성태윤 교수

We consider Korea and Japan in East Asia as the representative country of each of the two groups: high- versus low-depreciation economies during the 2008 global financial crisis. Although the two countries have geographical and industrial similarities, their exchange rate change during the crisis was notably opposite, and so were the macro-economic performances. Particularly, exchange rate and trade flows turned out to have played a major role in creating such differences. Exporting firms signif

본 논문은 1997년 외환위기 이후 정부의 재벌정책 전개과정을 살펴보고 그 과정에서 제기된 주요 논점 등을 정리해 봄으로써 향후 정책방향에 대한 시사점을 얻는 데 그 목적이 있다. 검토 결과 외환위기 이후 정부의 재벌정책은 1999년 당시 대통령의 8.15 경축사에서 정점을 이룬 뒤 규제가 서서히 완화되는 방향의 길을 걸어왔다. 2002년 출자총액제한제도 적용제외 및 예외인정 범위 확대, 계열회사 주식에 대한 금융보험사의 의결권행사 허용, 산업자본의 금융기관소유규제 완화, 2004년 유명무실한 증권관련 집단소송제도 통과, 출자총액제한제도 졸업요건 완화, 2007년 금산법 개정, 출자총액제한제도의 사실상 무력화, 지주회사제도의 행위제한기준 대폭 완화 등의 조치들이 이러한 견해를 입증해 주고 있다. 본 논문은 공정거래법상의 소유구조 규제정책(상호출자금지, 출자총액제한, 지주회사규제) 및 금융관련법 및 공정거래법상의 금산분리정책(은산분리, 금융의 산업지배 금지, 금융보험사의 의결권 제한)

:We empirically analyze the main determinants of foreign exchange rate (FX) volatility in emerging market economies using the data of Korea corporations and financial institutions. We find that short-term external debt is more important than trading volume of foreign investors in explaining FX volatility. Our results suggest that short-term debt-controlling measures, such as a tax levy on short-term borrowing, can be more effective in moderating FX volatility than can the measures affecting the

본 연구는 1997년 한국의 외환위기와 2008년 미국의 금융위기를 비교하면서, 양국의 위기 대응이 어떻게 달랐고 왜 상이한 방식을 보였는지에 대해 분석한다. 양국의 금융위기는 정부의 암묵적 보증 하에 이루어진 부채와 밀접하게 연관되어 있다는 점에선 공통점을 찾을 수 있다. 하지만 문제점을 해결하고 경제위기를 탈출하려는 양국 정부의 대응방식은 매우 대조적이었는데, 이것이 위기전파의 채널과 관련되어 있다는 점을 제시한다. 그로 인해 통화정책과 재정정책에 있어서 양국은 대조적인 정책을 운용하였고, 이와 같은 거시정책 대응의 차이는 구제금융의 규모와 경제 전반에 미치는 영향에도 큰 차이를 가져왔다.

This paper examines the impact of group-controlling shareholders’ interests on the R&D decision of group-affiliated firms in business groups with cross-ownership structures, especially with regard to the impact of control-ownership disparities or cash-flow rights. We show that R&D intensity across group-affiliated firms, in business groups with cross-ownership structures, is higher when control-ownership disparities are low or when group-controlling shareholders have higher cash-flow rights. Par

This paper examines whether the dividend valuation changed after corporate accounting scandals such as that of Enron in October 2001 broke out. We find that dividend increasing firms experienced positive abnormal returns in the industry affected by corporate scandals up to four months after the first scandal in the industry became public. We interpret this finding in the context of the agency theory of Jensen (1986 Jensen, M. 1986. Agency costs of free cash flow, corporate finance, and takeovers

Bankers on the board are expected to act as a fund-raiser and to help lowering financial costs, but they can impose conflicts of interest between shareholders and creditors. We empirically analyse the impact of banker-directors on corporate leverage and investment, using Korean firm data during the period from 2000 to 2012. Bankers on the board turn out to play different roles depending on market competition and macroeconomic circumstance. In less competitive industries where banks are less conc

Abstract With a notion that the eurozone does not have a fiscal federalist system, we analyze the effectiveness of fiscal policy at the country level of the eurozone and the state level of the US. Our empirical analysis shows that, not like the case of the US, the role of fiscal policy for counteracting regional income shocks is far weaker in low-income countries in the eurozone. In addition, the contagion effect of fiscal crises in the eurozone is stronger and this effect becomes stronger in th

본고는 R&D 집중도와 수출비중의 상관관계를 산업 차원에서 실증분석 하였다. 1993~2008년까지 한국 제조업의 산업별 자료를 사용한 실증분석을 통해 산업별 수출비중이 R&D 집중도와 양(+)의 상관관계가 있음을 발견하였다. 이 결과는 여러 독립변수들과 추정방정식에 대해서도 견조한 결과로 나타났다. 국제시장에서의 경쟁이 수출산업에서 보편적으로 보다 치열하다고 간주할 수 있다는 측면에서, 수출산업군에 속하는 기업들이 더 활발하게 R&D에 투자하게 되는 것으로 추론할 수 있다.

Korean chaebol firms, characterized by excessive debt financing and overinvestment, experienced restructuring after the 1997 crisis. By reducing debt financing and thus overinvestment, they tried to reorganize financing structure and ownership structure. Chaebols’ debt reduction turns out to have improved performance. However, polarization between chaebol and non-chaebol firms has become more significant. Even after the crisis, firms that give higher cash flows to a controlling shareholder take

Bankers on the board are expected to act as a fund-raiser and to help lowering financial costs, but they can impose conflicts of interest between shareholders and creditors. We empirically analyse the impact of banker-directors on corporate leverage and investment, using Korean firm data during the period from 2000 to 2012. Bankers on the board turn out to play different roles depending on market competition and macroeconomic circumstance. In less competitive industries where banks are less conc

We present a simple analytical framework that illustrates the impact of two types of market liberalization on stock prices: cold turkey versus gradual liberalization. Using this theoretical framework, we show that gradual stock market liberalization can have a negative impact on stock prices when such gradual liberalization increases uncertainty about future stock prices. We examine the liberalization experience of the Korean stock market, and find that our analysis could be relevant in that cas