동북아 국가들의 경제성장과 금융제도의 발전 - 주류학파의 한계와 대안

According to the mainstream view, the well-functioning financial systems exert a large positive impact, irrespective of stages of economic development, on economic growth via two channels: capital accumulation and technological innovations. Despite the substantial theoretical and empirical work on the role of financial markets, experiences of Northeast Asian countries(including China, Japan, Korea) cast serious doubts on the mainstream view. These countries achieved phenomenal economic success in the face of severe financial repression, while the reform in financial sector had lagged significantly behind the development in other sectors. Therefore, it is not clear whether financial sector development promotes economic growth or developments in financial systems are, in fact, catching up with the growth in real sectors.<BR> This paper provides a selective overview of the literature on the mainstream view, with the aim of identifying its intrinsic limitations in explaining the commonly observed phenomenon of `rapid economic growth without financial development` in Northeast Asian countries. Particular attention is paid in this study to endogenous natures of financial repression as a key for the construction of alternative theoretical frameworks in the finance-growth nexus. This paper shows that financial reforms in Northeast Asian countries, from the historical perspective, can be viewed as an endogenous adjustment process responding primarily to economic growth.