Log in

Relevant bibliographies by topics / Monetary policy – Korea / Journal articles

To see the other types of publications on this topic, follow the link: Monetary policy – Korea.

Journal articles on the topic 'Monetary policy – Korea'

Author: Grafiati

Published: 4 June 2021

Last updated: 16 February 2022

Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles

Select a source type:

Consult the top 50 journal articles for your research on the topic 'Monetary policy – Korea.'

Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.

You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.

Browse journal articles on a wide variety of disciplines and organise your bibliography correctly.

1

Kim, Soyoung. "Effects of Monetary Policy Shocks on the Exchange Rate in the Republic of Korea: Capital Flows in Stock and Bond Markets." Asian Development Review 31, no. 1 (2014): 121–35. http://dx.doi.org/10.1162/adev_a_00023.

Full text

Abstract:

Several studies have suggested that the prediction of standard theory on the effects of monetary policy on the exchange rate might not be applicable to or in the case of the Republic of Korea because participation of foreign investors is weak in the bond market but strong in the stock market. The current study examines the effects of monetary policy shocks on the exchange rate in the Republic of Korea by using structural vector autoregression models with sign restrictions. To determine the channels by which monetary policy shocks affect the exchange rate, I investigate the effects on various components of capital flows. The main empirical findings are as follows. First, a contractionary monetary policy shock, which increases the interest rate, appreciates the Korean won significantly in the short run as predicted by most theories. Second, contractionary monetary policy shocks increase capital inflows into the bond market consistent with the prediction of the uncovered interest parity condition. This seems to be the main channel by which contractionary monetary shocks appreciate the won. Finally, foreign investors tend to withdraw money from the domestic stock market in response to a monetary tightening, resulting in a decrease in capital inflows.

APA, Harvard, Vancouver, ISO, and other styles

2

Park, Donghyun, and Junggun Oh. "Korea's Post-Crisis Monetary Policy Reforms." Review of Pacific Basin Financial Markets and Policies 08, no. 04 (2005): 707–31. http://dx.doi.org/10.1142/s0219091505000579.

Full text

Abstract:

Korea's financial crisis of 1997–1998 was brought about by the unsustainable combination of large capital inflows and an inefficient financial system. The Bank of Korea contributed to the crisis primarily through its failures as the regulator of the financial system rather than as the conductor of monetary policy. Our paper explores the role of the two major monetary policy reforms Korea has implemented in response to the crisis — the establishment of a new financial regulator and the adoption of inflation targeting — in Korea's efforts to build a stronger and more efficient financial system, thereby preventing crises in the future.

APA, Harvard, Vancouver, ISO, and other styles

3

김태봉. "Effectiveness of Monetary Policy in Korea Due to Time Varying Monetary Policy Stance." KDI Journal of Economic Policy 36, no. 3 (2014): 1–23. http://dx.doi.org/10.23895/kdijep.2014.36.3.1.

Full text

APA, Harvard, Vancouver, ISO, and other styles

4

Clinton, Kevin, R. Craig, Douglas Laxton, and Hou Wang. "Strengthening the Monetary Policy Framework in Korea." IMF Working Papers 19, no. 103 (2019): 1. http://dx.doi.org/10.5089/9781498312226.001.

Full text

APA, Harvard, Vancouver, ISO, and other styles

5

Kim, Kyungsoo. "Monetary Policy and the Bank of Korea." Journal of Money & Finance 31, no. 3 (2017): 1–48. http://dx.doi.org/10.21023/jmf.31.3.1.

Full text

APA, Harvard, Vancouver, ISO, and other styles

6

Lindner, Deborah J. "Foreign Exchange Policy, Monetary Policy, and Capital Market Liberalization in Korea." International Finance Discussion Paper 1992, no. 435 (1992): 1–26. http://dx.doi.org/10.17016/ifdp.1992.435.

Full text

APA, Harvard, Vancouver, ISO, and other styles

7

Ongan, Serdar, and Ismet Gocer. "Money stock determination process and money multiplier: case of South Korea." Journal of Financial Economic Policy 13, no. 4 (2021): 479–90. http://dx.doi.org/10.1108/jfep-02-2020-0039.

