중앙은행의 금융안정기능 추가에 따른 전통적 통화신용 정책의 한계와 선제적 대응의 중요성 -게임적 상황에서 중앙은행의 의사결정 과정과 실증분석을 통한 적용을 중심으로 = An Empirical Study on Limits of Conventional Monetary Policies and Importance of Preemptive Responses Under Game Situation

다국어 초록 (Multilingual Abstract)

The main objects of this study are 1) analyzing the decision-making process of central bank of Korea and financial market under a game situation, 2) analyzing the limits of conventional monetary policies and the importance of preemptive responses on central bank's function to maintain financial stability by using empirical method and 3) finally with empirical results, imposing a discussion on the possibility of optimization of future role and function of central bank. The main conclusions of this study are as follows: First, it is important for central bank to respond preemptively to a potential financial market risk. According the empirical result in this paper, in the case that central bank includes the financial stability in its objective function, the market does not have any incentive to increase the risk in the financial market. Second, in order for the central bank to play a great role in the financial stability efficiently, the conventional monetary policies should be modified to simulate effectively market participants in the financial market. Finally, to increase efficiency on risk control, the central bank needs to have authorities in financial supervision. Central bank with a little power on financial supervision faces a problem of lacking information on the financial market and hence, invalidates its control on objective functions including the financial stability.

참고문헌 (Reference)

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