독일연방은행과 유럽중앙은행의 정책대립 : 전통적인 독일통화당국의 역사를 중심으로 = THE CONFLICT OF MONETARY POLICY BETWEEN THE GERMAN BUNDESBANK AND THE EUROPEAN CENTRAL BANK

다국어 초록 (Multilingual Abstract)

This paper intends to identify the difference of the behavior of monetary policy between the German Bundesbank and the European Central Bank. The German Bundesbank, as a monetary authority, has not collected its capital from the private financial institutions. Instead, it has only been invested by the German federal government, and has returned its profit to the government. Moreover, the German Bundesbank has emphasized to maintain the minimum reserve ratio as a primary monetary policy. The reason that German Bundsbank has kept this policy steadfastly as a primary one is that it anticipates this policy plays a role of a conerstone of the social market economic system. Also, this policy is not viewed as the market functioning system until the late of 90s in that German Bundesbank has not paid amy interest to the deposit of commercial banks. In this sense, we can argue that German Bundesbank's monetary policy is mainly based on a social market system, and differs from European Central Bank's monetary policy, which is functioning on the global market system. Without exception, this conflict has been revealed in the process of economic and monetary integration between Germain and European Union, which started on the same date.

목차 (Table of Contents)

• Ⅰ. 서론
• Ⅱ. 독일 통화당국의 역사적인 제도분석
• Ⅲ. 사회시장적인 독일연방은행정책
• Ⅳ. 통화정책상 독일통합과 유럽통합의 목표대립
• Ⅴ. 요약 및 결론