새정부의 금융정책 : 평가와 과제 ; 지정토론

채희율 한국금융연구원 2008 한국경제의 분석 Vol.14 No.1

Lessons of the Eurozone Sovereign Debt Crisis for East Asian Monetary Integration

채희율 한국EU학회 2015 EU학연구 Vol.20 No.1

What are the lessons of the Eurozone sovereign debt crisis for East Asian monetary integration? For some, the Eurozone experience reinforces the skepticism about pursuing monetary integration in East Asia. For others, Europe’s lesson should not be that a monetary union among sovereign countries is impossible. This paper tries to evaluate these contrasting views by reviewing Eurozone’s experience with special reference to the following four areas: labor market flexibility, fiscal integration, financial market integration, and finally banking union. After analyzing the issues related to those four areas successively, the paper concludes that the monetary unification in East Asia is indeed a goal hard to achieve in the near future. But the paper maintains at the same time that East Asia should not discard definitely the goal itself for a number of reasons.

Balance Sheet Problems and Currency Crisis in Korea

채희율,송치영 한국국제금융학회 2011 국제금융연구 Vol.1 No.1

Currency and maturity mismatches are among the most important causes of the currency crisis in Korea in 2008 as they were in the 1997 crisis. This paper shows that this time, however, the seriousness of the balance sheet problems is qualitatively different from the previous crisis. Then it asks why Korea suffered from the currency crisis, and what should be done to minimize the occurrence of similar events in the future. Based on empirical test and institutional investigation, this paper argues that maintaining sound balance sheet figures, effective foreign currency liquidity regulation, and global financial safety nets are important elements to enhance financial stability.

Does Monetary Policy Regime Determine the Nature of the Money Supply?: Evidence from Seven Countries in the Asia-Pacific Region

채희율,한상범 대외경제정책연구원 2018 East Asian Economic Review Vol.22 No.2

This paper tests empirically the causal relationship between bank loans and the monetary base before and after the adoption of inflation targeting in seven Asia-Pacific countries using Toda-Yamamoto Granger non causality test and the bootstrap test for causality. The most striking finding is that the bank loans Granger cause the monetary base during the inflation targeting period in all the countries, except Japan, which was under the influence of the quantitative easing, whereas the causality appeared diverse before the inflation targeting regime. This result implies the need for the policy makers to take the endogenous nature of the money supply into account in the modern economy.

금융개혁과 금융감독

채희율 한국규제학회 1997 규제연구 Vol.6 No.2

電子貨幣의 미래와 金融政策

채희율 京畿大學校 韓國産業經濟硏究所 2001 産業硏究 Vol.13 No.-

경기도의 지역금융시스템 확립방안 연구

채희율,이기영,신용상,이병윤,김은경(Eun-Kyung Kim) 경기연구원 2007 위탁연구 Vol.2007 No.12

This study aims to establish a long-term vision for the regional financial system of Gyeonggi province and the policy measures to achieve it. More precisely, it proposes strategic policy orientations to make the financial sector to play the leading role in Gyeonggi province in the future, and discusses necessary reforms of private as well as public financial arrangements to render the regional financial system of Gyeonggi province an effective credit provider for SMEs. This study is based on document survey, statistical investigation, and surveys of SMEs. The main conclusions can be summarized as follows. First, Gyeonggi province has to take seriously into account the establishment of a regional bank, tentatively named "Gyeonggi Bank". This bank may paly an important role in the increase of the value added of financial sector, job creation and finance for SMEs. Second, more serious efforts are required to induce foreign financial companies to establish their branch or subsidiary in the region. Third, special measures need to be introduced to strengthen the role played by relationship-based financial institutions such as savings banks and cooperatives. One example is that they would be allowed to take part in the provision process of subsidized loans. Fourth, it is necessary to establish objective criteria for the selection of the main bank of the provincial government, and announce them explicitly to induce candidate banks to contribute to the regional economy. Fifth, a bigger and more active public investment fund for SMEs with an effective incentive scheme to attract private investors is needed. The public-private partnership investment funds like the SBIC program of the USA may be considered as a model. Sixth, the functioning of the subsidized loans for SMEs provided by the provincial government need to be ameliorated to achieve the policy goals. Regarding the selection, more funds have to be allocated according to the credit evaluation process. An effective monitoring and technical assistance scheme for lenders will be also helpful. Seventh, commercial banks are called to participate more actively in the credit guarantee process. In the long run the Gyeonggi Credit Guarantee Foundation has to confine its role as the examiner of financial institutions on their acceptability as guarantee provider. If the policy measures proposed in the report are successfully implemented, Gyeonggi province will attain advanced regional financial system, which is good at allocating funds to enterprises and plays a more important role in the regional economic growth. The proportion of the value added created by the financial sector is expected to reach 12% in 2017 from 5.7% in 2006. The success hinges critically on whether each group of economic agents, central government, provincial government, financial institutions, large enterprises, and SME exert appropriate functions assigned to it.

동아시아 국제증권결제제도의 대안

채희율,이영섭 대외경제정책연구원 2005 East Asian Economic Review Vol.9 No.2

The establishment of cross-border securities settlement system is a very important element of regional capital market integration. Despite its importance, relatively few arguments, both theoretical and practical, have been advanced on the subject. This paper aims to examine the alternatives of cross-border securities settlement system in East Asia, and analyse the feasibility and the advantages and disadvantages of each alternative. The paper underlines the need to develop a multi-currency DVP securities settlement system. The conceivable alternatives of East Asia's cross-border securities settlement system can be divided into decentralized system and centralized system. It is possible to consider a large array of institutional settings according to the depository/settlement methods. The comparison of the alternatives is based on economic efficiency, feasibility and institutional location of settlement system. In view of these criteria, it is argued that a 'big-bang' approach toward imperfectly cenralized system is the most desirable alternative. 역내 자본시장의 연계와 통합을 통해 지역 자본시장을 육성하기 위해서는 동아시아 국제지급결제시스템의 구축이 중요한 의미를 지닌다. 그럼에도 불구하고 이에 관한 실무적ㆍ학술적 연구는 일천한 실정이다. 본 논문은 이러한 문제의식에서부터 출발하여 동아시아 국제증권결제시스템에 대해 몇 가지 대안을 제시하고 그들의 실현 가능성 및 장단점을 검토한다. 또 본 연구는 이종통화 증권동시결제시스템의 구축방안에 대한 기본 틀을 제시하는 데 의의가 있다. 동아시아 국제증권결제시스템의 대안들은 크게 분산모형과 집중모형으로 구분된다. 집중모형은 예탁ㆍ결제 기능이 제공되는 방식에 따라 다양한 방식을 상정할 수 있다. 본 논문은 경제적 의의, 실현 가능성 및 한국으로의 유치 가능성을 감안할 때 일정한 준비단계를 거쳐 집중모형으로의 빅뱅 접근법을 따르는 것이 필요함을 제안한다.

<토론문>자본주의의 장래와 한국경제의 선택: 금융부문을 중심으로

채희율 한국국제경제학회 2014 한국국제경제학회 학술대회발표 논문집 Vol.2014 No.-

KIF 금융논단 '95 : 제 2 장 / 은행 ; 은행 자기자본비율규제와 회계방식

채희율 한국금융연구원 1995 기타보고서 Vol.1995 No.-