우리나라의 금융구조와 경제성장-은행신용을 중심으로-

Financial Structure and Growth in Korea

1980년대 이후 우리나라는 금융자유화 정책으로 인하여 금융중개기능이 크게 향상되었으며, 금융구조도 시장중심 금융구조로 변모한 것으로 분석되었다. 오차수정모형 추정 후 분산분해분석과 충격반응함수(impulse response function) 분석을 실시한 결과. 금융자유화로 인한 가용신용의 양의 증가와 자금비용의 감소는 투자를 활성화시켜 산업생산 증가에 양(+)의 영향을 미친 것으로 나타났다. 특히, 산업별 분석에서는 내구소비재산업과 같이 은행신용에 의존적일 것이라고 판단되는 산업이 상대적으로 은행신용에 덜 의존적일 것으로 판단되는 비내구소비재산업의 생산에 비해 금융자유화에 따른 가용자금의 양적 규모에 더욱 많은 영향을 받은 것으로 나타났다.

Changes in macroeconomic environments and financial liberalization policies inKorea over the past 20 years has enhanced the intermediation function of nonbanking system and capital market as well as banking system. Based on thecriteria of size, activity and efficiency of capital market compared to the banking system, financial structure of Korea is found to have evolved to the market based system. Estimating Vector Error Correction Model and analysing the variance decomposition and impulse response function, we find that financial liberalization measures represented by the increase in the availability in credit and decrease in the funding costs have affected the investment and industrial production positively. Comparing a pair of sectors with one presumed to be bank credit dependent and another which thought to be relatively bank credit independent, durable consumption goods production has been found to be affected more by the availability of funds or decreased funding costs compared to the nondurable consumption goods production, even though we couldn't find any differences in the effect of financial liberalization measures in other pair of sectors.