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지급제도의 발전에 따른 현금통화비율과 통화량의 변화 : 1990 ~ 2000 년간 한국의 경우
정도성(Do Sung Chung) 한국경제학회 2001 經濟學硏究 Vol.49 No.4
As the payment technology advances, usage of bank deposit as a means of payment increases relative to currency, which induces the reduction in the currency ratio and the resulting increase in the money multiplier. Analyzing the monthly data of Korea during 1990-2000, this study confirms that the currency ratio has decreased as the volume of usage in the newly-developed methods of payment (giro, interbank funds transfer, and automatic teller machine) increases. This tendency has been evident for the monetary aggregates IV and MT, where the latter is the sum of M1 and the sight savings deposit balances. And, based on the multiplier model of money supply process, changes in the monetary aggregates have been decomposed into the contributions of the changes in monetary base, currency ratio, reserve ratio, and the composition of deposit balances. During 1990-2000, increase in the monetary base, decrease in the reserve ratio, and decrease in the currency ratio all have contributed to the increase in money supply on the average. In particular, as this period is divided into three sub-periods, the currency ratio has decreased in all three sub-periods, which contributed to the increase in M and MT aggregates. Furthermore, it is seen that the size of this contribution of currency ratio has increased over these periods, which implies that the influence of advances in the payment system on the money supply process has been increasing over time.
정도성(Do Sung Chung) 이화여자대학교 이화사회과학원 1988 사회과학연구논총 Vol.2 No.-
정보가 완전하고 모든 시장들이 완전경쟁하는 경제 안에서도 거래수단으로서 화폐가 부족할 때 경제는 가능한 최대의 생산을 달성하지 못하고 비효율적인 균형을 할 수 있다. 이 경제에 정책당국이나 은행이 통화를 증발해서 신용을 공급하면 고용과 생산이 증가하고 후생이 증진된다. 이 때 증발된 통화는 신용만기 시에 환수되어서 경제의 통화량이 장기에 안정되며 이에 따라서 불가도 안정적으로 유지된다. When the stock of money is maintained at a fixed level in an economy where firms need to finance their projects in the loan market, the supply of loanable funds in the economy may not be large enough so that the economy cannot obtain its maximum possible amount of output. This problem and the resulting inefficiency are shown to exist in an overlapping generations economy of perfectively competitive markets with perfect information without uncertainty. If there exists a monetary authority or a bank which provides credit by creating new money, it can remedy this problem; With this additonal credit supply, employment and output increase, and the economic welfare improves. The price level remains stable in this economy as the loan is reimbursed at the maturity, which restores the stock of money which has increased through credit creation back to its original level.