목차
I. 서 론
II. 자산가격버블의 확산 및 붕괴 메커니즘
1. 자산가격의 역할
2. 자산가격버블의 확산-붕괴 메커니즘
3. 통화당국이 자산가격변동에 관심을 가지는 이유
III. 주요국의 경험과 정책대응 및 시사점
1. 미국과 일본의 경험과 정책대응
가. 미국
나. 일본의 주가 및 부동산가격
2. 미국과 일본의 자산가격에 대한 시사점
IV. 자산가격변동에 대한 통화정책적 대응에 관한 최근 논의
1. 자산가격변동에 대한 간접적 대응방식
2. 자산가격변동에 대한 적극적 대응방식
V. 정책과제
1. 통화정책의 역할변화
2. 현행 통화정책 운용방식의 한계
3. 신용의 효율적 관리를 위한 제도적 장치
가. 통화정책 운용방식의 재설계
나. 금융감독당국과 정책협조체제 강화
II. 자산가격버블의 확산 및 붕괴 메커니즘
1. 자산가격의 역할
2. 자산가격버블의 확산-붕괴 메커니즘
3. 통화당국이 자산가격변동에 관심을 가지는 이유
III. 주요국의 경험과 정책대응 및 시사점
1. 미국과 일본의 경험과 정책대응
가. 미국
나. 일본의 주가 및 부동산가격
2. 미국과 일본의 자산가격에 대한 시사점
IV. 자산가격변동에 대한 통화정책적 대응에 관한 최근 논의
1. 자산가격변동에 대한 간접적 대응방식
2. 자산가격변동에 대한 적극적 대응방식
V. 정책과제
1. 통화정책의 역할변화
2. 현행 통화정책 운용방식의 한계
3. 신용의 효율적 관리를 위한 제도적 장치
가. 통화정책 운용방식의 재설계
나. 금융감독당국과 정책협조체제 강화
본문내용
er of 'The Transformation of Finance in Europe' 8-9 November 2001.
Alchian, A. and Klein, B., " On a Correct Measure of Inflation," Journal of Money, Credit and Banking, Vol. 5. 1973.
Bernanke, B. and Gertler, M., "Monetary and Asset-Price Volatility," FRB of Kansas City Symposium Paper, Aug. 1999.
________ , _______ , and Gilchrist S.,『The Financial Accelerator in a Quan- titative Business Cycle Framework』, J.B. Taylor and M. Woodford, eds., Handbook of Macroeconomics, Amsterdam, North-Holland, Forthcoming
Borio, C.E.V., N Kennedy, and S.D. Prowse., "Exploring Aggregate Asset Price Fluctuations Accross Countries: Measurement, Determinants and Monetary Policy Implications," BIS Economic Paper No.40, April 1994.
Cecchetti, G. Stephen, Hans Genberg, John Lipsky, Sushil B. Wadhwani,『Asset Prices and Central Bank Policy』, ICBM/CEPR series of Geneva reports on the World Economy, July 2000.
_______ , ________ , ______ , "Asset Prices in a Flexible Inflation Target- ing Framework," Conference Paper on 'Asset Price Bubbles: Implication for Monetary, Regulatory and International Policies,' FRB of Chicago and World Bank, Chicago April 22-24, 2002
Cogley, T., "Should the FED take Deliberate Steps to Deflate Asset Price Bubble," FRBSF Economic Review No.1 1999.
Crockett, Andrew., "The Theory and Practice of Financial Stability," Essays in International Finance, No.203, Dep. of Economics, Princeton University, April 1997.
Davis, E.P.,『Debt, Financial Fragility and Systematic Risk』, Oxford, Oxford University Press. 1995.
Diamond, D. & P Dybvic., "Bank Runs, Deposit Insurance and Liquidity," Journal of Political Economy, 1983.
Economist, "A Survey of the World Economy-The Navigators," Sep. 25, 1999.
Fisher, I.M.,『Mooms and Depression』, New York Adelphi, 1932.
___________ , "The Debt Deflation Theory of Credit Depressions," Econo- metrica I 1933.
Goodhart, C., "Time, Inflation and Asset Prices." Eurostat Conference paper, Aug. 1999.
__________ ,『Price stability and Financial Fragility』 in C.A.E. Goodhart, Ed., The Central Bank and Financial System, Cambridge MA: MIT press, 1995.
___________ , and B. Hofmann,『Asset Prices, Exchange Rates, and Mone- tary Policy』, Stanford University, March 2-3, 2001.
