공적자금투입의 영향에 대한 분석

• 발행기관: 국제지역학회
• 저자명: 윤형모
• 간행물 정보: 『국제지역연구』제6권 제1호, 183~202쪽, 전체 20쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2002.06.30

영문 초록

In this paper, the effect of public funding in Korea is compared with that effect in Japan. The analysis is restricted on the securities market. A portfolio-balance model was recreated from the Mean-Variance Model, in oder to examine the effect of public funding. The government purchased the dishonored bonds in a short time, but it is assumed that theses bonds were dishonored in the length of period, if the government did not purchased theses bonds. The empirical test of Korea proved that the disbursing of public funding increased the securities prices. The government purchases the dishonored bonds with the public funding and thus the business cycle becomes prosperous. This increases the expected profit rate of securities and therefore their prices too. This is, the empirical result means that the effect of the business cycle is larger than that of the substitution. According to the empirical test, the public funding decreases the rate of foreign exchange. The putting of the public funding decreases the demand of the dollar with the substitution effect. And the inflow of foreign capital increases, because the business cycle becomes prosperous with the public funding. Therefore the supply of the dollar increases and the exchange rate falls. The empirical test of Japan proved that the disbursing of public funding has no effect on the securities prices, because there is no such a following economic causality: the decreases of the dishonored bonds increases the price of bonds and of the securities prices. According to the empirical test of Japan, only the interest rate takes an effect on the rate of foreign exchange, but the money supply and the rate of dishonored bonds do not. In conclusion, the effect of the business cycle works in Korea, but does not in Japan.

목차

Ⅰ. 서론

Ⅱ. 공적자금투입의 배경과 내역

Ⅲ. 분석 모형설정

Ⅳ. 모형의 의미

Ⅴ. 모형의 변형

Ⅵ. 실증분석

Ⅶ. 결론

참고문헌

키워드

Public funding Portfolio-balance model Mean-Variance-Approach Business cycle