국내 금융심화와 산업성장의 관련성에 대한 연구

신용상 ( Yong Sang Shyn ) 한국금융연구원 2005 금융조사보고서 Vol.2005 No.5

통화정책의 유동성 관리능력 저하와 금융안정 관련 정책적 함의

신용상 ( Yong Sang Shyn ),송재은 ( Jae Eun Song ) 한국금융연구원 2009 금융조사보고서 Vol.2009 No.4

통화정책의 유동성 파급효과 분석 : 은행 가계대출경로를 중심으로

신용상 ( Yong Sang Shyn ) 한국금융연구원 2008 금융조사보고서 Vol.2008 No.1

경기변동과 중소기업 자금조달간의 관계에 대한 연구

신용상 ( Yong Sang Shyn ) 한국금융연구원 2006 금융조사보고서 Vol.2006 No.1

포스트 코로나 시대 한국금융의 과제와 대응전략

신용상 ( Yong-sang Shyn ) 글로벌금융학회 2020 글로벌금융리뷰 Vol.1 No.1

코로나19 팬테믹은 전 세계적인, 그리고 실물과 금융을 망라한 사회·경제 전 영역에 걸친 위기상황을 초래하였다. 잔존하는 여러 불확실성에도 불구하고 언젠가는 종식될 것이고 그 이후에 펼쳐질 포스트 코로나 시대의 패러다임 변화를 예측하고 준비해 나가는 것은 한국경제가 안고 있는 역사적 과제이다. 포스트 코로나 시대의 한국 경제와 금융의 최종 목표는 실물경제의 조속한 정상화를 통해 지속 성장 기반을 회복하는 것과 이를 지원할 미래형 금융지원 시스템을 구축하는 것이 될 것이다. 또한 반복·재발할 수 있는 다양한 불확실성 및 위기 상황에 대비한 금융안정 시스템의 확립이 필요하다. 더불어 글로벌 산업 및 금융 패러다임을 통째로 바꾸고 있는 제4차 산업혁명과 금융의 디지털혁명에 대한 대응체제 구축도 포스트 코로나 시대의 핵심과제 중 하나이다. 포스트 코로나 시대에 한국금융은 4차산업 혁명 기반기술을 중심으로 한 중장기 산업정책을 정비하고 이를 지원하는 금융시스템 구축이 반드시 필요하다. 구체적 실행방안으로 각 과제별 특화금융기업을 육성하여 장기적 관점에서 기술형·투자형 인내자본 형성 방안을 고려할 필요가 있다. 빅테크기업 등 4차산업 혁명 기술기반 혁신기업의 금융업 진출이 가속화 되고 있는 상황에서 기존 금융기업과의 규제격차 문제 해소도 중요하다. ‘동일 기능, 동일 규제’의 원칙을 근간으로 한 양자 간 공정경쟁 환경조성이 필요할 것으로 보인다. 더불어 코로나19 극복 후속 대책 및 유사위기 발생 가능성에 대비한 충분한 대응시스템을 갖추어야 한다. 또한 고령화 및 양극화 추세에 대비하여 장기자산형성 프로그램을 구축하고, 지역 상권·소상공인·서민기반의 밀착형·관계형 금융시스템 구축 및 정책서민금융 재원 확보 방안을 구체화 해 나가야 할 것이다. 코로나19 팬데믹과 4차 산업혁명이 초래할 급격한 고용시장의 변화에 대한 대응책도 필요하다. 기존 노동자들의 새로운 업무환경에 대한 적응력 제고를 위한 직업교육과 창의력를 갖춘 새로운 디지털 전문 금융인력 양성이 관련 핵심과제가 될 것이다. The COVID-19 pandemic has brought about unprecedented upheaval to the entire world socially and economically in all areas from the real economy to finance. However, this will one day come to an end with aftermaths and uncertainties remaining, and it is now for the Korean economy to foresee the paradigm shift that is going to take place and be ready for the new normal. The ultimate goal of the Korean economy and finance in the post COVID-19 phase will be to restore the foundations for sustainable growth by accelerating recovery of the real economy. This progress could be backed by a newly introduced financial support system. In addition, a financial stability system must be established to prepare for various uncertainties and emergency situations that might emerge again and repeatedly. Apart from the crisis-related schemes, coping with the 4th Industrial Revolution and digitalization of finance that are reshaping the financial landscape would also bean important post COVID-19 challenge. In a nutshell, Korea should formulate medium- and long-term industrial policies centered on innovative future technologies and shore these up with new financial support system. Giving each task to a specialized financial institution would be a good approach to raise long-term patient capital for technology and investment, and a well-functioning response system should be built to deal with the consequences of current and similar future crises. Meanwhile, programs to promote long-term assets against aging and polarizing society need to be thoroughly designed, as well as community-based financial system and policy loans for local economies, traditional markets, small business owners, and low income brackets. Moreover, measures should be implemented to absorb employment market shock triggered both by the coronavirus pandemic and the 4th Industrial Revolution. Regarding this, the main task would be to educate the existing work force to better adapt to a whole new working environment and to cultivate young and creative digital finance specialists.

