한국과 일본의 경제성장과 위기의 동학

Abstract

Japan and South Korea had been well-known for their rapid economic success, while recently having severely suffered economic recessions. This study assumes that such economic crises in both countries, like their remarkable econ o m i c chievements in the past, are closely related to characteristics of economic institutions. Focusing on financial system, this article analyzes the characteristics of government- business relationship in South Korea and Japan. In doing so, this study explains the dynamics of economic growth and crises in both countires. In spite of seeming similarities, this article argues, the two countries had distinctively different patterns of economic growth and causes of the crisis. In South Korea government directly supervised the business sector by effectively controlling financial resources, while main banks in Japan were able to oversee business activities of corporations. Due to the growing accumulation ability of Japanese business sector in ‘financial restraint’ system, the financial sector has been excessively capitalized. It is the cause of the Japanese economic recession. However, the economic crisis of South Korea was caused by the weakening of the supervising role of government and the excessive investments of business sector without any effective supervision.