중소기업의 수출지원을 위한 공적수출신용의 활용성과에 관한 연구

Utilization Performance Assistance of Officially Export Credit Extended as Export Support of SMEs

Purpose– This study investigates the effect of officially export credit on the export promotion of Korean SMEs during the period from 1990-2016. We analyzed whether the loans and guarantees provided by Korea’s Export-Import Bank for export support affect the export promotion of SMEs. Design/methodology/approach– For this analysis, an Export Supply Function Model was introduced. Prior to empirical analysis, stability testing of variables was conducted. The unit root test showed that all variables were I (1). Next, according to the results of the cointegration test, there was one cointegration vector between the variables used in the analysis. Accordingly, in this study, empirical analysis was conducted using the Vector Error Correction Model (VECM). Findings–The empirical evidence using the VECM showed that the officially export credit (guarantees + loans) variable did have a significant effect on SMEs’ exports. In the impulse response analysis, SMEs’ export response to the impulse of officially export credit showed that exports gradually increased until the fourth period, and then slowed down. Research implications or Originality–This study analyzed the effect of officially export credit on exports of SMEs by applying the VECM. In particular, this study is the first to analyze the short-term and long-term effects of officially export credit on exports of SMEs. The empirical evidence in the current study have a policy implication for the policy authority to support and promote the officially export credit on Korea’s export SMEs.