논문KCI 등재
Monetary Stabilization Policy during Economic Crisis: Case of Korea
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Abstract
The paper evaluates the effectiveness of high interest rate policy in stabilizing the exchange rate during the Korean crisis, based on a nonlinear impulse response function approach. We find that high interest rates induce depreciation for a very short period, followed by a substantial appreciation for an extensive period. In contrast, a low interest rate policy would appreciate the exchange rate only for a very short period but have little impact afterwards. Our empirical findings suggest that the IMF's interest rate policy in Korea contributed to the stabilization of the exchange rate.
참고문헌 (16)
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- "The Asian Crisis: Causes, Policy Responses and Outcomes" (1999)
- "Interest Rates and Exchange Rates in the Korean, Philippine and Thai Exchange Rate Crises" (2001), KDI and University of Wisconsin
- "Empirical Anomaly in Exchange Rates and Forward Returns" (1998), Korea Institute for International Economic Policy
- "Do High Interest Rates Appreciate Exchange Rates During Crisis?The Korean Evidence" (1998), University of Southern California.
- "The Asian Crisis: A View from the IMF" (1998), IMF
- "An Interest Rate Defense of a Fixed Exchange Rate?" (2000)
- "Economic Crisis: Evidence and Insights from East Asia", 2, pp.1~135 (1998)
- "Semi-nonparametric Estimation of Conditionally Constrained Heterogeneous Processes", eco(metrica), pp.1091~1120 (1989)
- "Monetary Policy in the Aftermath of Currency Crises: The Case of Asia" (1998)
- "Does Monetary Policy Stabilize the Exchange Rate Following a Currency Crisis?" (1999)
- "An Analysis of Volatility of KRW", USD Exchange Rate with Macroeconomic Fundamentals During the 1990s, 1999, pp.24, 21~37
- "Delaying the Inevitables: Optimal Interest Rate Policy and BOP Crises" (1999), UCLA
- "IMF Supported Programs in Indonesia, Korea and Thailand: A Preliminary Assessment" (1999), IMF
- "Conditional Heteroskedasticity in Asset Returns", eco(metrica), pp.347~370 (1991)
- "Causes and Predictability of the Korean Crisis", 4 (1998)
관련 논문AI추천
AN EMPIRICAL ASSESSMENT OF THE KOREAN MONETARY POLICY SINCE THE FOREIGN EXCHANGE CRISIS조성훈한국경제학회 · The Korean Economic Review2007 · 제23권 제2호Reflections on Fiscal Policy Reactions to the Korean Economic Crisis박종규한국학중앙연구원 · Korea Journal2002 · 제42권 제1호Monetary and Exchange Rate Policy in the Aftermath of the Asian Financial Crisis: The Case of Korea김정현한국경제학회 · The Korean Economic Review2012 · 제28권 제1호The Stock Market and Macroeconomic Policy in Emerging Market Economics: The Case of KoreaKimTae-Joon, RyouJai-Won한국사회과학협의회 · Korean Social Science Journal2002 · 제29권 제1호Monetary Policy and Economic Activity in Japan, Korea, and the United StatesEtsuro Shioji, R. Anton Braun경제연구소 · Seoul Journal of Economics2006 · 제19권 제1호Effectiveness of Monetary Policy in Korea Due to Time Varying Monetary Policy Stance김태봉한국개발연구원 · KDI Journal of Economic Policy2014 · 제36권 제3호
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