금융발전이 소득불평등에 미치는 효과: 한국경제에 대한 시사점 (The Effects of Financial Development on Income Inequality: Implications for Korea)

서지정보

· 발행기관 : 한국금융학회
· 수록지 정보 : 금융연구 / 32권 / 3호 / 63 ~ 100페이지
· 저자명 : 신관호

초록

본 논문은 한국의 소득불평등 변화양상을 개괄한 후, 민간신용 및 주식시장의 크기가 GDP에서 차지하는 비중을 금융발전의 측정치로 삼아 금융발전이 소득불평등에 미치는 영향을 분석하고, OECD 국가들의 금융발전 양상과 한국을 비교하여 한국에 대한 시사점을 찾는 것을 목적으로 한다. 본고에서는 Park and Shin(2017)의 발견, 즉 금융발전이 지나친 경우 소득불평등을 악화시킬 수 있음을 재확인하였다. 특히 OECD 국가들을 소득불평등이 악화된 국가 그룹과 그렇지 않은 국가 그룹으로 나누어 이들 국가들의 금융발전 양상을 비교 분석한 결과, 소득불평등이 악화된 국가들에서 양적인 금융발전이 보다 빠르게 진행되고 있는 것을 확인하였다. 이러한 발견들을 바탕으로 본 논문은 정책적 시사점을 제공하였다.

영어초록

After examining the evolution of income inequality in Korea, we investigate the effects financial development have on income inequality. In past literature Korea was exemplified as a country that, despite its rapid economic growth, did not experience worsening of income inequality. However, we observe that ever since 1994, when rapid economic growth was already over, Korea has started to experience increases in income inequality.
We measure financial development using the credit-to GDP ratio and the stock market capitalization to GDP ratio. Income inequality is measured by the Gini index and the top 1 percent income share. Although we use a more extended data set, we find that excessive financial development aggravates income inequality, which is consistent to the findings of Park and Shin (2017). Since Korea has already passed the turning point at which more financial development may aggravate income inequality, caution is warranted to prevent further harmful effects of financial development on income inequality.
We divide OECD countries into two groups based on whether the last year’s Gini index of disposable income is greater than 30 (Group 1) or not (Group 2). In general, countries in Group 1’s income equality deteriorated more rapidly than of those in Group 2. At the same time, we also observe that countries in Group 1 experience financial development at a quicker pace. Korea’s current income inequality is not as severe, but worsens almost at the same speed, as that of most countries belonging to Group 1. We provide policy suggestions based on our findings at the end.

참고자료

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