傳統的인 貨幣政策의 作用形態와 새로운 貨幣政策論의 發展方向 = Features of Traditional Monetary Policy and Its Trend

다국어 초록 (Multilingual Abstract)

Economic flow of a country can be examined from two different sides of goods and money. If both of these two different sides could not contribute to well-balanced economic progress and stability and then supply of money exceed over goods or supply of goods over money, it changes price level and disturbs economic stability. Therefore, the quantitative control of monetary flow and the condition of goods supply have a great effect on the flow of economic progress and stability with relation to national income.
In classical theories, the side of goods was empasized, on the other hand, after the Keynsian Revolution monetary policy among economic policies has been acknowledged as the most important means of policy. These two different theories are based upon the different basic assumptions on the system of thoughts, the periodic background of the theories and the recognition of strategic value.
Today, most countries adopt the managed currency system and supply of money is in the end monopolized by government. In the position of government, currency is the easist controllable economic parameter and it is believed that economic policy can be acomplished satisfacttion results without limitation or any other direct control on price mechanism in the free capitalist society. The effectiveness of budget for accomplishing policy target is regulated by the concrete policy target, historical background, stages of ecoomic progress in different countries. But once the policy target is decided, monetary policy will be analized by the changes of gross demand through which the level of economic activities will be influenced.
In the past, monetary policy was consisted of quantitative control and qualitative control. the former is such as bank rate policy, open market operation and legal reserve ratio operation which are chiefly performed by central bank, and the latter means alternative fund adjustment. Nowadays, monetary policy seemed to contain a part of fiscal policy which results, through the government bond or tax, changes of liquidity such as a series of policies aimed
changing the structure and amount of civil reserved current assets.
And then, in monetary policies, there has been two conflicting thoughts up to date, liberal hought and regulation ?? Liberal thought is based upon the credence in automatic adjustment function of competitive price mechanism in the free capitalist society and pursuit its subject regulation to monetary conditions for the effective function of price mechanism. On the other hand. regulation thought is based upon the distrust of the function of competitive price mechanism and purpose to control the amount of money more positively.
Nowadays, between these two different thoughts, regulation thought gives the dormant influence to policy making, and yet liberal thought have not been ignored in the field of policymaking theory. In this statement, traditional monetary policy which is based upon regulation thought and the liberal thought in existing monetary policy will be examined and also a new trend of monetary policy will be groped.

목차 (Table of Contents)

• 1. 緖論
• 2. 傳統的인 貨幣政策의 作用形態
• 3. 傳統的인 貨幣政策의 限界性
• 4. 自由主義的 貨幣政策의 基調
• 5. 新自由主義的 貨幣政策論의 性格
• 6. 結論