공간생산의 금융화 금융지리학의 관점에서 = Financializing the Procurement of Infrastructure by Public-Private-Partnership? A Perspective of Financial Geography

다국어 초록 (Multilingual Abstract)

For the last two decades, Korean government has utilized Public-Private-Partnership(PPP) program in order to provide large-scale infrastructures such as road,railway, harbor, etc. The development of PPP program is related to the discourseof financialization, or the dynamic integration between spatial and capital by usingnew financial methods including project finance. In terms of financialization, thispaper aims to introduce concepts of financial geography and to illustrate the basicstructure of project finance. By reviewing previous approaches on financialization,I employ the perspective of Marxian view on the relationship between capital andspace in what Harvey contributed through his analysis of capitalism. I also emphasizethe perspective of financial geography on basis of valuation methods in order tounderstand the dynamics between capital and space. Consequently, it is revealedthrough a valuation analysis that the South Korean government should have beenpaid for a large amount of subsidy for minimum guarantee revenue even in thePPP programs.

국문 초록 (Abstract)

지난 20년 동안 민간투자사업은 한국의 주요 도로와 철도 등 기반시설을 설치하는데 활용되어 왔다. 이 사업들은 공통적으로 민간자본을 유치하기 위해 프로젝트 파이낸스(project finance) 기법을 활용하고 있다는 점에서 공간시장과 자본시장의 역동적 상호관계를 주장하는 금융화 개념과 맞닿아있다. 이와 같은 인식을 바탕으로 이 논문은 정치경제학과 지리학에서 논의되고 있는 금융화 이론과개념들을 설명하고, 그중에서 하비의 투자전환 이론을 통해 기반시설 설치사업의프로젝트 파이낸스의 작동원리를 설명하고자 한다. 문헌 분석을 통해 이 연구는기반시설을 포함한 공간개발 시장을 이해하기 위해서는 금융화 연구흐름 중에서마르크스주의에 기반을 둔 투자전환 이론을 기반으로 하는 금융지리학 접근이 필요하다고 주장한다. 경험적 차원에서, 이 연구는 민간투자사업의 최소운영수입보장 비용의 도출원리를 조명했다. 자본 유통에 필요한 교통시설을 설치하는 비용은 일시적으로 줄어드는 것처럼 보이지만, 궁극적으로 국가의 보조금 정책으로인하여 재정부담으로 돌아왔다는 사실을 확인했다.

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