글러벌 거시·금융 충격과 해외 상업용부동산 투자 위험 분석 -불균형 패널 VAR 모형을 이용한 글로벌 CRE 시장 리스크 분석을 중심으로-

신용상 ( Shyn Yong-sang ) 한국금융연구원 2024 KIF 연구보고서 Vol.2024 No.3

국내 주택시장의 수도권-비수도권 간 탈동조화 현상과 정책시사점

신용상 ( Yong Sang Shyn ) 한국금융연구원 2015 KIF 정책보고서 Vol.2015 No.3

In this paper, the growing trend of decoupling in Korea``s housing market between metropolitan and non-metropolitan areas, and its macro-level and micro- level causes(e.g. supply and demand, regulatory gap, narrowing regional discrepancy, and technical rally) are examined based on a technical analysis and a panel regre- ssion model. The analysis identifies a boom-and-bust cycle in Korean housing market whereby one triggers the other, and suggests that different policies and regulations need to be applied to metropolitan and non-metropolitan areas. It is also observed that the key demand for jeonse comes from the middle-and upper- classes due to a surge in deposits, and thus the government``s housing policy needs to focus on welfare for low-income families that increasingly switch from jeonse to monthly rents. Regarding rising household debts and concerns over deteriorating financial condition of banks amid eased regulation on the LTV and DTI and the low interest rate environment, policy proposals are made to maximize positive effects including household debt restructuring and reduced interest cost, and minimize negative developments such as increasing household debt or a sharp rise in housing prices or jeonse deposits.

기업형 임대주택(뉴스테이) 공급 활성화를 위한 금융지원 방안 연구

신용상 ( Yong_sang Shyn ),이상영 ( Sangyoung Lee ),이수욱 ( Soowook Lee ),이태리 ( Taly I. ) 한국금융연구원 2017 기타보고서 Vol.2017 No.1

The purpose of this study is to identify financial support for boosting enterprise-led rental housing(New Stay). The recommen -dations include activating real estate indirect investment such as REITs and real estate fund. First, the indirect investment in Korea is dualized with REITs and real estate fund unlike major advanced countries where real estate indirect investment is uniformed with REITs based on contest. Investing in REITs is limited in Korea because investments from financial institutions are regulated because they are corporations, and investment management is highly restricted. To overcome these new certification structure is needed. Korean REITs has low flexibility because additional incorporation or selling portion is limited. Also its size is small which make it hard to achieve economy of scale. These lead to low profitability. Alternative is Hub-REITs (a mother REITs), however fundamental solution is to develop every REITs can have various business portfolios so that the individuals or institutions can invest freely. In order for this, new structures are needed such as sponsored REITs or stapled REITs, to attract financial investors(FI)` investment by contesting New Stay REITs and facilitating listing. Regulations should be relieved which limits REITs investments, also investors and asset management businesses should be nurtured. These can be achieved through facilitating public opening and listing, reducing tax for investors, and asset management businesses that operate New Stay needs to incorporate not only current REITs management company but also related corporations. REITs asset management company is formed with real estate trust company and independent REITs-concentrated asset management company. These REITsconcentrated asset management companies may not secure profit because it has independent business model. Therefore continuous supports are needed to improve their profitability. In addition, diversifying business entity is needed. In oder for smooth operation of New Stay REITs and expansion of investment, various business entities should be included as REITs and REF investors. Currently, construction companies are majority of those investors. However in the future, various investors should be included such as financial institutions, rental management companies, and pension and funds. Also the anchor of REITs or sponsors(corporations, construction companies, developers, rental management companies, and financial institutions) should be included in asset management. This study examined finance`s role for reducing regulations that limits flexibility of New Stay business. The role includes facilitating public opening of REITs which is a real estate indirect investment item, diversifying listing structure, and utilizing real estate fund. In order to facilitate New Stay, settlement methods, political respond when the long-term rental period is terminated, detailed regulations for nurturing private rental management businesses, and consideration on rent price which is over-calculated compared to political assistance. Also, protecting renter`s rights needs to be considered because selling and renting can be mixed in the case of linked maintenance business. Moreover researches on settlement after the termination of mandatory renting period are needed as well as maintaining infrastructure regarding housing rental management businesses other than finance.

International R&D Spillovers: Domestic Absorptive Capacity for Foreign Technology

( Noh Sun Kwark ),신용상 ( Yong Sang Shyn ) 한국국제경제학회 2001 한국국제경제학회 동계학술대회 Vol.2001 No.1

International R&D Spillovers Revisited: Human Capital as an Absorptive Capacity for Foreign Technology

곽노선 ( Noh Sun Kwark ),신용상 ( Yong Sang Shyn ) 한국국제경제학회 2005 한국국제경제학회 동계학술대회 Vol.2005 No.3