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금융위기와 금융시스템의 안정성을 위한 통화신용정책

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Frame of Image ············ 2 II. 금융위기와 통화신용정책 ········································································· 6
1. 통화신용의 팽창 및 수축과 금융위기 ·················································· 6 2. 금융위기 전후의 유동성과 금리 변동 추이 ········································ 9 3. 저금리 및 과잉유동성과 금융위기 사례 ············································ 13
III 저금리 기조의 지속성 강화 요인 ························································· 19
1. 테일러룰(Taylor Rule)과 빅셀리안룰(Wicksellian Rule)을 이용한 분석 ······························································································ 19 2. 정책금리의 물가에 대한 민감도 계수가 낮은 이유 ························ 23
IV. 금융시스템의 안정성을 위한 통화신용정책의 모색 ······················ 31
1. 물가안정 목표의 불균형 완화 ······························································ 31 2. 중앙은행의 목적 재검토 ········································································ 33 3. 실질금리와 자연이자율의 괴리 축소 ·················································· 35 4. 금리정책이 시장의 기대에 미치는 효과 극대화 ······························ 35 5. 최종대부자 기능과 효과적 출구전략 ·················································· 37
참고문헌 ············································································································ 39
<요 약>
과도한 저금리 기조와 그에 따른 과잉유동성은 금융위기의 중요한 배경 중 하나이다. 우리나라의 통화정책 기조를 테일러룰(Taylor Rule)과 빅셀 리안룰(Wicksellian Rule)을 이용해서 평가해볼 때, 한국은행의 정책금리 는 물가에 비교적 둔감하게 반응해 왔으며 저금리 기조의 지속성도 강화 되었음을 알 수 있다. 저금리의 지속성이 강화된 이유로는 우리나라의 물 가안정 목표가 주요 선진국에 비해 높아 물가안정 목표를 맞추기 위해 금 리를 인상할 필요성이 크지 않았다는 점, 그리고 환율에 대한 고려 및 출 구전략의 지연 등을 꼽을 수 있다. 저금


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Title 금융위기와 금융시스템의 안정성을 위한 통화신용정책
Similar Titles
Material Type Reports
Author(Korean)

하준경

Publisher

[서울]:한국금융연구원

Date 2010-11
Pages 44
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Holding 한국금융연구원; KDI 국제정책대학원

User Note

본 연구는 한국금융연구원의 지원을 받아 수행되었으며, 연구내용은 집필자의 개인의견으로서 한
국금융연구원의 공식견해와는 아무런 관련이 없음을 밝힌다.