자본시장의 균형과 최적이윤세에 관하여

윤형모 韓獨經商學會 1993 經商論叢 Vol.11 No.-

Die Analyse des Kapitalmarktes zeigt, daβ eine optimale Sparquote[(S/Y)M] existiert, und daβ diese Sparquote die maximale Investitionsquote erzeugt, Deshalbist die Sparquote [(S/Y)M]] ein Ziel der Wachstumspolitik. [(S/f)M] hat den Wert [r (1-R)/l+r]] in der Gleichung (4). Diese Relation besagt, daβ die maximale Invfstitionsquote steigt, wenn der Wert von "r" (Beeinflussung des Konsums auf dir Investitionen groβer wird. Aber das obige Ergebnis muβ modifiziert warden, wunn das wirtschaftspolitische Instrument fur die Korrektur der Sparquote die Einkommensverteilung beeinfluβt. Durch die Senkung der Sparquote kann die Regierung die zweifinanzpolitischen Ziele, Wirtschaftswachstum und Umverteilung zugunsten der Bezieher niedriger Einkommen, gleichzeitig erreichen, wenn die Sparquote groβor als [(S/Y)M] ist Aus dissem Grund muβ die optimale Sparquote[(S/Y)Q], die die finanzpolitischen Ziele von Wirtschaftswachstum und Umverteilung bezuglirh der Wohlfahrt optimal kombiniert, kleiner als [(S/Y)M] sein. Die Gewinnsteuer loβt sich als Instrument fur die Korrektur der Sparquote einsetzen. Mit der Zunahme des Gewinnsteuersatzes sinkt der Nettogewinn und damit die Sparquote, Bei der Ausgabe der Gewinnsteuer steigt die Sparquote nur im kleinen Ausmaβ, wenn die Regierung die Gewinnsteuer fur die Umverteilung zugunsten der Bezieher niedriger Eiukommen benutzt, Denn die Sparquote der Bezieher niedriger Einkommen ist sehr klein. In diesem Fall besteht eine negative Korrelation zwischen den Gewinnsteuersatz und der Sparquote. D. h. die Gewinnsteuer ist als Instrument fur die Herstellung der optimalen Sparquotef[(S/Y)Q] einzusetzen. die Moglichkeit dafur hangt von der Groβe des Existenz-Bereichs fur die Sparquote[(S/Y)Ql ab. Weil 0< [(S/Y)Q]<[(S/Y)M] ist, sinkt der Existenz-Bereich mil der Abnahme des Wertes von [(S/Y)M], der gleich [r(1-R)/(1+r)] in der Gleichung (4) ist. also, wenn der Wert von "r" (Beeinflussung des Konsumsauf die Investitionen) kleiner wird, sinkt der Wert [(S/Y)M] und damit steigt die Moglichkeit, daβ die optimale Gewinnsteuer eingesetzt wird, die Sparquote[(S/Y)Q] herstellt.

An analysis on expectation formation: Japanese Monetary Policy since 1985

윤형모 국제지역학회 2014 국제지역연구 Vol.18 No.1

This paper had analyzed the Japanese economy in three divided terms in order to clarify the change of expectation formation. The empirical research applied the macro model, which was renewed in this work and a VAR model. The results are as follows: in the first term, economic agents formulated their expectation for the effect of monetary policy with the Keynesian hypothesis. They did not use the past variability in the price level as information for their anticipation. In the second term, economic agents started to use the expected price level as information for investment decisions, as the adaptive hypothesis means. This was because, the economic agents had learned from the first term that the expansive monetary policy increased the inflation rate and after that the bubbles bursted. In the last term, the empirical research showed that the rational expectation hypothesis was an appropriate way to explain the reality of economic. It means that the monetary policy loses its effect steadily and that the Japanese economic policy makers have to recognize this condition.

Wirtschaftswachstum versus Umverteilung im Rahmen der politischen ?konomie

윤형모 한독경상학회 2007 經商論叢 Vol.25 No.3

An Analysis on Japanese Recession Between 1993 and 2002

윤형모 국제지역학회 2009 국제지역연구 Vol.13 No.2

Japanese economy suffered from a great recession for one decade between 1993 and 2002, because of the bubble bursting. Recently, a similar situation broke out in the USA and spread throughout the world. This paper investigated the effects of economic policy on the Japanese depression in order to find out how the recession, caused by financial crisis, can be reasonably removed. The analysis of documentary records indicate that there exists an optimum rate in government debt and the point in time of economic policy is decisive. Statistical studies with a VAR model and a State Space Model suggest that government expenditures affect the growth rate of national product but with a short term and it has a time lag of a half year. Income tax has a grievous negative effect on the growth rate with a long term and it works without a time lag. Therefore the increasing of taxation should be put into force very carefully. However private investment is a determinate factor for the recovery of depression. Japanese economy suffered from a great recession for one decade between 1993 and 2002, because of the bubble bursting. Recently, a similar situation broke out in the USA and spread throughout the world. This paper investigated the effects of economic policy on the Japanese depression in order to find out how the recession, caused by financial crisis, can be reasonably removed. The analysis of documentary records indicate that there exists an optimum rate in government debt and the point in time of economic policy is decisive. Statistical studies with a VAR model and a State Space Model suggest that government expenditures affect the growth rate of national product but with a short term and it has a time lag of a half year. Income tax has a grievous negative effect on the growth rate with a long term and it works without a time lag. Therefore the increasing of taxation should be put into force very carefully. However private investment is a determinate factor for the recovery of depression.

