소장기록
제목Coping with Capital Flows and Monetary Policy Framework : The Case of Korea
설명Economic liberalizations and deregulations have become a general trend in the era of globalization. The Korean economy is no exception to this trend. Despite the miraculous performances under the government-led growth strategy, Korea began to terminate some regulatory policies in the 1980s, and accelerate the liberalization process in the 1990s. With respect to external sectors of the economy, the Korean government introduced a market-based exchange rate system in 1990, and began to open the official capital markets in 1992 by partially allowing foreigners to invest directly in Korean stock markets. Since then, the process of capital market deregulations has become an irreversible trend, The only remaining matter seems to be how fast the liberalization process will, or should, be carried out. With the current level of interest rate differentials between Korea and developed economies, drastic full-scale liberalization would certainly induce a large amount of capital inflows and appreciate the Korean won. This would affect the price competitiveness of Korean products in international markets, which could bring about significant macro-instability in an economy like Korean policy-makers is whether there exist any policy combination that could minimize the macro-instability associated with the unavoidable trend of capital market liberalization. This paper first reviews recent developments in the exchange rate system and capital account liberalization as well as the movements of the related macro-variables in Korea. Then the paper overviews the effects of some policy measures, particularly monetary and exchange rate policies, to cope with capital flows in a general environment.
생산자조동철
날짜1998-12-01
기록유형문서류
기록형태보고서/논문
주제정치경제
연관링크http://www.kdi.re.kr/research/subjects_view.jsp?pub_no=970
식별번호KC-R-00567
제목Coping with Capital Flows and Monetary Policy Framework : The Case of Korea
설명Economic liberalizations and deregulations have become a general trend in the era of globalization. The Korean economy is no exception to this trend. Despite the miraculous performances under the government-led growth strategy, Korea began to terminate some regulatory policies in the 1980s, and accelerate the liberalization process in the 1990s. With respect to external sectors of the economy, the Korean government introduced a market-based exchange rate system in 1990, and began to open the official capital markets in 1992 by partially allowing foreigners to invest directly in Korean stock markets. Since then, the process of capital market deregulations has become an irreversible trend, The only remaining matter seems to be how fast the liberalization process will, or should, be carried out. With the current level of interest rate differentials between Korea and developed economies, drastic full-scale liberalization would certainly induce a large amount of capital inflows and appreciate the Korean won. This would affect the price competitiveness of Korean products in international markets, which could bring about significant macro-instability in an economy like Korean policy-makers is whether there exist any policy combination that could minimize the macro-instability associated with the unavoidable trend of capital market liberalization. This paper first reviews recent developments in the exchange rate system and capital account liberalization as well as the movements of the related macro-variables in Korea. Then the paper overviews the effects of some policy measures, particularly monetary and exchange rate policies, to cope with capital flows in a general environment.
생산자조동철
날짜1998-12-01
크기 및 분량43쪽
언어영어
출처한국개발연구원
연관링크http://www.kdi.re.kr/research/subjects_view.jsp?pub_no=970
기록유형문서류
기록형태보고서/논문
대주제정치경제
소주제아시아금융위기
자원유형기록
파일 3af9800861e60d39f1d798b3506d5696.pdf
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