金融革新에 따른 通貨信用政策 = A Study on Financial Innovation and Monetary Policy

다국어 초록 (Multilingual Abstract)

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.

목차 (Table of Contents)

• Ⅰ. 序 論
• Ⅱ. 金融革新에 關한 理論
• Ⅲ. 主要國의 金融革新 背景과 展開過程
• Ⅳ. 韓國의 金融革新
• Ⅴ. 通貨信用政策
• Ⅵ. 結 論