통화동맹의 사례를 통한 단일통화당국의 중요성 고찰 = A Study on Importance of the Single Monetary Authority from the cases of Monetary Union

국문 초록 (Abstract)

최근 지역화 현상의 약진이 두드러지며 지역 간 통화동맹이 진행되는 현상을 볼 수 있다. 본 논문은 통화동맹의 사례들을 고찰하여 통화동맹이 유지되기 위해서는 단일통화당국을 갖는 것이 중요하다는 것을 살폈다. 6개 통화동맹(라틴 통화동맹, 스칸디나비아 통화동맹, 동아프리카 통화지역, 서아프리카 경제통화동맹, 중앙아프리카 경제통화공동체, 유럽경제통화동맹)의 사례를 Corden이 정의한 유사환율동맹과 완전한 환율동맹으로 구분하여 고찰하였다. 연구결과에 따르면 현존하는 통화동맹은 모두 단일통화당국을 설치하여 유사환율동맹의 문제점을 보완한 완전한 환율동맹이었다. 이에 본 논문은 Corden이 제시한 유사환율동맹의 문제점을 해결할 수 있는 두 가지 방안 중 단일통화당국의 설립이 완전한 환율동맹에 이르는 효과적인 방법임을 확인했다.

다국어 초록 (Multilingual Abstract)

The localization phenomenon has become prominent recently and the regional monetary union has progressed. This study examines that the existence of an independent monetary authority is affecting the sustainability of the monetary union. The case of six monetary unions(LMU, SMU, East African Currency Area, WAEMU, CEMAC, EMU) is categorized into the pseudo-exchange-rate union and the complete exchange-rate union by Corden defined. According to the study, the existing monetary unions are the complete exchange-rate unions that set up a single monetary authority to overcome the limitations of the pseudo-exchange-rate union. Corden proposed two possible solutions to resolve the problems of the pseudo-exchange-rate union in his work. This paper verified that the establishment of a single monetary authority is an effective measure to achieve the complete exchange-rate union.

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