Hu, L. and P.C.B. Phillips, "Dynamics of the Federal Funds Target Rate: A Nonstationary Discrete Choice Approach," Cowles Foundation Discussion Paper No.1365, Yale University, May 2002.
IMF,『Asset Prices and Business Cycle』, in World Economic Outlook, April 2000.
Issing, O. et al,『Asset Prices and Monetary Policy』, CEPR, BIS(ed), 1998.
Kaminski, G. and Reinhart, C., "Banking and Balance of Payment Crises : Model and Evidence," Working Paper, Board of Governor of the Federal Reserve, Washington D.C.
Kaufman, H.,『On Money and Market』, Forwarded by Paul A. Volker. McGraw Hill Press, 2000.
Kent, C. and Lowe. P., "Asset Price Bubble and Monetary Policy," Working Paper, Reserve Bank of Australia, Dec. 1997.
敎訓." IMES Discussion Paper Series 日本銀行金融硏究所 2000-J-11, 2000.5.
Alchian, A. and Klein, B., " On a Correct Measure of Inflation," Journal of Money, Credit and Banking, Vol. 5. 1973.
Bernanke, B. and Gertler, M., "Monetary and Asset-Price Volatility," FRB of Kansas City Symposium Paper, Aug. 1999.
________ , _______ , and Gilchrist S.,『The Financial Accelerator in a Quan- titative Business Cycle Framework』, J.B. Taylor and M. Woodford, eds., Handbook of Macroeconomics, Amsterdam, North-Holland, Forthcoming
Borio, C.E.V., N Kennedy, and S.D. Prowse., "Exploring Aggregate Asset Price Fluctuations Accross Countries: Measurement, Determinants and Monetary Policy Implications," BIS Economic Paper No.40, April 1994.
Cecchetti, G. Stephen, Hans Genberg, John Lipsky, Sushil B. Wadhwani,『Asset Prices and Central Bank Policy』, ICBM/CEPR series of Geneva reports on the World Economy, July 2000.
_______ , ________ , ______ , "Asset Prices in a Flexible Inflation Target- ing Framework," Conference Paper on 'Asset Price Bubbles: Implication for Monetary, Regulatory and International Policies,' FRB of Chicago and World Bank, Chicago April 22-24, 2002
Cogley, T., "Should the FED take Deliberate Steps to Deflate Asset Price Bubble," FRBSF Economic Review No.1 1999.
Crockett, Andrew., "The Theory and Practice of Financial Stability," Essays in International Finance, No.203, Dep. of Economics, Princeton University, April 1997.
Davis, E.P.,『Debt, Financial Fragility and Systematic Risk』, Oxford, Oxford University Press. 1995.
Diamond, D. & P Dybvic., "Bank Runs, Deposit Insurance and Liquidity," Journal of Political Economy, 1983.
Economist, "A Survey of the World Economy-The Navigators," Sep. 25, 1999.
Fisher, I.M.,『Mooms and Depression』, New York Adelphi, 1932.
___________ , "The Debt Deflation Theory of Credit Depressions," Econo- metrica I 1933.
Goodhart, C., "Time, Inflation and Asset Prices." Eurostat Conference paper, Aug. 1999.
__________ ,『Price stability and Financial Fragility』 in C.A.E. Goodhart, Ed., The Central Bank and Financial System, Cambridge MA: MIT press, 1995.
___________ , and B. Hofmann,『Asset Prices, Exchange Rates, and Mone- tary Policy』, Stanford University, March 2-3, 2001.
Hu, L. and P.C.B. Phillips, "Dynamics of the Federal Funds Target Rate: A Nonstationary Discrete Choice Approach," Cowles Foundation Discussion Paper No.1365, Yale University, May 2002.
IMF,『Asset Prices and Business Cycle』, in World Economic Outlook, April 2000.
Issing, O. et al,『Asset Prices and Monetary Policy』, CEPR, BIS(ed), 1998.
Kaminski, G. and Reinhart, C., "Banking and Balance of Payment Crises : Model and Evidence," Working Paper, Board of Governor of the Federal Reserve, Washington D.C.
Kaufman, H.,『On Money and Market』, Forwarded by Paul A. Volker. McGraw Hill Press, 2000.
Kent, C. and Lowe. P., "Asset Price Bubble and Monetary Policy," Working Paper, Reserve Bank of Australia, Dec. 1997.
敎訓." IMES Discussion Paper Series 日本銀行金融硏究所 2000-J-11, 2000.5.
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