Full text

Abstract:

Purpose This study aims to re-examine the money stock determination process for South Korea under the assumption of the existence of potential asymmetric (non-linear) relations (a mechanism) between the money stock and the monetary base. Because, the true and detailed diagnosis of this mechanism is crucially important for the Bank of Korea’s (BOK)’ monetary policy, as this country has been adopting an inflation targeting policy (ITP) for a long-time. Design/methodology/approach This paper applies the non-linear autoregressive distributed lag model by Shin et al. (2014). This model separates the original series of the monetary base into their increases (+) and decreases (−). The increases (+) and decreases (−) done by the BOK correspond to expansionary and contractionary monetary policies, respectively, in this study. Findings The empirical findings are two-fold. First, the money stock determination process in Korea has a non-linear (asymmetric) structure. This means that increases (+) and decreases (−) in the monetary base have asymmetric (different) impacts on money stock. Second, the BOK’s only expansionary monetary policy exhibits exogenous nature money stock determination with an almost stable money multiplier. These findings may help the BOK to take preventive precautions in its monetary policy implementations. Originality/value This study with its methodology may help the BOK to take preventive measures in its ongoing ITP proactively.

APA, Harvard, Vancouver, ISO, and other styles

8

Lee, Sang H. "Application of Taylor's monetary policy rule to South Korea." Atlantic Economic Journal 32, no. 3 (2004): 260. http://dx.doi.org/10.1007/bf02299447.

Full text

APA, Harvard, Vancouver, ISO, and other styles

9

조성훈, 우희열, and 허현승. "A Test on the Efficiency of Monetary Policy in Korea." KDI Journal of Economic Policy 29, no. 2 (2007): 117–33. http://dx.doi.org/10.23895/kdijep.2007.29.2.117.

Full text

APA, Harvard, Vancouver, ISO, and other styles

10

김소영 and Kwanho Shin. "Globalization of Capital Markets and Monetary Policy Independence in Korea." KDI Journal of Economic Policy 32, no. 2 (2010): 1–26. http://dx.doi.org/10.23895/kdijep.2010.32.2.1.

Full text

APA, Harvard, Vancouver, ISO, and other styles

11

Debuque-Gonzales, Margarita, and Maria Socorro Gochoco-Bautista. "Financial Conditions Indexes and Monetary Policy in Asia." Asian Economic Papers 16, no. 2 (2017): 83–117. http://dx.doi.org/10.1162/asep_a_00522.

Full text

Abstract:

This paper constructs quarterly financial conditions indexes (FCIs) for eight Asian economies—namely, Hong Kong, Indonesia, Japan, South Korea, Malaysia, the Philippines, Singapore, and Thailand—using a common factor methodology based on Hatzius et al. ( 2010 ). A wide array of financial data is included in the indexes based on identified monetary transmission channels in the literature. Bank-related indicators, various measures of financial stress and risk, and credit surveys, where available, are incorporated to fully reflect the state of the financing environment. The FCIs for Asia successfully capture important episodes in each economy's financial history, but only the indexes of financially advanced economies Japan and Singapore have sufficient forecasting power to predict output growth and inflation. High co-movement of Asian FCIs suggests highly similar monetary policies in the region that are strongly linked with monetary policy in the United States.

APA, Harvard, Vancouver, ISO, and other styles

12

Jang, Woon Wook, and Jaehoon Hahn. "Understanding the Impact of Monetary Policy in Korea using a Macro-Finance Term Structure Model with." Journal of Derivatives and Quantitative Studies 22, no. 2 (2014): 161–92. http://dx.doi.org/10.1108/jdqs-02-2014-b0001.

Full text

Abstract:

This paper examines the interaction between monetary policy and the macroeconomy using a macro-finance term structure model of Joslin, Priebsch, and Singleton (2012), in which macroeconomic risks are not assumed to be spanned by information about the shape of the yield curve. For model estimation, we apply the Kalman filter to a large number of macroeconomic time series data grouped into output, inflation, and market stress categories and extract three common factors. For the factors determining the shape of the yield curve, we use the call rate, the spread between 10-year government bond yield and the call rate, and a combination of the call rate, 2- and 10-year government bond yields as proxies for the level, slope, and curvature factors. We interpret the call rate as a proxy for both the short rate and the instrument of monetary policy. Empirical results show that the macroeconomic factors have a significant impact on the risk premium associated with monetary policy shocks. Furthermore, we find that monetary policy shocks increase the term premium, which in turn affects the factors determining the yield curve, and such effects on the shape of the yield curve feeds back into the macroeconomic factors. Taken together, empirical findings in this paper can be interpreted as evidence supporting the term premium channel (Ferman, 2011) of monetary policy transmission mechanism.

