기타 연구자료 Macroeconomic Implications of Postcrisis Structural Change (EWC) 2005.06.30

기타 연구자료
Macroeconomic Implications of Postcrisis Structural Change (EWC)
#거시경제 운용 및 성장전략
2005.06.30
- 목차
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Part I. Economic Structures and Macroeconomic Performances
1. Financial and Structural Reforms in the Aftermath of Financial Crises:Lessons from International Experience for Korea
Daniela Klingebiel
Introduction
Major Structural Reform Issues in the Postcrisis Phase
Financial and Operational Restructuring for Corporate and Financial Sectors
Reducing Government’s Role and Changing Ownership
Structures in the Economy
Strengthening Creditor Rights
Strengthening Corporate Governance
Enhancing the Regulatory and Supervisory Framework
Improving the Disciplinary Role of Markets and Depositors
Strengthening the Framework for Competition
Lessons for Korea
Structural Weaknesses in the Korean Economy Prior to the Crisis
Lessons from International Experience for Korea
2. Postcrisis Growth and Bankruptcy Policy Reform in Korea: Empirical Evidence
Chin Hee Hahn and Youngjae Lim
Introduction
The Role of TFPG in Postcrisis Growth Performance
Basic Facts
“Changes in Growth Accounting”: TFPG vs. Input Accumulation
Some Remarks on the Role of Capital Accumulation
Bankruptcy Policy and Allocation Efficiency before and after the Korean Crisis
Bankruptcy Policy before and after the Crisis
Performance of the Court-Administered Bankruptcy System before and after Reform
Concluding Remarks
Appendix: Data Description
COMMENTS
Kyungsoo Choi
Jon Blondal
Part II. Factor Market Structures and Macroeconomy
3. Financial Structure and Macroeconomic Performance over the Short and Long Run
Jose A. Lopez and Mark M. Spiegel
Introduction
Financial Development and Long-Run Economic Growth
Literature Review
Methodology
Results
Panel Evidence on Financial Development and Income Volatility
Financial Development and Short-Term Fluctuations
Cross-Sectional Evidence
Korea in the 1990s
Policy Implications for Asian Nations
Conclusion
4. Macroeconomic Implications of Financial Market Reforms in Korea
Joon-Ho Hahm
Introduction
Financial Development and Economic Performance in Precrisis Korea
Financial Reform and Postcrisis Transition in Financial Structure
Financial Industry Consolidations and Capital Market Reforms
Shifts in Corporate Financing Patterns and Bank Portfolio Structures
Transition toward a More Market-Based Financial System
Macroeconomic Implications of the Postcrisis Financial Transition
Improved Resource Allocation: Productivity and Cost Gains
Improved Risk Sharing, Monitoring, and Resolution Schemes
Systemic Risk Implications of Financial Disintermediation and Bank Consolidations
Shift in Bank Asset Portfolios: Implications on Savings and Business Cycle
Financial Globalization and Vulnerability to External Shocks
Policy Implications and Concluding Remarks
5. Labor Markets in the United States and Korea: Factor Proportions, Inequality, and Unemployment
Robert Topel
Introduction
Wages, Inequali132ty, and Factor Proportions
U.S. Data
The Evolution of Wages: 1967.2000
Unemployment, Nonparticipation, and Nonemployment in the United States
Incidence and Duration of Jobless Spells in the United States
Unemployment, Nonemployment, and Wages
Wage Changes, Labor Supply, and Nonemployment
Conclusions: What Can We Learn from American Labor Markets?
Appendix: A Brief Primer on Collective Bargaining Institutions in the U.S.
6. Macroeconomic Policy Implications of Labor Market Changes in Korea
Kyungsoo Choi
Introduction
Overview of Postcrisis Labor Market Changes
Employment Changes during the Crisis
Changes in Labor Turnover Patterns
Implications for Macroeconomic Policy Making
COMMENTS
Dongchul Cho
Carl E. Walsh
Young-Sun Koh
Daniela Klingebiel
Part III. Implications of Structural Changes on Macropolicy Schemes
7. Economic Structure and Monetary Policy Design
Carl E. Walsh
Introduction
Institutional Structure and Policy Objectives
Institutional Structure
Policy Objectives
Policy Implementation
Monetary Targeting
The United States
Germany and Switzerland
Lessons
The Rise of Inflation Targeting
Who Targets Inflation?
Implementing Inflation Targeting
Instrument Rules for Inflation Targeting
Inflation Forecasts as Intermediate Targets
Inflation-Targeting Rules
Criticisms of Inflation Targeting
Alternatives to Inflation Targeting
Conclusions
8. Postcrisis Structural Changes and Monetary Policy Scheme in Korea
Dongchul Cho
Introduction
Evolution of Monetary Policy after the Crisis
Monetary Policy in an Open Economy
Theoretical Discussion on MCI
A Crude Measure of MCI for the Korean Data
Summary and More Issues on Monetary Policy in Korea
9. Achieving Fiscal Consolidation: Lessons from OECD Member Countries on Institutional Arrangements for Budgeting
Jon Blondal
Introduction
Institutional Arrangements for Budgeting
Medium-Term Budget Frameworks
Prudent Economic Assumptions
Top-Down Budgeting Techniques
Relaxing Input Controls
An Increased Focus on Results
Budget Transparency
Modern Financial Management Practices
Conclusion
Appendix: OECD Best Practices for Budget Transparency
10. Fiscal Consolidation after the Crisis: Prospects and Strategies
Young-Sun Koh
Introduction
Background
Public Finance in the 1970s
Fiscal Tightening in the 1980s
Economic Crisis and Ballooning Budget Deficit
Current State of Government Finance
Fiscal Balance
Government Liabilities
Functional Classification of Expenditures
Government Expenditures in National Accounts
Discretionary Spending and Mandatory Spending
Major Risk Factors in Fiscal Management
Future Development of Government Finance
Cost of Financial Restructuring
Implicit Liabilities of Public Pension Schemes
Simultaneous Increases in Government Assets and Liabilities
Liabilities of Public Corporations, Including the Bank of Korea
Weakening Fiscal Discipline
Strategies for Fiscal Consolidation
Containing Expenditure Growth
Enhancing the Allocative and Technical Efficiency of Expenditures
COMMENTS
Chin Hee Hahn
Mark M. Spiegel
Joon-Ho Hahm
Robert Topel
Part IV. Reflections on IMF Policy Prescriptions
COMMENTS
Hubert Neiss
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