선진국과 개발도상국 중앙은행의 대정부 업무 비교 연구 - 대정부 여신과 재정증권 발행을 중심으로 -

This study examines government banking service of central banks and investigates it more focusing on funding for government that presents significant heterogeneity in dependance on the degree of country development. It is observed that central bank credit to the government is banned in 70% of advanced countries but in 48% of emerging markets and only in 18% of developing countries. Also, some advanced countries inevitably allow temporary loans with strictly regulated terms and conditions while emerging markets and developing countries provide the more relaxed conditions including maturity and size. In terms of treasury bills which can be used for not only government funding but monetary policy, emerging markets and developing countries issue both treasury bills and central bank bills, whereas no advanced countries issues the two securities simultaneously. In addition, it is found that the advanced countries use more the treasury bills than the central bank bills while the developing countries display the opposite way as financial instrument for monetary policy. Meanwhile, this study analyzes government banking service of the Bank of Korea. I find that the Bank of Korea directly provides credits to the government whose amount is as large as 26% of government revenue in 2010, which is corresponding to the central banks in developing countries. The Bank of Korea also issues the central bank bills, MSBs(monetary stabilization bonds), whose volume has been reduced but still reaches 49% of total treasury securities volume. This figure appears to be more similar to the aspect in the developing countries than the developed countries. Accordingly, this study suggests policy implications that the Bank of Korea is gradually prohibited from government credits and the issuance of central bank bills in order to settle down it as central banks of the advanced countries.