Download or read book A Framework for Exchange Rate Policy in Korea written by Michael Patrick Dooley and published by 대외경제정책연구원. This book was released on 2002 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Framework for Exchange Rate Policy in Korea written by Michael Dooley and published by . This book was released on 2002 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Strengthening the Monetary Policy Framework in Korea written by Kevin Clinton and published by International Monetary Fund. This book was released on 2019-05-13 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Adoption of inflation targeting by the Bank of Korea (BOK) in 1998 contributed to low and stable inflation. However, after the global financial crisis (GFC) monetary policy faced more challenging conditions. Inflation slipped below the target range in 2012 and remains below it despite a cut in the target to 2 percent in 2016. Policy also became more complex with the addition of financial stability to the central bank’s mandate. To address these challenges, this paper proposes a two-pronged approach to strengthen the effectiveness with which monetary policy can meet its objectives: first, enhanced communication on how the target will be achieved over the medium-term, building on a forecasting and policy analysis system; and, second, by clarifying the complementary role of macroprudential policy in containing financial stability risks so that monetary policy can focus on the inflation target. Simulation of a macro model calibrated to Korea illustrates how it can be used to provide this greater medium-term focus on achieving the inflation target and strengthen communication.
Download or read book Changes in Exchange Rates in Rapidly Developing Countries written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2007-12-01 with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt: The exchange rate is a crucial variable linking a nation's domestic economy to the international market. Thus choice of an exchange rate regime is a central component in the economic policy of developing countries and a key factor affecting economic growth. Historically, most developing nations have employed strict exchange rate controls and heavy protection of domestic industry-policies now thought to be at odds with sustainable and desirable rates of economic growth. By contrast, many East Asian nations maintained exchange rate regimes designed to achieve an attractive climate for exports and an "outer-oriented" development strategy. The result has been rapid and consistent economic growth over the past few decades. Changes in Exchange Rates in Rapidly Developing Countries explores the impact of such diverse exchange control regimes in both historical and regional contexts, focusing particular attention on East Asia. This comprehensive, carefully researched volume will surely become a standard reference for scholars and policymakers.
Download or read book Appropriate Exchange Rate Regime in Developing Countries written by Chae-sik Chŏng and published by 대외경제정책연구원. This book was released on 2000 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Korea s Exchange Rate Policy written by Sŭng-hŭi Chwa and published by . This book was released on 1988 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008 2009 written by Mr.Harun Alp and published by International Monetary Fund. This book was released on 2012-01-01 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Korea was one of the Asian economies hardest hit by the global financial crisis. Anticipating the downturn that would follow the episode of extreme financial stress, the Bank of Korea (BOK) let the exchange rate depreciate as capital flowed out, and preemptively cut the policy rate by 325 basis points. But did it work? This paper seeks a quantitative answer to the following question: Were it not for an inflation targeting framework underpinned by a flexible exchange rate regime, how much deeper would the recession have been? Taking the most intense year of the crisis as our baseline (2008:Q4?2009:Q3), counterfactual simulations indicate that rather the actual outcome of a -2.1 percent contraction, the outturn would have been -2.9 percent if the BOK had not implemented countercyclical and discretionary interest rate cuts. Furthermore, had a fixed exchange rate regime been in place, simulations indicate that output would have contracted by -7.5 percent over the same four-quarter period. In other words, exchange rate flexibility and the interest rate cuts implemented by the BOK helped substantially soften the impact of the global financial crisis on the Korean economy. These counterfactual experiments are based on an estimated structural model, which, along with standard nominal and real rigidities, includes a financial accelerator mechanism in an open-economy framework.
Download or read book The Bank of Korea A Sixty Year History written by The Bank of Korea (Central Bank of South Korea) and published by 길잡이미디어. This book was released on 2010-11-24 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: Preface Chapter 1 Foundation of the Bank of Korea Chapter 2 The Bank of Korea Act Chapter 3 Organization and Functions of the Bank of Korea Chapter 4 Economic Development and the Bank of Korea Chapter 5 The Future Trajectory and Challenges of the Bank of Korea
Download or read book De Facto Exchange Rate Regime in Korea written by Han Geun Moon and published by . This book was released on 2017 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this paper is to test the common view on the actual exchange rate regime, using very simple but intuitive OLS regression models based on Frankel and Wei's work (1994). The results show that, firstly, East Asian countries including Korea have returned to the dollar peg or managed floating after the restoration from the crisis, as they did during the pre-crisis period. The results also show that Korea has substantially changed her exchange rate regime since January 2001, but other countries, even Taiwan and Singapore which had no crisis, are still the same as before. The sensitivity to the dollar has statistically significantly decreased, but sensitivity to the yen is almost twice as much as those in other countries. This result might come from the synchronization of Korean won with Japanese yen from November 2000, the change of the monetary policy framework from monetary targeting to the pure inflation targeting, and the full capital and foreign exchange liberalization since the second stage of foreign exchange liberalization (January 2001). However, 6 months (January 2001-June 15, 2001) is not enough to assess policy changes, and, we continuously need to monitor how the exchange rate policy evolves.
