In this thesis, we study both firms and markets, but in an environment in which much greater attention is placed on the workings of the market than has been the case heretofore. Specifically, we analyze the make-or-buy decision within a dynamic environment, in which firms search for trading...

In this study, we describe the fintech and cryptoassets-related trends in the Republic of Korea and review the measures and assessments of the Government of the Republic of Korea and the Bank of Korea. We also provide discussion on central bank digital currency. Fintech in the Republic of Korea...

Korean Abstract: 본 연구에서는 최근 북한경제가 국제사회의 제재로 인해 보유외화가 감소하고 있음에도 불구하고 물가와 환율이 어떻게 안정된 모습을 유지하고 있는지 화폐수량설의 관점에서 분석하였다. 모형을 설정하기에...

This paper shows that discrete and vastly different loan rates offered by different types of financial firms constitute, in fact, an elaborate mechanism that makes borrowers tell the truth regarding their ability to pay back loan principal and interest. Suppose that once a borrower fails to pay...

Korean Abstract: 금번 글로벌 금융위기에 대응하면서 미 연준과 유럽중앙은행은 다양한 형태의 비전통적 통화정책을 도입하였다. 본 논문은 두 중앙은행의 정책집행을 배경과 원칙을 중심으로 비교, 조망한다. 미 연준은...

We present a simple, finite-state search model to understand how the cross-sectional distribution of money affects its value. We first document a network effect: the value of a given unit of money is higher when its distribution is even, rather than skewed. We also find some distributions to be...