be increased through the innovation and development which can reduce of the former, due to the increase of financial assets with high risk. The U. S. financial crisis is led from the above process developing in the neoliberal financial development.
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