Balance Sheet Problems and Currency Crisis in Korea
0
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
Currency and maturity mismatches are among the most important causes of the currency crisis in Korea in 2008 as they were in the 1997 crisis. This paper shows that this time, however, the seriousness of the balance sheet problems is qualitatively different from the previous crisis. Then it asks why Korea suffered from the currency crisis, and what should be done to minimize the occurrence of similar events in the future. Based on empirical test and institutional investigation, this paper argues that maintaining sound balance sheet figures, effective foreign currency liquidity regulation, and global financial safety nets are important elements to enhance financial stability.
Abstract
Currency and maturity mismatches are among the most important causes of the currency crisis in Korea in 2008 as they were in the 1997 crisis. This paper shows that this time, however, the seriousness of the balance sheet problems is qualitatively different from the previous crisis. Then it asks why Korea suffered from the currency crisis, and what should be done to minimize the occurrence of similar events in the future. Based on empirical test and institutional investigation, this paper argues that maintaining sound balance sheet figures, effective foreign currency liquidity regulation, and global financial safety nets are important elements to enhance financial stability.
참고문헌 (12)
- Volatility and Contagion in a Financially Integrated World : Lessons from East Asia's Recent Experience, "Alba, P.", World Bank Policy Research, ~, pp.World Bank Policy Research Working Paper No. 2008 (1998)
- A Balance Sheet Approach to Financial Crisis, "Allen, M.", IMF, ~, pp.IMF Working Paper WP (2002), 02[DOI]
- Baek, S-K., "Global Crisis and Currency Competition in the Asia-Pacific region", Paper presented in the Conference World economy with G-20 (2009), KIEP and CEPR
- Chai, H.-Y., "Fostering Monetary and Financial Cooperation in East Asia" (2009), World Scientific Studies in International Economics
- A Survey of the Literature on Managing Capital Inflows, "Kawai, M.", Asian Development Bank, ~, pp.ADB Institute Discussion Paper No. 100 (2008)
- Lago, I. M., "The Debate on the International Monetary System", IMF, ~ (2009)
- Prat, S., "The Relevance of Currency Mismatch Indicators: An Analysis Through Determinants of Emerging Market Spreads", International Economics, pp.101~122 (2007)
- Short-term Capital Flows, "Rodrick, D.", NBER, ~, pp.NBER Working Paper No. 7364 (1999)
- The Onset of the East Asian Financial Crisis, "Sachs, J.", NBER, ~, pp.NBER Working Paper No. 8060 (1998)
- Measurement and Causes of Currency Mismatches in the Banking Sector, "Seo, Y.", Institute for Monetary and Economic Research, Bank of Korea, ~, pp.Working paper No. 393
- 송치영, "원", 달러 무위험 금리평형 이탈에 대한 실증연구, 2008, pp.10(3), 5~32[DOI]
- Sung, K., "A study on Korea’s Sovereign Credit Risk Indicators", Monthly Bulletin (2009)