1950년 한미경제안정위원회의 설립과 안정화정책의 성격 = The Korean-American Economic Stabilization Committee and its stabilization policy in 1950

다국어 초록 (Multilingual Abstract)

This study examines the process of the Korean-American Economic Stabilization Committee and the meaning of the committee`s stabilization policy. The Korean-American Economic Stabilization Committee was the pathway which the Economic Cooperation Administration(ECA) could directly intervene in the economic policy of Korea. Although the committee`s main work was to combat inflation, it actually sought to rationalize fiscal management and recognize prices necessary to balance international payments. The goal of the ECA project in Korea was to balance international payments in three years. Therefore, the stabilization policy in 1950 meant a rapid internal adjustment of the economy. ECA project was launched by the Korean American Economic Aid Agreement in December 194IIIThe agreement stated that the ECA could be involved in the overall economic policy. However, the ECA did not have a direct pathway that influenced the policy making course. The ECA`s role was limited by an advisor, which made it difficult to adjust the Korean economy and achieve their goal in 1949. In 1949, when the rice prices increased rapidly and inflation crisis was on the verge of breaking out, the American government pressured the Korean government to establish a Korean-American Economic Stabilization Committee and authorize the committee to operate an action countering the inflation entirely. As a result, the committee made every possible economic policy in the name of stabilization from January to June 1950. The stabilization policy focused on rationalizing fiscal management and recognizing a price level. Although the major cause of inflation was the expenses spent on excessive security and defense, the committee sought to increase tax collection, eliminate voluntary contribution, and reform fiscal disbursement process because they could not discontinue the expenses for security and defense. In addition, the committee worked on increasing public utility fees, prices of aid goods and exchange rates. The committee considered the Korean government`s control of prices only extended the budget deficit and provided hidden subsidy to certain groups. That is, the ECA believed the Korean government did not handle the economic situation clearly. As a result of the stabilization policy, the inflation was relieved in several months. Nevertheless it was contradictory for the committee to leave the excessive security and defense expenses as they were. While poor fiscal management of the Korean government was mainly caused by the social environment the nation was divided and the red purge prevailed. After all, since the stabilization policy was the rapid internal adjustment of the economy, it sacrificed small businesses, exporters, peasants, and the lower classes of the city. The Korean economic policy had been formed under the strong American influences until the 1960s. The Korean-American economic stabilization committee was the first attempt of America to systematically intervene in the Korean economic policy. American demands and the issues between Korea and America in the committee had been repeatedly brought up after the Korean War. Therefore, understanding the context surrounding the committee is important in understanding how the Korean government has formed its developmental strategy.