APA, Harvard, Vancouver, ISO, and other styles

13

Walter Enders, Junsoo Lee, and Mark C. Strazicich. "IV ECM Thershold Cointegration Tests and Nonlinear Monetary Policy in Korea." KDI Journal of Economic Policy 29, no. 2 (2007): 135–58. http://dx.doi.org/10.23895/kdijep.2007.29.2.135.

Full text

APA, Harvard, Vancouver, ISO, and other styles

14

Gajewski, Krzysztof, Alejandro Jara, Yujin Kang, Junghwan Mok, David Moreno, and Dobromił Serwa. "International spillovers of monetary policy: Lessons from Chile, Korea, and Poland." Journal of International Money and Finance 90 (February 2019): 175–86. http://dx.doi.org/10.1016/j.jimonfin.2018.08.009.

Full text

APA, Harvard, Vancouver, ISO, and other styles

15

Kim, Jangryoul, and Gieyoung Lim. "House Prices and the Stance of Monetary Policy: The Case of Korea." Global Economic Review 38, no. 4 (2009): 371–84. http://dx.doi.org/10.1080/12265080903391750.

Full text

APA, Harvard, Vancouver, ISO, and other styles

16

Chung, Jaesik, Yongseung Jung, and Doo Yong Yang. "Optimal monetary policy in a small open economy: The case of Korea." Journal of Asian Economics 18, no. 1 (2007): 125–43. http://dx.doi.org/10.1016/j.asieco.2006.12.005.

Full text

APA, Harvard, Vancouver, ISO, and other styles

17

Lee, Jiho. "The Effectiveness of Credit Policy: Evidence from the Republic of Korea." Asian Development Review 36, no. 1 (2019): 206–24. http://dx.doi.org/10.1162/adev_a_00128.

Full text

Abstract:

In response to the global financial crisis and subsequent Great Recession, central banks embarked on a variety of unconventional measures. Among others, credit policy has been widely employed in many advanced economies. However, credit policy is far less understood than unconventional monetary policy by both policy makers and academic scholars. This paper sheds new light on what credit policy is, how it differs from other central bank policies, and what its risks and limitations might be. In particular, I examine whether credit policy has been effective in stimulating the real economy in the Republic of Korea.

APA, Harvard, Vancouver, ISO, and other styles

18

Lee, Yeonjeong, and Seong-Min Yoon. "Relationship between International Reserves and FX Rate Movements." Sustainability 12, no. 17 (2020): 6961. http://dx.doi.org/10.3390/su12176961.

Full text

Abstract:

This paper investigates the relationship between international reserves changes and foreign exchange rate movements for five Far Eastern countries (China, Japan, Taiwan, Hong Kong, and Korea) from January 1997 to May 2020. We use the quantile Granger causality test and the quantile autoregressive model to capture the monetary authorities’ motivations for intervention. The primary results of this study are as follows. First, in China and Hong Kong, we capture the mercantilists’ motive of accumulating their international reserves for the purpose of responding to the appreciation of currencies. Relatively speaking, the monetary authorities’ motivation for precautionary stabilizing their currencies is high in Korea and Japan. Second, we identify the asymmetric causal relationship between the variables. Considering the causal relationship with significant regression coefficients, these characteristics are found to be more evident in all countries. Last, we confirm the properties of the quantile- and tail-dependent relationship between the variables. In particular, Korea has a relatively stronger tail-dependence than other countries. That is, the causal relationship between the Korean foreign exchange reserves and the exchange rate is stronger at the rapid fluctuations of the variables, and this relationship is weakened at the moderate fluctuations of them.

