시스템 위기하의 포용적 성장 위한 중소기업 정책금융과 통화정책의 한계 (Systemic Risk, SMEs’ Government-Supported Financing for Inclusive Growth and the Limit of Monetary Policy)

서지정보

· 발행기관 : 한국중소기업학회
· 수록지 정보 : 중소기업연구 / 40권 / 4호 / 95 ~ 116페이지
· 저자명 : 이종욱

초록

2007년 미국발 금융시장에서 시스템위기가 한국으로 전염되어, 2009년 정부는 과감하게 중소기업 정책자금을 급격하게 증가시킨 정책효과 분석은 두 가지 시사점을 준다. 첫째, 현재 정책금융의 비중이 선진국의 중소기업 포용적 금융 수준에 미흡하며, 학술적으로는 처음으로 추상적인 시장실패 대신 신용등급의 분포를 통해 중소기업에 대한 정책자금의 필요성을 설명하게 된다. 둘째, 4개 중소기업 정책금융기관의 2009년 시스템위기 시기의 서베이 기업자료 중 제조업만 선별하여 분석해 보면, 시스템 위기 전후로 중소기업 정책자금이 중소기업의 외부 금융접근에 포용적 금융역할을 하고 있으며, 중소기업진흥공단과 기술보증의 정책자금이 중소기업의 은행 차입금에 접근하는데 보완재 역할을 한다. 중소기업 정책자금 지원은 시스템위기를 극복 하는데 기여하였다.

영어초록

The system crisis in the US financial market in 2007 spread to Korea. and then external financing of SMEs became more difficult in 2009. This paper to analyze the effect to increase SMEs’ government-supported funds drastically contributes to the academic literature in two ways. First, it shows that the proportion of the current government-supported SMEs’ finance is insufficient for the inclusive financial level for SMEs in developed countries. For the first time in Korean academic literature, it explains the difficulty of SMEs’ accessing financial markets through the distribution of credit ratings instead of abstract market failure and asserts the need for policy funds. Second, by selecting only the manufacturing enterprises surveyed by four SMEs’ policy-supported institutions-Small and Medium Business Corporation (SBC), Korea Credit Guarantee Fund, Korea Technology Finance Corporation (KIBO), and Kores Federation of Credit Guarantee Foundations-, their increases under the system crisis contributed greatly to external financing of SMEs. Before and during the financial crisis, SMEs' government-supported funds play an important role in determining the financial access of SMEs, and these financial institutions increase the proportion of inclusive financing for SMEs in Korea. Empirical findings in this paper show that, in the 2009 system crisis, SBC’s’ funds and IBO’s funds have a statistically significant effect on the bank borrowings of SMEs. Government-supported SMEs’ funds can be interpreted as creating complementary effects in financial markets. Especially, SBC’s direct loan as well as Kibo’s guarantees and SBC’s surrogate loans made important contribution to recovering the financial intermediation for SMEs under the systemic risk. SMEs’ government-supported funds in 2009 in which systemic risk occurred were crucial in making their external financing and inclusive growth. They will also make future sytemic risk in the small open economy like Korea.

참고자료

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