〈특별기고 3〉 : 日本バブル経濟の生成原因に關する硏究

서병학(Seo Byung Hak),이창석(Lee Chang Suck) 한국부동산학회 2006 不動産學報 Vol.27 No.-

  일본의 버블경제는 1980년대 중반부터 시작된 부동산 가격과 주가의 폭등으로 대표된다. 당시의 자산가격 폭등은 세계적으로 유례를 찾아 볼 수 없을 만큼 대규모로 진행되었다. 1986년부터 1989년까지 자산가격 상승으로 인해 발생할 자산소득 총액은 1300조엔에 이르며 그 중 64%가 부동산 가격 상승에 기인한다. 이러한 대규모 자산가격 상승의 생성원인에 관해 검토하는 것이 본논문의 주요관심 사항이다.<BR>  일본의 버블경제 원인은 단일한 요인에 의해 생성되었다기 보다는 여러 가지 초기요인에 의해 그 분위기가 형성되었고 당시의 금융완화정책이 결정적인 원인제공을 하였다고 할 수 있다. 실제로 1980년대에 들어서면서 일본의 경제환경은 자산가격 상승의 여건들이 갖추어지게 되는데 특히 부동산 가격상승은 실수요 증가를 배경으로 시작되었다. 동경의 사무실 부족이 그 발단이라고 할 수 있다. 동경의 사무실 공실률은 1980년대 중반에 이르면 거의 제로에 가깝게 되었고 이에 따라 건물신축이 이어졌고 또한 당시의 각종 개발정책과 맞물려 지가의 상승이 확대되기 시작한 것이다.<BR>  이러한 상황에 일본은 엔고불황을 대비한다는 명목으로 적극적인 확장정책을 취했고 일본은행의 금리인하로 대표되는 금융안화정책은 시중 유동성을 급증시켰다. 과잉 유동성으로 금융기관은 적극적인 부동산 대출을 실시하였고 이와 함께 부동산 가격은 급속도로 상승하였다. 결국 정책적 요소가 버블경제 형성의 결정적 빌미를 제공한 것이었다. 과잉유동성과 자산가격 상승의 관계가 재차 확인된 경우라고 볼 수 있겠으나 그 정책적 연관성 역시 명확히 드러난 케이스라고 볼 수 있을 것이다.<BR>  결국, 일본의 버블경제는 실수요증가를 중심으로 한 여러 경제환경의 변화와 함께 시작된 자산가격의 상승이 정책적인 요소가 가세되면서 그 정도를 강화시키며 발전되었다. 여러 요소들의 초기환경 설정과 그 후에 결정적으로 작용한 과잉유동성이 복합적으로 일으킨 하나의 경제반응이었다고 볼 수 있을 것이다.

역외금융센터와 금융시스템 불안정에 관한 연구

서병학(Byung-Hak Seo) 한국관세학회 2008 관세학회지 Vol.9 No.4

The existence of offshore financial centers (OFCs) affects the work of the Fund in several ways. OFCs are generally used not only by major industrial countries, but also by emerging market economies whose financial systems are perhaps more vulnerable than others to reversals in capital flows, rapid accumulation of short-term debt, unhedged exposure to currency fluctuations, and selective capital account liberalization. The purpose of this paper is to provide background information on OFCs and their impact on financial stability.

미국 중소기업금융의 특성에 관한 고찰

서병학(Byung-Hak Seo) 한국관세학회 2006 관세학회지 Vol.7 No.4

Small and medium-sized enterprises command an overwhelming majority in the u.s. economy. Generally, it is not so easy for Small and medium-sized enterprises to look for money. This paper argues how American small and medium-sized enterprises get money for business. There are many financial institutions to provide small and medium-sized enterprises with funds in the U.S. such as commercial banks, and finance companies. Particularly the finance company play an important role. There are also public services for small and medium-sized enterprises. The U.S. Small Business Administration (SBA) is an independent Agency of the Executive Branch of the Federal Government. It is charged with the responsibility of providing four primary areas of assistance to American Small Business. These are: Advocacy, Management, Procurement, and Financial Assistance. Financial Assistance is delivered primarily through SBA Investment programs, Business Loan Programs, Disaster Loan Programs, and Bonding for Contractors. The SBA offers numerous loan programs to assist small businesses, It is important to note, however, that the SBA is primarily a guarantor of loans made by private and other institutions.

동아시아지역 FTA의 전개과정과 과제에 관한 연구

서병학(Byung-Hak Seo) 한국관세학회 2008 관세학회지 Vol.9 No.1

Free Trade Agreements are prominent part of the Asia and Pacific's policy agenda and they can be an effective means to expand trade and increase economic cooperation. While continuing to enhance intra-Asian integration may be desirable, regional integration cannot be a substitute for multilateral and unilateral liberalization. Continuing unilateral and multilateral liberalization should serve to ensure that the region will reap the benefits from regional economic integration to the fullest extent possible without suffering from any significant trade diversion.