APA, Harvard, Vancouver, ISO, and other styles

19

Ha, PhD, CEM, Kyoo-Man, and Ji-Young Ahn, MD. "Developing voluntary agencies in emergency management: The United States and Korea." Journal of Emergency Management 6, no. 4 (2008): 39. http://dx.doi.org/10.5055/jem.2008.0028.

Full text

Abstract:

The purpose of this article is to develop policy implications after comparing the roles of voluntary agencies in the United States and Korea with the ultimate goal of contributing to emergency management in both countries. The stipulation is that voluntary agencies can substitute for the lack of government roles. Also, the underlying driver of US voluntary response is more for monetary contributions, whereas the Korean voluntary response is more altruistic in nature as a product of Korean culture. After comparing each country’s (1) volunteers, (2) organization, (3) strategy, and (4) other issues, the article found that the two national voluntary systems have developed very different approaches to voluntary promotion in emergency management. In short, the major tenet of this article is that US voluntary agencies have relied on a bottom-to-top approach, while Korean voluntary agencies have relied on a top-to-bottom approach in emergency management.

APA, Harvard, Vancouver, ISO, and other styles

20

Song, Joonhyuk, and Doojin Ryu. "Houses as Collateral and Household Debt Deleveraging in Korea." Economics 15, no. 1 (2021): 3–27. http://dx.doi.org/10.1515/econ-2021-0002.

Full text

Abstract:

Abstract As Korea’s household debt has increased rapidly since the mid-2000s, concerns that its economy’s hard-wired leveraging may negatively impact economic activity have grown. Calls are being made for policy actions to return the economy to its long-run trend. Housing preferences and monetary shocks can both trigger deleveraging, as most household debt is profoundly connected to the housing market, and debt growth increases sensitivity to interest rates. Constructing a dynamic stochastic general equilibrium model with heterogeneous households and the housing production sector, we simulate and analyze the macroeconomic effects of deleveraging. Because a lower loan-to-value (LTV) ceiling limits the size of household debt, the deleveraging effect caused by borrowers’ re-optimization is alleviated as the LTV ceiling decreases. When the housing price is included as an additional operating target in an otherwise standard monetary policy (MP) rule, economy-wide welfare increases when the MP is proactive to demand shocks and inactive to supply shocks. These findings suggest that deleveraging risk can be attenuated by adopting a lower LTV ceiling and maneuvering MP asymmetrically depending on the source of a shock.

APA, Harvard, Vancouver, ISO, and other styles

21

Kim, Jihae, and Soyoung Kim. "Effects of Monetary Policy Shocks on Farm Prices and Exchange Rates in Korea." Emerging Markets Finance and Trade 53, no. 11 (2017): 2450–62. http://dx.doi.org/10.1080/1540496x.2017.1329143.

Full text

APA, Harvard, Vancouver, ISO, and other styles

22

Carpenter, Seth B. "Informal Credit Markets and the Transmission of Monetary Policy: Evidence from South Korea." Review of Development Economics 3, no. 3 (1999): 323–35. http://dx.doi.org/10.1111/1467-9361.00071.

Full text

APA, Harvard, Vancouver, ISO, and other styles

23

Han, Jong-Suk, and Joonyoung Hur. "Macroeconomic effects of monetary policy in Korea: A time-varying coefficient VAR approach." Economic Modelling 89 (July 2020): 142–52. http://dx.doi.org/10.1016/j.econmod.2019.10.002.

Full text

APA, Harvard, Vancouver, ISO, and other styles

24

Kimura, Mitsuhiko. "Financial Aspects of Korea's Economic Growth under Japanese Rule." Modern Asian Studies 20, no. 4 (1986): 793–820. http://dx.doi.org/10.1017/s0026749x00013731.

