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국제금융시장 통합이 한국 통화정책과 장기금리에 미치는 영향 및 정책 시사점(The Effect of Financial Market Integration on Monetary Policy and Long-term Interest Rate in Korea and Its Policy Implications)

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Abstract

국제금융시장 통합에 따른 금융변수의 동조화는 많은 신흥국의 통화정책을 제약하였다. 이에 본 연구에서는 한국을 포함한 45개국의 통화정책 독립성을 평가하고, 이를 트릴레마(trilemma) 이론으로 설명한다. 단기금리의 탈동조화 경향을 반영하는 기존의 전통적인 통화정책 독립성 지수뿐만 아니라 실물 부문과의 관련성이 높은 장기금리를 활용하여 장기금리 독립성 지수를 구축하고, 통화정책 독립성을 다각도로 평가하였다. 글로벌 금융위기 이후 높아진 신흥국과 금융중심지 간 장기금리 동조성 경향에 주목하여, 본고에서는 신흥국 통화정책 독립성 제고를 위한 거시건전성 정책이 효과적인 정책 대안이 될 수 있을 것으로 제안한다.

Suggested Citation

  • KIM , Kyunghun & KIM, Soyoung & YANG , Da Young & KANG, Eunjung, 2017. "국제금융시장 통합이 한국 통화정책과 장기금리에 미치는 영향 및 정책 시사점(The Effect of Financial Market Integration on Monetary Policy and Long-term Interest Rate in Korea and Its Policy Implications)," Policy Analyses 17-11, Korea Institute for International Economic Policy.
    • Handle: RePEc:ris:kieppa:2017_011
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    Cited by:

    1. Jang, Hyeonung & Seo, Byoung Ki, 2022. "Transmission of central bank communication to emerging economies: Evidence from the Korean stock market," Emerging Markets Review, Elsevier, vol. 52(C).

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    Keywords

    국제금융시장; 통화정책;

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General

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