개방경제에서의 금융혁신 파급효과와 블록체인기술 발전의 시사점 (Impacts of Financial Innovations in an Open Economy and Implications of Blockchain Technology)

193 Pages Posted: 29 Jul 2019

See all articles by Sungbae An

Sungbae An

Korea Institute for International Economic Policy

Hyosang Kim

Independent

Kotbee Shin

Korea Institute for International Economic Policy

Huisu Jang

Soongsil University

Date Written: December 31, 2018

Abstract

Korean Abstract: 본 연구는 금융혁신의 사례를 기능별로 분류하고 기존 문헌에서 이러한 금융혁신이 경제에 영향을 미칠 수 있는 경로를 살펴보았다. 중개비용의 절감, 리스크 분산의 달성, 시장의 불완전성 보완 등으로 나타나는 금융혁신이 경제성장과 경기변동성에 영향을 미치는 것을 확인하였다. 무역신용을 포함한 소규모개방경제 모형을 구축하여 금융혁신이 경제 내 구성원들의 신용 접근성을 높이고 신용·거래비용을 감소시켜 거시경제변수에 영향을 미치는 파급경로를 분석하였다. 한편, 블록체인기술의 발전과정과 현재 직면한 문제점 및 한계점, 금융자산으로서 암호화자산의 특성을 분석하고 그에 따른 정책적 시사점을 제시하였다.

English Abstract: Satoshi Nakamoto announced the white paper of bitcoin, “Bitcoin: A Peer-to-Peer Electronic Cash System,” which embodies ideas of the distributed ledger in October 2008 and based on the ideas, the first bitcoin was mined in March 2009. Since then, there have been vast on-going discussions whether bitcoin can be used as a means of exchange like fiat money. Meanwhile, the price of bitcoin skyrocketed in 2017, so bitcoin and other crypto-assets made a splash on public interest with a lack of legal regulations. Governments worried the overheated market that could become a bubble and tried to impose regulations for market soundness. With the recent development of fintech and the emergence of the fourth industrial revolution, it is difficult to separate the impact of the blockchain technology as financial innovation in the current discussions. This research report summarizes the economic effects of financial innovations in retrospect and examines the blockchain technology considered as a part of financial innovation.

Keywords: Blockchain Technology, Financial Innovation

Suggested Citation

An, Sungbae and Kim, Hyosang and Shin, Kotbee and Jang, Huisu, 개방경제에서의 금융혁신 파급효과와 블록체인기술 발전의 시사점 (Impacts of Financial Innovations in an Open Economy and Implications of Blockchain Technology) (December 31, 2018). KIEP Research Paper. Policy Analyses 18-21. Available at SSRN: https://ssrn.com/abstract=3422609 or http://dx.doi.org/10.2139/ssrn.3422609

Sungbae An (Contact Author)

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Hyosang Kim

Independent ( email )

No Address Available
United States

Kotbee Shin

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Huisu Jang

Soongsil University ( email )

511, Sangdo-dong, Dongjak-gu
Seoul
Korea, Republic of (South Korea)

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