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중앙은행 적립금의 운용에 관한 공공선택이론적 연구

A Public Choice Study on the Use of the Central Bank's Reserved Profits: An Experimental Approach Through 61 Countries' Data

김일중|김인배|권윤섭
한국개발연구원 (Korea Development Institute)|2004.12|KDI Journal of Economic Policy|제26권 제2호|pp. 209-248

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참고문헌

주제분류경제학

초록

Abstract

Although various publicly reserved funds have recently come to the fore of academic and policy-making attention in Korea, researchers rarely take up the issue of the reserve fund retained from annual profits by the central bank (i.e., the Bank of Korea). Starting with the general public choice premise that bureaucrats seek to maximize their discretionary budget, this paper first provides a theoretical reasoning why central bank's bureaucrats would prefer retaining annual profits to turning them to the Treasury. The major tenet to be emphasized is that retained profits as a reserve fund can give the central bankers discretionary power in their disposition. In particular, we focus on the close relationship between the reserve fund and the discount windows. The latter, as a monetary instrument, has traditionally been demonstrated to cause secrecy, arbitrariness, and other bureaucratic amenities in the previous literature. Subsequently, this paper, based on 61 countries data, empirically verifies that the central bank's reserve fund is at least partially used to additionally increase the discount windows. Since an excessive use of discount windows results in inflationary bias, we conclude the paper with some policy suggestions to have such bureaucratic power of discretion in check. This paper, if in its experimental nature yet, is expected to shed a critical implication for establishing the meaningful independence of the central bank to a host of countries.

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인플레이션과 중앙은행 적립금: 관료주의적 접근권윤섭, 김인배, 김일중한국경제학회 · 경제학연구2004 · 제52권 제2호중앙은행 역할과 권한 확대의 민주적 정당성황재홍한국사회경제학회 · 사회경제평론2022 · 제35권 제3호중앙은행 수지와 통화정책 운용윤용만, 이용호한국은행 · 경제분석2016 · 제22권 제4호한국의 재할인정책 : 국제비교를 통한 정치경제학적 분석김인배, 김일중한국경제통상학회 · 경제연구2004 · 제22권 제3호적정 통화정책 조작목표의 모색남광희한국국제경제학회 · 국제경제연구2002 · 제8권 제2호우리나라 통화정책 집행구조의 문제점과 개선방안車顯辰한국경제의 분석패널 · 한국경제의 분석2003 · 제9권 제3호

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