합리적 기대가설과 통화량의 금융투자에 대한 영향 : GARCH-M을 이용한 한국과 독일의 비교

윤형모 한독경상학회 2006 經商論叢 Vol.24 No.1

신회계제도(新會計制度) 도입(導入)에 따른 재무전략(財務戰略)

윤형모 보험연구원 1999 보험금융연구 Vol.27 No.-

미얀마 제조업에 투입된 외국인 직접투자의 효과분석 - 오차수정모형과 맘퀴스트를 이용 -

윤형모 부경대학교 인문사회과학연구소 2019 인문사회과학연구 Vol.20 No.1

The purpose of the study is to analyze the effect of foreign direct investment(FDI) on the domestic economy in Myanmar. The study separated FDI in manufacturing from other industries by taking into consideration the fact that the effect may be different depending on the inputted industry generally. This work studied the effects of foreign direct investment on manufacturing and the effect of foreign direct investment on the efficiency of sewing companies. The former was analyzed by the endogenous growth model and the error correction model, and the latter by the Malmquist and the penal model. The analysis using the endogenous growth model and the error correction model showed results as follows: First, the effect of FDI in manufacturing is higher than that of foreign direct investment invested in other industries on the GDP. Second, the former effect reaches to a long term balance more quickly than the latter effect. The study using the Malmquist and the penal model showed results as follows: To the next, to examine the effect of FDI in manufacturing efficiency, regression analysis was performed by using the penal model with the efficiency calculated in the Malmquist analysis as the dependent variable and the working time per worker or the working time per person as independent variables. The results showed the fact that independent variables didi not affect the dependent variable as     , but they were considered to have an effect on    at the 10% significance level. In summary, in the case of Myanmar, FDI into manufacturing has a greater effect on gross domestic product and less time lag than FDI in other industries. And FDI into manufacturing contributed to the technical efficiency of the manufacturing industry itself. This is a important factor to note when developing countries like Myanmar want to attract FDI through foreign opening policy. 미얀마에서는 2011년 민선정부의 개방정책과 함께 외국인 직접투자는 급격하게 증 가되었고, 이는 미얀마 국내경제에 영향을 주었다. 이에 대한 고찰은 미얀마의 지속적 인 성장을 위하여, 그리고 우리나라의 미얀마에 대한 외국인 직접투자도 점차 증가하는 추세이므로 우리나라의 경제성장을 위해서도 필요하다. 이러한 이유로 본 연구에서는 제조업에 투입된 외국인 직접투자가 미얀마의 경제성장에 미친 영향과, 제조업 자체에 미친 영향을 분석하였다. 전자는 내생적 성장모형과 오차수정모형에 의하여 후자는 맘 퀴스트 모형과 페널모형에 의하여 분석되었다. 오차수정모형에 의하면 제조업에 투입된 외국인 직접투자가 타 산업에 투입된 외국 인 직접투자보다 국내총생산에 미치는 영향이 더 크다는 것을 의미한다. 그리고 제조업 에 투입된 외국인 직접투자가 타 산업에 투입된 외국인 직접투자보다 국내총생산 성장 에 정의 영향을 미칠 가능성이 높고, 빠르게 장기균형에 도달한다는 것을 알 수 있다. 외국인 직접투자가 제조업의 효율성에 미친 영향을 고찰하기 위해서, 맘퀴스트 분석 에서 계산된 효율성을 종속변수로, 기계 1대 당 노동시간을 독립변수로 폐널모형을 이 용하여 회귀분석을 하였다. 고정효과모형에서 독립변수는 기술적 효율성에 10% 유의 수준에서 영향을 미치지는 것으로 판단되었다. 연구결과에 의하면, 미얀마의 경우 제조업에 투입된 외국인 직접투자는 타 산업에 투입된 외국투자보다 국내총생산에 대한 파급효과가 크고 시차가 적었다. 그리고 제조 업에 투입된 외국인 직접투자는 제조업자체의 기술적 효율성증가에 기여하였다. 이러 한 점은 개발도상국이 해외개방을 통하여 외국인 직접투자를 유인하고자 할 때 참고해 야할 중요한 사항이다.

통화량의 주가지수 변동에 대한 영향 - GARCH에 의한 분석 -

윤형모 한국경제통상학회 2005 경제연구 Vol.23 No.1

독일과 미국의 물가상승과 실업의 관계에 대한 비교 분석

윤형모 釜山水産大學校 1995 論文集 Vol.51 No.-

포트폴리오 균형모형에 의한 통화량의 주가지수에 대한 영향분석

윤형모 한국경상학회 2002 韓國經商論叢 Vol.20 No.2