• 한국항만경제학회지
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• 제19권2호
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• pp.177-202
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• 2003

Balassian Approach of regional economic integration has been mainly aimed at improving conditions for regional trade since 1960s. After the financial crises of the late 1990s, however, the theoretical approach to regional integration will have to be a different one as regionalism have to offer enhanced protection against crises. The aim of this paper, above all, is to provide a theoretical framework for the emerging new monetary regionalism. Regions that wish to strengthen their co-operation in monetary and financial affairs today have the option of monetary regionalism without trade agreement. East Asian region will become an increasingly important domain within which to explore enhanced protection against financial crises. And as Korea seems to play a crucial role in building regional integration among ASEAN＋3(Korea, China and Japan) countries, alternative policy for Korean economy to be the North-east Asian Economic Base need to be schemed on the basis of Balassian as well as monetary regionalism.

• 기술혁신학회지
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• 제5권1호
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• pp.72-89
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• 2002

This paper is based on a belief that, it is the simplest and best way measuring intangibles and knowledge assets on a monetary base, although there are many efforts to measure it. We analysis and compare with accounting, appraisal and valuation standards on Korean, USA and global level each. We conclude that valuation is appropriate for intangibles and knowledge assets, but we should check the standards of valuation on a social base in Korea.

• East Asian Economic Review
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• 제22권2호
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• pp.217-239
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• 2018

This paper tests empirically the causal relationship between bank loans and the monetary base before and after the adoption of inflation targeting in seven Asia-Pacific countries using Toda-Yamamoto Granger non causality test and the bootstrap test for causality. The most striking finding is that the bank loans Granger cause the monetary base during the inflation targeting period in all the countries, except Japan, which was under the influence of the quantitative easing, whereas the causality appeared diverse before the inflation targeting regime. This result implies the need for the policy makers to take the endogenous nature of the money supply into account in the modern economy.

• 동아시아경상학회지
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• 제5권1호
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• pp.33-49
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• 2017

This article can see the analysis of the monetary market of Russia at the present stage, its main segments. An assessment is given to the regulation of mechanism by liquidity, the transactions of the Bank of Russia on the provision of liquidity and on absorption of liquidity, the transaction of fixed action and the transaction in the public market are analyzed. To determine the tendency of development of the monetary market and its segments. In the work using the methods of multivariate statistics, the tools of financial mathematics. To be analyzed the amount of data from the 2015 -2016 year, the 2013 year. (daily data). Hypothesis 1. The dynamics of the money market of Russia at the present stage of development of domestic economy is rather stable. Hypothesis 2.The many transactions of regulation to decrease the liquidity of by monetary movement, the control function. Also in the article consider the contour of the financial transaction. This article reveals the theoretical bases of analysis of profitability of credit operations.

• 분석과 대안
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• 제2권2호
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• pp.143-162
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• 2018

This paper focuses on the policy framework about "Quantitative and Qualitative Easing (QQE)" of Japan, and analyzes reasons why the policy goal was not reached. The QQE was introduced by the Bank of Japan in 2013 with the purpose of meeting the price stability target of 2% and getting out of deflation that prevents sustained price decline. However, despite the implementation of the bold monetary easing policy unprecedented in the world, the policy goal was not achieved as of June 2018. As a result of analyzing the causes, the following three structural factors were confirmed. 1) The rise in prices by QQE was limited because Japan's consumer price is strongly depending on import price. 2) The effect is high degree of uncertainty and limited because theoretical framework of reflationist which adopted QQE depends on "expectation formation" by "self-fulfilling expectation" and "multiple equilibria". 3) It was confirmed that the expansion of the monetary base did not lead to money stock due to the existence of Japanese liquidity trap, long-term low interest rate policy.

