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- 저자 : 池光植 (검색결과 6 건)
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池光植 단국대학교 대학원 1990 學術論叢 Vol.14 No.-
The object of the paper is to examine the impact of change in the money supply on the price, on the classical and modern quantity theory of money. Particular emphasis is placed on the role of money supply and price expectation in explaining the movement of price level. It has long been claimed that money stock and the price level are positively relatived. Furthermore, monetarist, rational expectationist and supply side economist has provided, some evidence that money supply trends to lead the price level in some sense. The structure of the paper is as follows. Following the introduction, the main claims of monetarists are reviewed in chapter, Chapter explain the background of the money control problem confronted by the monetary authority based on the analysis upon the determinants of money supply. Chapter adopted the traditional monetary base model for money supply function, Chapter analyze between money and price, the last chapter summerized thd above results. Macro-economic theory, the quantity theory of money, and many empirical studies support those empirical observations. Korea has experienced prolonged inflation over the last two decades. The accumlative growth of money stock might not have been the major cause for the past inflation. In order to investigate the impact of in the money supply on the price level. The rapid accumulation of the monetary stabilization bonds and monetary stabilization account which were used to reduce money supply. I briefly summerlized this paper the result shows that the effect of price expectation on the change in price level is significant. On the basis of this result, I suggest that the monetary authority should maintain a constant rate of increase in the money supply.
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池光植 단국대학교 대학원 1988 學術論叢 Vol.12 No.-
It is argued that the financial innovation makes the definition of money and cause the instability of demand for money function and transmission mechanism of monetary policy. Financial innovation operates in somewhat different with technological change. It is realized that innovations reflect unanticipated changes in money demand as well as in the money supply. Financial innovation largely consists in the development of new ways of bundling the basic service. The objective of this paper is to survey recent financial innovation and to explain the process of financial innovation and further the conduct of monetary policy. In particular, innovations in financial institutions and practices have improved the ability to bear risk, lowered transaction costs (Auto Teller Machine), and circumvented outmoded regulations. In Chapter Ⅱ, I provided the theoretical foundation of the financial innovation. In Chapter Ⅲ, I surveyed background and situation of financial innovation in the major advanced nations. In Chapter Ⅳ, I observed the structual changes of financial markets and the present phase of financial innovation in Korea. In Chapter Ⅴ, I aruged the casual chain from financial innovation to banking and further to the condust of monetary policy. There have certainly been enough changes in the financial environment to call for reassessment of monetary policy. The reappraisal of monetary targets may be briefly summarized as follows; First, it was argued that the reduction in transaction costs in creases the interest-elasticity of the demand for money, thus flattening the LM curve. Second, financial innovation blurs the distinction between money and other financial assets. Third, financial innovation, in cluding multination banking seems to have theatening portents for the effectiveness of bank reserve requirement. I briefly summarized this paper and suggested policy implication. According to the progress of financial innovation, the following efforts are required for efficient monetary control. First, monetary assistance indicator that reflects the liquidity should be developed. Second, the transmission mechanism of monetary policy should be developed. Third, the transmission mechanism of monetary policy should be studied more thoroughly in the theoretical and empirical way. Forth, the flexible application of conbination policy should be considered.
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李康濟,池光植 단국대학교 상경대학 1993 商學論叢 Vol.20 No.-
The money supply policy which affects the goods economy of a nation develops in accordance with the stage of economic development of the nation ; and as the characteristics of the money supply policy vary with the changing conditions in the national economy its characteristics vary accordingly. Monetary policy based of the Quantity Theory of Money, which assumes money quantity to be an exogeneous variable, aims at controlling inflation and business cycles through manipulating the quantity of money in the national economy. In this paper, using a Granger-Sims model, econometric analysis to determine the causes and effect was carried out using the indexes of M_1, M_2, M_3, WPI, CPI, and GNP deflator. The regression analysis indicated a unidirectional effect of the explanatory variables on the dependent variables After this confirmation a rational espectations empirical analysis was attempted. The results of this study may be summarized as follows: First, from the 1st quarter of 1971 to the 4th quarter of 1990 M_1 and M_2 had a unidirectional effect on WPI and CPI. Second. prices were influenced but unemployment had a low effect ; thus we can that it was influenced by variables after than a significant effect on the unemployment level.
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