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백용호 이화여자대학교 한국문화연구원 1994 韓國文化硏究院 論叢 Vol.64 No.2-3
During the 1990s much of what we have come to know as "the banking and financial service industry" will be undergoing rapid change. One of the important change is interest rate deregulation, resulting in competition as to the prices charged for services and the rates paid for deposited funds. Price competition in banking and in other financial institutions consists of offering customers more money if they will bring their deposits. And it also means offering to lend money to customers and charge a lower interest price than charged by other competitors. So far, of course, in the banking and financial markets both services and prices are regulated by government. That is, the kinds of services which can be offered, the prices which can be charged to borrowers-all these aspects of competition are limited and controlled by government regulations. If these kinds of deregulation occur, it will have a dramatic impact on financial institution and, especially, ongoing interest rate. At this point it is very important to stabilize interest rate even after deregulation. This paper propose three solutions to stabilize interest rate; stable money supply, sound cash flow and high productivity of financial institutions.
백용호 이화여자대학교 한국문화연구원 1988 韓國文化硏究院 論叢 Vol.54 No.-
Recently our economy has made remarkable achievements. One of these achievements is current A/C surplus since 1986. Korea's current A/C surplus with the world was reported to be about $9.8 billion in 1987, which is 90% higher than the figure in 1986. Korea needs to run some surplus in order to pay its foreign debt and to reduce its debt-servicing burden. But these surplus has brought many pressure on Korea's economy. First of all, trade surplus directly increase domestic money supply. Also Korea's bilateral trade surplus with the world, especially with the united States, offers some basis for arguing in favor of exchange rate adjustments and increasing market opening for U.S. products. The Purpose of this paper is to investigate the effects of current A/C surplus on the Korea's stock market, especially via increase in the domestic money supply and currency appreciation. Although we do not regress using these variables, the historical experience in Japan and Taiwan give the confidence that current A/C surplus generally tend to increase stock price too much, particulary via international hot money. So we have following policy implication: if we want to stabilize the stock price movements, we must deal with current A/C surplus effectively. The policy course may be different with Japan and Taiwan because Korea should take to meet Korea's desire to reduce its external debt. A desirable course for Korea may be to slow down the rapid growth include increasing market opening for world product and gradual goreign exchange liberalization, if the trade surplus grow excessively.