• 동아시아경상학회지
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• 제6권1호
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• pp.1-31
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• 2018

Purpose - This study is to analyze indicators characterizing the monetary turnover and its determining factors. Also this paper looked at the evolution of monetary aggregates of the Russian Federation, Australian, Sweden, Denmark, countries of CIS at the present stage of development and in the historical context. Research design, data, and methodology - The scale of research on Russia: to be analyzed the amount of data from the 2011 by 2016. In the historical context of the estimated data in the 1900-2011. On Belarus - the 2007-2017, on Tajikistan - the 2000 - 2017, on Kazakhstan - the 2000-2017, on Kyrgyzstan - the 2000-2017, on Australian - the 1959-2017, on Sweden - the 2009-2017, on Denmark - the 1999-2017. Results - Hypothesis 1. In Russian Federation the monetary stock has the steady tendency to growth. The dynamics of money supply in Russia is largely determined by historical events. Hypothesis 2. The dynamics of money supply the leading countries-partners has the tendency to grow. The monetary amount of countries-partners are analyzed is largely determined by external debt, GDP, the exports, the imports, the international reserves. Conclusions - The dynamics of monetary stock of Russia is determined by the historical events in many respects. The Russian Federation maintains a steady and the liquid economic position in the case of considerable amount of monetary stock and the high degree of its surplus. In most of the countries studied, the monetary supply has a significant volume exceeding the needs of the economy. If the distribution of monetary mass is adequate and there is a vertical of financial control, this will not have a negative impact on the country's economic stability and the development.

• 동아시아경상학회지
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• 제7권3호
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• pp.13-48
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• 2019

Purpose - This study is to analyze the monetary indicators and the key macroeconomic indicators and to assess the effectiveness of state regulation on its basis. The analysis of monetary aggregates of Russian Federation, CIS, the countries of leading countries of North-East Asia at the present stage of development. Research design and methodology - The volume of data on Russia was analyzed from the 1995 to the 2018. The data from the 1950 to the 2019 were estimated on China. The data from the 1980 to the 2018 were estimated on Japan. On South Korea - since the 1960 to the 2018. On Republic of Belarus - since the 2003 to the 2018. On Tajikistan - from the 2008 to 2017. On Kazakhstan - from the 1994 to the 2018. On Kyrgyzstan - from the 2002 to the 2018. On Armenia - from the 2003 to the 2018. Results - Hypothesis 1: In Russian Federation, the monetary stock has a stable tendency to grow. The volume of money stock of Russia and the analyzed countries is much determined by external debt, GDP, the export, the import, and the international reserves. Hypothesis 2: The growth of money supply does not always give a positive effect in the development of the country, as well as a significant increase in the amount of money stock does not always lead to negative consequences. The monetary stock should be commensurate with the macroeconomic indicators of the state. Conclusions - The growth of the monetary stock does not always give a positive effect in the development of the country, as well as a significant increase in the amount of monetary stock not always lead to negative consequences.

• KDI Journal of Economic Policy
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• 제43권2호
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• pp.81-101
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• 2021

This paper estimates the expectation-augmented Phillips curve, which explains inflation dynamics, in Korea. The phenomenon of low inflation in Korea has been going on for quite some time, in particular since 2012. During the Covid-19 crisis, due to low inflation expectations the operation of monetary policy was limited as the base rate approached the zero lower bound. The main objective of this paper is to estimate where and how tightly inflation expectations are anchored. It was found that long-term inflation expectations fell to around 1%, falling short of the inflation target, and that inflation expectations are strongly anchored to long-term expectations, which implies that the low inflation phenomenon is likely to extend into the future. The results also imply that even if inflation fluctuates due to temporary disturbances, it may converge to a level below the inflation target. The slight rebound of long-term expectations during the Covid-19 crisis suggests that the aggressive monetary policy may have contributed to improving economic agents' beliefs about the commitment of monetary authorities to inflation stability. This may also help long-term expectations gradually to approach the inflation target.