통화정책과 가격상승의 한ㆍ일비교 연구

서병학(Byung-Hak Seo) 한국관세학회 2014 관세학회지 Vol.15 No.2

The first chapter provides the general introduction of this paper. The second chapter gives theoretical background on monetary policy. The third chapter presents Korean case. Korea have experienced significant and persistent increases in asset prices and housing prices until 2000 to 2008. It is closely linked to monetary policy of the time. Korean government decided to maintain its low-interest policy for the time being and it made property prices to go up every year. The next chapter contains case study in Japan. Japan have also experienced significant and persistent increases in asset prices during 1980s. It is also closely linked to low-interest policy of the time. After Plaza Agreement 1985, Japanese government worried about economic slump caused by strong Yen. Japans central bank has decreased its benchmark interest rate and it made property prices to go up. The case study provides the various meaning of Central Banks decision and the relation between monetary policy and asset prices. The last chapter summarizes and concludes the paper.

미국 규제생성 과정의 역사적 고찰

서병학(Byung-Hak Seo) 한국관세학회 2011 관세학회지 Vol.12 No.2

Bank regulation in the United States is highly fragmented compared with other countries, where most countries have only one bank regulator. In the U.S., banking is regulated at both the federal and state level. Depending on the type of charter a banking organization has and on its organizational structure, it may be subject to numerous federal and state banking regulations. In this thesis we try to find cause of the formation of the financial regulation.

정책금융의 자금지원 효과에 관한 연구

서병학(Byung-Hak Seo) 한국관세학회 2009 관세학회지 Vol.10 No.4

State-owned Bank maintains the foundations of investment and financing functions of long-term business funds by conducting business activities utilizing the methods of combining investments and financing and other sophisticated financial methodologies, contributing to smooth supply of funds to those who need long-term business funds, as well as to the sophistication of financial functions. Government-run Bank supports for new industries, which form the driving force for new economic development Japan Development Bank established in 1952. Japan Development Bank has supplied loans for the rationalization, modernization and cultivation of such important industries as coal and steel. Also Japan Development Bank has assisted with development of power supply, which forms the basis for the economy and industry Improvement and reinforcement of energy and export capacity, which support Japan's industrial base.

미달러화본위제와 국제자금순환의 불안정성에 관한 연구

서병학(Byung-Hak Seo) 한국관세학회 2010 관세학회지 Vol.11 No.3

For more than 20 years, the United States has run current-account deficits with the rest of the world and is now the world s largest international debtor. Because the world is on a dollar standard, the United States is unique in having a virtually unlimited international line of credit which is largely denominated in its own currency. In contrast, other debtor countries must learn to live with currency mismatches where their banks and other corporate international liabilities are dollar denominated but their assets are denominated in the domestic currency. Indeed, this mismatch can be the genesis of the currency crisis.

고정환율제도하에서의 일본의 국제수지정책에 관한 연구

서병학(Seo Byung-Hak) 한국관세학회 2005 관세학회지 Vol.6 No.4

For 25 years after WWII, the international monetary system known as the Bretton Woods system, was based on stable and adjustable exchange rates. Japan fixed the exchange rate at the rate of 360 yen against the U.S. dollar for 22 years. During the 22 years, the Japanese economy grew very quickly. The relationship between Japanese fixed exchange rate system and economic growth caused by the industries connected with export has been disputed. Some have undervalued the exchange rate of 360 yen against U.S. dollar, while others have seen it as overvalued. At that time the Japanese economic policy was to improve the balance of payments and to increase the international reserves, so the Japanese government blocked foreign short-term capital until the international reserves grew to a comfortable amount. In the export sector, possessing an advantage through a fixed rate system, the Japanese industry was successful in staying competitive in other non-price related areas. We can not deny that the Bretton Woods system aided in the growth of the Japanese economy after WWII.

東アジア地域の通貨危機波及のメカニズム

徐炳學(Seo Byung-Hak) 한국관세학회 2005 관세학회지 Vol.6 No.1

This paper argues that fundamental weakness in Asia's financial systems that had been masked by rapid growth was at the root of East Asia's 1997 currency and financial crisis. The vulnerability of the financial sector was mainly caused by the lack of incentives for effective risk management created by implicit or explicit government guarantee against default. Furthermore, it was accentuated by large capital inflows, which were partly stimulated by pegged exchange rates. It was thus required for each government to design most effective policy scheme to restore growth under macroeconomic stability in the short run, and to prevent the recurrence of crises in the long run. In the long run, policies should aim to reduce the vulnerability of the financial sector by encouraging effective risk-management through financial reform, strengthened supervision, and proper regulation. It is noted that flexibility in exchange rate fluctuation and the maintenance of open capital accounts may also create incentives for managing risks effectively.