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지속적 발전을 위한 경제적 시스템에 관한 연구: 미국의 금융거래 및 조세의 투명성을 중심으로 cover image

지속적 발전을 위한 경제적 시스템에 관한 연구: 미국의 금융거래 및 조세의 투명성을 중심으로

Keyword
금융거래, 재산운용, 회계관리
Title
지속적 발전을 위한 경제적 시스템에 관한 연구: 미국의 금융거래 및 조세의 투명성을 중심으로
Authors
전승훈
Issue Date
2003-12-01
Publisher
KIPF
Citation
pp. 144
Abstract
The aim of this paper is to analyze the rules of economic activities in the US with respect to transparency. To this purpose, interviews were held with people who come from different professions, such as businessman, CPA, licensed real estate agent, and lawyer, who have been working in the US for over 20 years. Then the specific details were supplemented with documents.

It is observed that the basis of systems that discipline the economic activities in US lies on securing transparency. To study the levels of transparency in their process, the economic activities have been analyzed in three aspects: 1) financial transaction, 2) property management, and 3) accounting management of corporation and sole proprietorship.

The transparency of financial transactions is secured by application of the following three mechanisms. First, in principle, the bank obtains the financial records through the personal checks and credit cards transactions that provide both recipient and account holder's information and keeps them as reference. There is no underground private money market in US and almost all the financial transactions are done through financial institutions. Secondly, it is required to report to IRS(Internal Revenue Service) for the financial transactions over a certain amount - the transactions over $10,000 or $5,000 with suspicion. Also, it is required to report to the tax authorities if a wage over $10($600 for a payment of winning from gambling) has been paid to another party. At last, the personal credit history built from financial transactions, such as loans and payments is stored in the database and used for credit rating.

In the property management, on the basis of financial transparency, the real estate trade and price revaluation system secure the transparency and credibility of the real estate value for taxation. The real estate market in US is a perfectly competitive market for the reason that the property profile including value is completely open to the public and that anyone could intermediate the deal. According to the procedure of real estate transactions, lawyers from both seller and buyer sign the written contract that contains the price and conditions of the sale, and the transfer of payment is managed as an escrow account and settled by the lawyers at the closure of the deal. Under this circumstance, a false statement of the deal cannot be achieved in the perfectly competitive market and therefore, the fair taxation is realized. When it comes to assessment of property tax, the fair market value is computed through equalization system of state and local governments that has developed on the basis of the history of real estate sale prices.

On the basis of the transparency in business activities, the US system is analyzed to be consist of additional two subsets which are the autonomy of individual economic activities and ex post corrective mechanisms by government. In the view of guaranteeing the autonomy of individual economic activities, the whole process is under the individual's freedom to earn and spend money, and to file the income and pay the taxes. Individuals and enterprises do not have any relations with tax authorities until they become a selective target of tax audit. This is the reason that business men have no acquaintance with tax officials in daily business. Under these circumstances, individuals and enterprises will be able to be free from the influence of government officials if they do not violate the law. This is very likely that cars are going as they want and the police issues a traffic citation to only those who violate the regulations.

The ex post corrective mechanisms of the government remedy misbehavior of individuals and enterprises adding to the self-purge function on the transparency. The core of this mechanism is in fairness. One of the characteristics of the ex post corrective mechanisms is that it is applied more strictly to the people of high social status. The higher people in social status are, the more likely they are prosecuted. This is the wisdom of the US cutting off the head of fish before the entire goes rotted.

How does the system of “transparency, autonomy, and ex post corrective mechanism" lead the economic activities of individuals and result in long-term economic performance of the society? As an individual, the only way to enjoy high standards of living in US system is to work hard and pay taxes honestly. In the operation of business, an easy access to a loan with low interest is available only to those with a good credit history.

Socially, this kind of system propels a sustainable economic prosperity with high efficiency and social trust. The transparency of financial transactions and the fair taxation ensure the justness of wealth and the autonomy increases individual creativity and social efficiency. The government's ex post corrective mechanism has a function of filtering the impurities after the transparency has operated. In order for any society to attain economic prosperity, the three conditions must be fulfilled: social justness of wealth should be approved by the society, the autonomy must be enhanced greatly, and mutual trust and harmonization are secured. In the case of the US, the system of "transparency, autonomy, and ex post corrective mechanism" realizes these conditions and leads the country with various races to keep on enjoying high living standards.

This transparency system of the US can be a model to Korea aiming sustainable economic prosperity. In Korea, social justness of wealth is not sufficiently approved. This is because the wealth was built up too rapidly and the transparency was lacked in that process. The same story goes to the autonomy. The autonomy stands on the basis of the transparency and social trust which are lack in Korea. Finally, it is natural that social trust and harmonization are not realized due to the imperfection of the transparency and fair corrective mechanism. The conflict structure of labor and management is a good example of this. In order for Korea to be on the track of sustainable economic development, the efficiency and social trust must be secured, which will be realized through the autonomy and the fair ex post corrective mechanism based on the transparency of financial transactions and taxation.



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Keywords
금융거래, 재산운용, 회계관리
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