寡占的 金融産業의 信用割當行態와 企業의 設備投資 = A Review on the Relationships between Oligopolistic Banking Industry and Business Investment

다국어 초록 (Multilingual Abstract)

The main purpose of this paper lies in a critical review on the existing literaturet of money transmission that explicitly dealt with credit rationing behavior of banking intermediaries. Three major lines of thought were brought into the focus of analysis, namely, stiglitz-Weiss type of credit rationing model of information economics, Davidson-Minsky type of financial crisis model of American post-Keynesianism and Moore-Roussea type of post Keynesia/Post Kaleckian model.
As a result of comparison and contrast possibilities of integration between the different approaches were identified, that is, credit rationing behavior of a profit maximising banking firm can be explained by mark-up pricing of its retail loan rate over the wholesale borrowing rate of which basis is externally determined by the central bank. Thus the quantity rationing of bank credit can be redeemed as a part of price administration of banking industry in dual structured oligopoly. In contrast with the orthodox neo-classical equilibrium models the apposite tenet was emphasised in the post Keynesian/post Kaleckian model, so that endogeneity of money supply driven by credit demand for business investment support the credit availability doctrine. The interest rate is thus recognized as a part of individual customer relationship in loan arrangement rather than an equilibriating force in financial market. In fact interest rate is determined by the central bank in the course of its intervention into the wholesale money market.
Some implications for monetary policy were drawn; conventional wisdom of monetarist quantity control of M2 or variants should be discarded because it cannot cure disease. Rather a selective control of credit was suggested with structural innovation and socialization of investment.

목차 (Table of Contents)

• 1. 머릿말
• 2. 貨幣的 生產經濟下의 貨幣의 特質
• 3. 銀行產業의 構造와 信用割當
• 4. 金融仲介市場과 通貨金融政策
• 5. 結論
• 參考文獻
• ABSTRACT