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( Hak K. Pyo ),( Saerang Song ) 한국금융연구원 2015 금융연구 working paper Vol.2015 No.8
In the recent years, the Republic of Korea has experienced two financial crises in 1997-1998 and 2007-2009 respectively over a decade interval. The first one was an endogenous twin-crisis as part of Asian financial crisis involving both domestic banking crisis and foreign exchange crisis. The second one was a kind of exogenous financial shock from a part of global financial crisis. The purpose of the present paper is to trace the impact of the second financial crisis on output and income distribution of the Korean economy by constructing a FSAM (Financial Social Accounting Matrix) for the year 2005 and 2010 before and after the second financial crisis respectively. We estimate two effects of real-financial linkages: output multiplier effects and income redistribution effects by comparing FSAM with SAM following Leung and Secrieru (2012). The paper demonstrates that taking into account financial flows after the global financial crisis increases the impact of a final demand shock on output and relative inequality in income distribution.
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The Distribution of Optimal Liquidity for Economic Growth and Stability
PYO Hak K,SONG Saerang 대외경제정책연구원 2015 Working Papers Vol.2015 No.01
This research paper intends to redefine and extend the concept of ‘optimal li-quidity’ discussed in Han and Lee (2012). For this purpose, we have distinguished between liquidity held by households and liquidity held by firms following Levhari and Patinkin (1968) and Yoo and Pyo (1986). Han and Lee (2012) have revised the ‘money-in-utility’ model by Walsh (2012) and derived the relationship between liquidity and consumption. In the present paper, we have extended Han and Lee (2012) to a ‘money-in-utility-and-production’ model. We have specified a DSGE model in which liquidity serves for both household utility and production input and have conducted the impulse-response analysis. The impulse-responses of most of important variables from the shock of TFP increase are consistent with the results of Bhattacharjee and Thoenissen (2007). On the other hand, the policy interest rate shows a hump-shaped impulse-response, which is consistent with the impulse response of monetary expansion in the cash-in-advance model. In addition, the increase in money supply has produced a kind of crowding-out effect reducing the share of liquidity held by firms. The main policy implication of our model is that not only the absolute level of optimal liquidity but also the relative distribution of the liquidity between households and firms are important determinant for economic growth and stability. In order to validate this proposi-tion, we have conducted a panel regression analysis and have empirically verified the proposition that the relatively higher share of liquidity held by firms would contribute to both GDP growth and its stability.
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