정책금융
Policy Finance
민간 금융시장이 적절히 충족시키지 못하는 부문에 정부가 정책적으로 개입하여 신용을 배분하는 금융 방식. 한국에서는 1961년 박정희 정권의 은행 국유화 이후 경제개발계획의 핵심 수단이 되어, 수출기업과 전략산업에 저리 대출·차관 지급보증·선별적 신용할당을 집중 공급했다. 재벌은 이 정책금융을 통해 자기자본을 초과하는 규모로 확장했고, '사적 이윤, 사회적 위험'이라는 한국 발전국가의 구조적 비대칭이 제도화되었다.
출처
- encykorea.aks.ac.kr Encyclopedia of Korean Culture: authoritative Korean-language definition of 정책금융 as government financial intervention to compensate for market failures in credit allocation; periodization of Korean policy finance from the 1950s through the 2000s, including the 1960s transition to a full policy-finance system under the military government, the 1970s expansion for heavy-chemical industrialization, and the instruments used (direct lending, interest subsidies, on-lending, credit guarantees)
- documents.worldbank.org World Bank Research Observer (Vittas & Cho, 1996): theoretical foundations of policy-based lending; analysis of Japan and Korea as relative successes of directed credit; essential conditions for effective policy finance including reliance on private sector, export orientation, government-business consultation, and credible development plans; contrast with widespread failures of directed credit in other developing countries
- countrystudies.us U.S. Library of Congress Country Studies: Park Chung Hee's nationalization of all commercial banks in 1961, government control over foreign borrowing and institutional credit, and the resulting centralized direction of business credit
- fsc.go.kr Financial Services Commission of Korea: official periodization labeling the 1970s as the 정책금융시대 (Policy Finance Era), during which the HCI drive and emergency financial measures (8.3 measure, institutionalization of curb-market funds) were carried out through policy-based credit