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Macroeconomic Implications of Postcrisis Structural Change (EWC)

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요약 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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