금융정책의 이해

목차

금융의 기능
o Financial markets can be important in channelling funds from those who do not have a productive use for therm to those who do, thereby resulting in higher economic efficiency.

본문내용

o 경제목표를 달성하기 위해 통화, 신용 및 이자율과 같은 금융변수에 영향을 미치는 정책
controlling the quantity of money supplied
maintaining the stability of the financial system

- Why Study Monetary Policy?
o A change in the reserves market will trigger a chain of events that affect other short-term interest rates, long-term interest rates, the amount of money and credit in the economy, foreign exchange rates, level of employment, output, and prices.

o Rs↓ → 단기금리↑ → Md↓ → 장기금리(home mortgage, TB, bonds)↑
→ loanable funds↓ → bank credit↓

→ 내구재 수요(residential housing, business I, durable consumer goods)↓
→ 주식, 부동산, 채권가격↓ → consumption demand↓
→ demand for ￦ in FX market↑ → appreciation of ￦ → X↓ , M↑
→ production↓ → prices and wages will respond later

o 통화정책은 정책변화에 따른 시장의 변화와 이에 대한 경제주체의 반응을 통해 그 효과가 간접적으로 나타남

참고 자료

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