Study on Financial Instability and International Comparison of East Asian Economies: Origins of Crisis and Policy Implications

该项目包括三篇论文作为输出。反映各国政治经济进程的结构性因素可以更好地解释经济增长机制和后续危机的根源。国内和国际参与者之间的互动以及金融部门的行为组合产生了诸如现有政策制度、繁荣周期和金融危机等后果，韩国经济的经验见证了这些后果[1论文]。正溢价取决于两个因素之间的关系：银行对投资者缺乏承诺，金融公司的净值状况。一种特定干预措施的效果关键取决于如何设计和实施激励相容约束[第二产出]。第三，把全球流动性和资金流作为一个整体来考察，以明确企业储蓄的机制，这些机制反映了融资的结构性变化，从而反映了资金在金融体系中的流动。

The project consists of three papers as outputs. Origins of mechanism of economic growth and sequential crisis can be better explained by structural factors which reflect political and economic process of each country. Combination of interactions among players, domestic and international, as well as the behavior of financial sector has consequences such as the existing policy regime, cycle of boom and financial crisis that was witnessed in experiences in Korean economy[1st paper]. A positive premium depends on the relation between two factors: the lack of a commitment of banks toward investors, the state of net worth of the financial firms. The effect of a particular intervention depends crucially on how an incentive compatibility constraint is designed and enforced[2nd output]. Third one focus global liquidity and flows of funds as a whole economy in order to clarify mechanism of corporate saving which reflect structural shift in financing and hence flow of funds in financial system.