通貨供給과 國際收支 變動과의 實體的 硏究

A Case Study on the Change of the Balance of Payments and the Supply of Money

This study attempts to analyse the effect of the change on the balance of payments on the supply of monetary aggregates. with special reference to Korean experience. The Korean economy has deepened its foreign dependency in terms of foreign outstanding debts which has been increased substantially during the last two decades. This study also aims to examine the change of monetary aggrergate using the time-series data of the M1 and M2 of the money stock during the period of 1971-1992. The approach was adopted for the estimation of the effects of exogneous variables on the domestic money supply. This approach is the typical monetary approach to the balance of payments to examine effect of the central bank's foreign reserve assets. price-level. real GNP and interest rate on the supply of domestic credit. In such a case M2. monetary multiplier. real GNP and price level highly effected the change in the endogneous variable at the separately each 3.352. 12.205, 6.737 significant level. It is found that the foregin reserves held by the central bank is inversely related with the supof domestic credit. with the estimated value of the being 1.494 and interest rate value of the being 0.589. The data used was "The Central Bank's Monthly Report" for 21 years. In such a case M₁. monetary multiplier, price level. real GNP effected the change in the endognous variables separately 2.331. 12.660. 5.669. But it is found that the foreign reserves held by the central bank inversely related with the supply of domestic credit, with the estimated value of the being 1.033 and interest rate value of the being minus 0.456. Consequently. this result implicitly shows that vivid change in the GNP. price level. the change in the balance of payments on the supply of monetary aggregate approach have been estimated as valuable proprieties of the Korean economy.