• 보건행정학회지
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• 제33권3호
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• pp.355-362
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• 2023

Background: Financial efficiency in monetary units and operational efficiency in non-monetary units are separately classified and evaluated. This is done to prevent the duplication of monetary units and non-monetary units in inputs and outputs. In addition, analyses are conducted to determine the factors that affect each aspect of efficiency. To prevent duplication of monetary and non-monetary units in inputs and outputs, financial efficiency, consisting of monetary units, and operational efficiency, comprising non-monetary units, are separately classified and evaluated. Furthermore, an analysis is conducted to identify the factors that affect each aspect of efficiency. Methods: This study conducted a panel analysis of 34 regional public hospitals and influencing factors on efficiency for 5 years from 2015 to 2019. Financial efficiency and operational efficiency were calculated through data envelopment analysis. Moreover, multiple regression analysis was conducted to identify the factors that influence both financial efficiency and operational efficiency. Results: The factors that affect financial efficiency include the number of medical institutions within the treatment area and the ratio of patients receiving medical care. Additionally, operational efficiency is influenced by the type of medical institution, the number of medical institutions within the treatment area, and the number of nursing positions per 100 beds. Conclusion: In order for regional public hospitals to faithfully fulfill their functions and roles as regional base public hospitals, several measures are necessary. Firstly, continuous monitoring and reasonable support are required to ensure efficient operation and performance. Secondly, a financial support plan tailored to the characteristics of local medical centers is needed. Additionally, local medical centers should strive to enhance their own efficiency.

• KDI Journal of Economic Policy
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• 제14권1호
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• pp.147-165
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• 1992

본고(本稿)는 선거가 선거기간을 전후해서 어떻게 경제에 충격을 주고 이러한 충격의 여파로 경제는 선거후에 어떻게 영향을 받는지를 "베이지안" 벡터자기회귀모형(自己回歸模型)을 이용하여 분석하였다. 계수(係數)를 수정하면서 선거기간에 대해 예측을 할 경우의 예측오차의 평균으로 선거의 충격효과를 계산해 보면 선거는 선거전, 선거분기 및 선거후분기에 본원통화(本源通貨), 물가(物價), 생산(生産), 이자율(利子率), 투자(投資) 등에 상당한 충격을 주는 것으로 나타났다. 과거의 선거(選擧), 특히 80년대 이후 선거중에는 대체로 현금통화(現金通貨) 및 본원통화(本源通貨)가 선거 기간중 증가하고 선거후 환수된다. 이에 따른 유동성(流動性)의 변화(變化)로 금리(金利)는 선거기간중 약간 하락하고 선거후 다시 증가하는 양상을 보였다. 선거기간중(選擧期間中) 생산(生産) 및 고용(雇傭)은 선거에 따른 운동원차출(運動員差出) 및 조업감소(操業減少) 등의 영향으로 감소하나, 선거후에는 선거중의 생산감소(生産減少)를 상쇄(相殺)할 만큼 증대(增大)하는 것으로 나타났다. 선거(選擧)에 따른 물가(物價)의 충격(衝擊)은 주로 선거전분기에 나타났다. 이러한 과거의 선거기간중의 양태가 1992년의 각 선거에서 되풀이되고 총선과 대통령선거가 실시될 경우를 가상해서 그 효과를 시산(試算)해 보면 선거(選擧)로 인한 상당한 유동성증대(流動性增大)가 본원통화를 중심으로 예상되는 가운데, 소비자물가(消費者物價)가 1992년중 약 2%포인트, 1993년에 2.5%포인트 상승할 것으로 나타났다. 반면 선거로 인한 소비증대(消費增大)나 생산감소(生産減少) 등의 효과는 상대적으로 작을 것으로 예상되는 한편, 자금흐름의 왜곡이 발생하여 유동성이 증가했음에도 불구하고 생산자금은 압박을 받게 되어 투자(投資)가 부진해질 것으로 나타났다. 또한 이러한 선거의 효과는 1992년중 지방자치단체장선거가 실시될 경우 크게 확대된다.