1

(National Bank)
(Central Bank)
17
.. 1656

..
1694

1. :

2. :

3.
:

(bankers bank)

( 252 290)
1.

(Note Issue)

2.

(The Banker of the

Government)

1.

2.
3.

3.

(The Banker Of The

Commercial Bank)

1.
2.
3.
4.

3.1 :

1.

2.

3.2 :

3.3 :

3.4 :

4.

(Exchange Control)

10

5.

(International Reserves

Management)

5.1

5.2

11

1. 2.
( 148- 153)
1.

(Quantitative control)

(Excess reserves)
3 1.1
, 1.2 1.3

1.1 (Open-Market Operation)

12

100

+ 100

+ 100

+
100

- 100

100

- 100

- 100

- 100

+ 100

13

(Defensive open-market operation)

1.2 (Discount Rate Policy)

14

1.

15

2.

3.

1.3 (Reserve
Requirement)

16

17

1.

1.

2. (Qualitative control)

18

2.1 (Stock
Market Credit Control)

Margin
Requirement Margin Requirement 70

70
30

2.2

(Consumer Credit and Real estate Credit

Control)

19

(Down payments)

Demand

2.3 (Moral Suasion)

20

21

Post-Hamburger Crisis

(BRIC: Brazil, Russia, India and China)

22

9/11

NeoConservative1

3
2

20073

2001

Republican
Three Trillion Dollar War. Joseph E. Stiglitz, 2008.
3
Sub-Prime
2

23

Trickle-Down Effect

Trickle-Down
Effect

WTO

(Deregulation)

(Current Account)

24

(Capital Account)

Real GDP
2000-2010

2000 5
2007

25

2007
80
The Great Depression 1930s

Global Imbalance

G-20

26

(Key Currency)

9-10

27

QE

(Fed Fund Rate) 0-0.25

(Keynesian
Macroeconomic Policy) Keynesian

Phillips Curve
A B
U1 U2

28

P1 P2
Keynesian
Obama

Obama Recovery Act
Keynesian

9 1.5

Quantitative Easing 2
QE1 QE2
2.3 Trillion

29

Federal Reserve System

19
The First Bank of the United States .. 1811
The Second Bank of the United States
..1836
(AndrewJackson)

(Bank of England)

Wall Street

30

(Carter
Glass)
(Robert Owen)

Federal Reserve Act of 1913

(Woodrow Wilson) 23
.. 1913
Federal Reserve System
12
Federal Reserve District
Federal Reserve Bank 12

Federal
Reserve Bank of New York, Federal Reserve Bank of
Chicago Federal Reserve Bank of San Francisco
3 50%

(quasi-public incorporated institution)

31

(national banks)
Office of the Comptroller of the
Currency

32

6%

2490
Federal Reserve System

Depository InstitutionsDeregulation and Monetary Control Act

of 1980
2530

33

(discount facilities)

(directors) 9
3 A 3

B 3

C 3 Federal
Reserve System

(President)
Federal
Reserve System

12

34

Federal Reserve System

1.
(Board of
Governors)
(Board of Governors) 7

14

(Chairman)

4
14

14

35

Federal Reserve System

12

36

Federal Open Market Committee

Federal Open Market Committee 12

7 5

1 4

FOMC

FOMC

margin requirements

37

Home Mortgage
Disclosure

38

2. (The Federal Advisory Council)

3. 12 (The 12 Federal Reserve Bank)

The Fed of New York

The Fed of Philadelphia
The Fed of Cleveland
The Fed of Richmond
The Fed of Atlanta
The Fed of Chicago
The Fed of St.Louis
The Fed of Minneapolis
The Fed of Kansas City
The Fed of Dallas
The Fed of San Francisco
The Fed of Boston
4. (The Federal Open
Market Committee : FOMC)
(Open Market Operation)
Fed Fund Rate
5.

39

2-3
14
2

2
Comptroller of the Currency ()

.. 1935 Banking Act of 1935

40

(Quantitative Easing)
QE Quantitative Easing





QE
QE
QE

QE
IMF


usd

usd
QE

(U.S Treasury)

41

Emerging Country

42

QE
QE
QE3

QE
Quantitative Easing (QE)

(QE) (financial
assets)

(QE)

43

(excess reserves)

(QE)

44

(money supply)

2544

2550 25502555

(risk-free short-term
nominal interest rates)
2551

45

long term refinancing operations (LTRO) 12-36

(European Central Bank) QE

2552-2555

700-800
2551

(Mortgage-backed securities : MBS) 600

2552
1.75
2.1
2553 2553

2 (QE2)
600 13 2555

46

3 (QE3)

(Mortgage-backed securities : MBS) 40

Federal Open
Market Committee(FOMC)

2558

(Printing Money)

47

................................................................................. 1

................................. 1
.......................................... 2
.................................... 5

48

................................................................................... 11

.................................................................................................. 21
Post-Hamburger Crisis ........................................................ 21
Federal Reserve System ............................................................ 29

................................................................ 29
Federal Reserve System ............ 34
QE (Quantitative Easing) ..................................... 40