Download or read book Exchange Rate and Foreign Exchange Policies in Korea written by Byungchan Ahn 저 and published by 한나래출판사. This book was released on 2013 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: 2011년 출간된『글로벌 금융 위기 이후 외환정책』의 영문판으로, 기존 한국어판을 보완·수정하고 최근 자료를 추가하였다. 2012년 학술원 우수학술도서로 선정되어 학계와 관련 업계의 큰 주목을 받았던 이 책은 2008년 글로벌 금융위기 이후 우리나라의 외환정책, 이와 관련한 핵심 이슈, 그리고 앞으로 풀어나가야 할 과제에 무게중심을 두고 있다. 당시 한국은행 국제국장으로서 외환 부문의 거시 건전성을 제고하기 위해 노력했던 저자는 자신의 생생한 경험과 해박한 국제 금융 이론을 기반으로 하여, 글로벌 금융 위기를 극복한 한국의 외환 정책을 소개하고 있다. 한국뿐만 아니라 세계 각국에서 활동하고 있는 경제 주체들에게 많은 도움을 줄 것이다.
Download or read book FX Funding Risks and Exchange Rate Volatility Korea s Case written by Mr.Jack Ree and published by International Monetary Fund. This book was released on 2012-11-07 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how exchange rate volatility and Korean banks’ foreign exchange liquidity mismatches interacted with each other during the Global Financial Crisis, and whether the vulnerability stemming from this interaction has been reduced since then. Structural and cyclical changes after the crisis, including decreasing demand for currency hedges and the diversifying investor base for bonds, point to a possible weakening of the interaction mechanism; and we find evidences are strongly supportive of this.
Download or read book Issues in Korean Exchange Rate Policy written by Stanley W. Black and published by . This book was released on 1996 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Korea faces a number of unique problems that affect its exchange rate policy. Among these are its asymmetric competitive position vis-...-vis Japan, which is both its major supplier of machine tools and a leading competitor in third markets; the current policy of financial liberalization that goes along with democratic liberalization; and the implications of the potential future unification of the Korean peninsula. This paper considers the question of exchange rate policy for Korea in the face of fluctuations in the yen/dollar rate, increasing competition from lower cost Asian countries, and financial liberalization. The paper deals with external vs. internal targets, choice of external comparison basket, and the effects of financial liberalization. The Korean choice of an independent exchange rate policy is analyzed in terms of the trade-off between external shocks and inflation-fighting credibility of the central bank. Financial liberalization brings with it increased capital mobility. The paper also considers the possibility of a regional currency area, Korean unification, and long run equilibrium.
Download or read book Monetary and Exchange Rate Policy in Korea written by Barry J. Eichengreen and published by . This book was released on 2004 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monetary Policy in a Changing Financial Environment written by Chiho Kim and published by . This book was released on 1997 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Role of Exchange Rate Policy and External Competitiveness in the Growth and Adjustment of the Korean Economy written by Changhyo Bae and published by . This book was released on 1996 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Impact of Exchange Rate Fluctuations on Korean Industry written by Soo-Dong Kim and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The stabilization of exchange rate fluctuations is an important economic policy issue for an open, export-oriented country such as South Korea. The 1997 foreign exchange crisis and the 2008 global financial crisis put the Korean foreign exchange market in great turmoil, and the instability of the exchange rate resulting from those crises seriously affected the economy as a whole. In addition, more frequent fluctuations in the value of the Korean won are causing concerns about the negative impact on foreign trade. This uncertainty in the external sector is a very important variable that can influence decision making by industries, companies and various stakeholders. As exchange rate fluctuations drew the attention of economists, they began to study their effects on macroeconomics using time series. However, recently analyses of exchange rate fluctuations have expanded to the firm level using corporate and industrial data.Meanwhile, major industrialized countries such as the U.S., Japan and the EU are trying to maintain monetary policy in a way that lowers or at least does not raise the value of their currencies for economic stability, economic recovery, and job creation. Many countries that suffer from currency appreciation and a current account deficit have been intervening in the foreign exchange market somewhat aggressively. And the debate about the legitimacy of these measures is intensifying. Countries around the world have engaged in a competition do devalue their currencies, and this trend is expected to accelerate amid creeping protectionism. For these reasons, the appreciation of the won is likely to persist over the long term, and concerns over the negative impact of this trend are also growing.Companies and industries will be affected differently by exchange rate fluctuations, depending on their export ratio, profitability and firm value, and the size of the effect will be different as well. The effect of exchange rates on the profitability of companies and industries varies depending on the characteristics and circumstances of the company in question, such as its share of exports of total sales, its dependency on the import of raw materials, and overseas market share of export products. Therefore, it is necessary to closely examine the effect of the exchange rate on corporate and industrial performance in a scenario where the won persistently appreciates. The results of this study are expected to carry various implications for individual companies operating in each industry. And these policy suggestions can be used as valuable reference materials for deploying countermeasures at the firm level. This study analyzes the effects of exchange rate fluctuations on profitability of firms and industries. This analysis will provide a basis for implementing countermeasures at the firm and industry level and design differentiated countermeasures according to the size of the impact of the exchange rate on profitability.In Chapter 2, I first examine the long-term and recent trends of the won against the currencies of major countries. And I also research the impact channel of exchange rate fluctuations on the performance or profitability of a firm or industry. I then review the previous research, which discusses how exchange rate fluctuations affect firm and industry performance. In Chapter 3, I analyze the effect of exchange rate fluctuations on the profitability of firms and industries empirically during the period from 2003 to 2017. In doing so, I theoretically examine the effect of the exchange rates on corporate profits, assuming that the final goods produced using imported raw materials are sold in domestic and foreign markets. In addition, I examine the effect of exchange rates on corporate profitability using corporate financial data and then study how it affects industry profitability according to the importance of overseas markets, whether the firm in question is listed or not and the size of company. Chapter 4 provides an overall conclusion and presents implications.
Download or read book Korea s Exchange Rate Policy written by Won Am Park and published by . This book was released on 1989 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: