우리나라 輸出金融의 支援效果및 制度的 問題點 = Analysis on Effects and Programs of Export Financing System of Korea

다국어 초록 (Multilingual Abstract)

In the structure of capital, the Korean industries in genera have been led, in the process of high and rapid national economic growth, to show high ratio of borrowed capital against their own fund. In addition to this high dependence on borrowed capital, the high interest rates that have been prevalent in Korea for long time has placed the industries in unfavorable position against other major competing countries from point of capital cost.
Therefore, in order to safe the industries from uncompetitive positions resulted from high capital cost, the Goverment has been taking various kind of financial policies and measures with high priorities and privileges on export financing system. In other words, in order to keep the export loan interest rate to the equivalent level of international interest rates, the Government has adopted preferential interest rates, and furthermore, other financial benefits have also been provided to the exporters by way of increasing overall size of loan for exports.
This system of export financing is also practiced in many other major competing countries of South East Asia, with the only exception of Japan. When we are comparing our export loan system with other countries, it may be stated that the Korean loan systems are well balanced to the level of other countries with many favours such as loan rate, loan period, (i.e. the lower interest rate for export loan than other domestic loans), although the loan interest rate itself is comparatively higher than that of others. Accordingly, the comparative analysis in simple numerical terms of the systems indicates that the Korean industries are privileged with effectiveness of strengthened international competition in the aspect of opportunity cost of capital and improvement of productivity, despite of some disadvanges in financial cost against other competing countries.
However, despite this positive aspect we can see in the simple and comparative calculation of the systems, the actual contribution of the export financing systems toward the export promotion is assumed very negligible, according to the result of regression analysis. It may be because that the export financing systems in Korea has lost their flexibility in actual export activities, as the systems had not been managed selectively and elastically in line with the change of economic conditions domestically as well as internationally. This adverse phenomenon is attributable to the exporters, who have just enjoyed the routine and habitual loan privilege in the past and not exerted their full efforts to increase export volume to a greatest extent, oblivious of the ineffectiveness resulting from diminishing intensity of the loan itself and blindly following the strengthening loan support. Thereby, this export financing system has been degraded just as a neccessary evil.
On the other hand, this export financing system has brought about various subsidiary ill-effects in respect of national economy, such as inefficiency in distorted distribution of resources, sturdiness in overall financing system due to the quantitive expansion of export loan, limitted management capabilities resulted from interference to self-growth of enterprises, shortage in domestic supply, domestic price hike by increase of monetary supply, and other interference to proper utilization of domestic raw materials and insufficient promotion of domestic production of equipment and machinery. As a consequence, it may be stated that problems and tasks ahead in the export financing system in Korea are to minimize the ill-effects of the system mentioned above and to operate it with more flexibility.
To achieve this goal, short term export loan should be steadily decreased and directed toward the medium and long term loans, and the financial incentive should be reinforced so as to gain the improvement of foreign currency earning in real value. Also the difference of the interest rates between export loan and other domestic loans should be steadily corrected by an overall adjustment of interest rate, and this export financing system and policy should be administered with more flexibility along with over Government policies.

목차 (Table of Contents)

• Ⅰ.머리말
• Ⅱ.우리나라 輸出支援金融制度의 槪觀
• Ⅲ.輸出支援金融의 競爭力提高 效果
• Ⅳ.輸出支援金融의 輸出增大效果 推定
• Ⅴ.現行 輸出金融制度의 問題點
• Ⅵ.맺는 말