Full text

Abstract:

Feeling strong pressure from Western Powers Japan abandoned her seclusion policy in 1854 and inaugurated serious efforts to modernize her society and economy after the Meiji Restoration in 1868. She, in turn, forced Korea who had been keeping the seclusion policy on her own to open the door in 1876. The feudal Korean government (the Yi Dynasty, 1392–1910) was impelled to embark on social and economic reforms by opening the door. Yet, after nearly thirty years’ struggle to make reforms and to secure the independence of the country, Korea was converted into a protectorate of Japan in 1905 and was officially annexed to her in 1910. The Japanese government recognized that the creation of modern monetary and banking systems in Korea was the precondition for trade expansion between the two countries (for Japan, rice imports on the one hand and textile exports on the other) and thus started its colonial rule over Korea by establishing a central bank, development banks and financial cooperatives. This paper aims at setting forth an analysis of a more or less unexplored field in the study of the economic history of Korea, that is, the financial aspects of her economic growth under Japanese rule. Particularly, emphasis will be placed on quantitative analysis of major financial variables represented by money, interest rates and bank credit. Before proceeding to the main subject, it may well serve to review some of the financial problems in the late Yi Dynasty period.

APA, Harvard, Vancouver, ISO, and other styles

25

Lee, Ki-Seong. "The Effects of Influencing Macroeconomic Variables on Monetary Policy Shocks: The Case of Korea." Korea International Trade Research Institute 14, no. 5 (2018): 361–81. http://dx.doi.org/10.16980/jitc.14.5.201810.361.

Full text

APA, Harvard, Vancouver, ISO, and other styles

26

Zhang, Zhaohui, and Khondkar E. Karim. "Is Too-Big-To-Fail Policy Effective for US Banks in an International Currency Crisis?" Review of Pacific Basin Financial Markets and Policies 07, no. 03 (2004): 311–33. http://dx.doi.org/10.1142/s0219091504000196.

Full text

Abstract:

This study investigates the current role of the US "too-big-to-fail" (TBTF) policy for US banks in an international currency crisis in late 1997. It has been documented (Zhang, 2001) that the International Monetary Fund (IMF) term loan announcements concerning South Korea in late 1997 significantly increased the implicit value of the US bank loans and investments to South Korea and hence, the equity values of its US bank creditors. Using the market model, this paper examines the potential abnormal performance of the TBTF banks and the non-TBTF banks from different perspectives during mid-November to early December 1997. The evidence indicates the potential effectiveness of the implicit TBTF policy for US banks in the international currency crisis and the existence of the different pricing behavior of different groups of banks.

APA, Harvard, Vancouver, ISO, and other styles

27

Gochoco-Bautista, Maria Socorro. "Asset Price Booms, “Fat Tails,” and Monetary Policy in East Asia." Asian Economic Papers 8, no. 1 (2009): 69–98. http://dx.doi.org/10.1162/asep.2009.8.1.69.

Full text

Abstract:

This study provides empirical evidence for the proposition that asset price booms matter because they tend to bring about the worst output, price, and inflation outcomes in the case of eight East Asian countries, namely, Hong Kong SAR, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, and Thailand. The main findings are: (i) asset price booms in housing and equity markets, especially in housing, significantly lower the conditional mean of real output growth and raise those of the price-level gap and inflation, and also raise the conditional variance of all three variables; and (ii) expected real output and price-level outcomes that are obtained without conditioning on asset price booms, or are obtained conditionally on asset price booms using the normal distribution, both underestimate the risk of the worst outcomes occurring and lead to less pessimistic but misleading inferences. These findings are not premised on the ability of central bankers to be able to identify correctly asset bubbles ex ante. One possible implication for monetary policy is that central bankers ought to be wary about the occurrence of any large increase in asset prices and consider an approach that is ex ante more compatible with risk management.

APA, Harvard, Vancouver, ISO, and other styles

28

Lee, Junghwan, and Jinsoo Kim. "A Decomposition Analysis of the Korean Manufacturing Sector: Monetary vs. Physical Outputs." Sustainability 13, no. 11 (2021): 6192. http://dx.doi.org/10.3390/su13116192.

Full text

Abstract:

This study analyzes the changes in energy consumption of the Korean manufacturing sector using the index decomposition analysis (IDA) method. To capture the production effect based on actual physical activities, we applied the activity revaluation (AR) approach in the analysis. We also developed energy consumption data in terms of primary energy supply to consider conversion loss in the energy sector to avoid any distortions in the intensity effect. The analysis covers every manufacturing subsector in Korea over the period between 2006 and 2018. Combining two distinctive approaches from the previous literature, the AR approach and primary energy-based analysis gives us helpful findings for a climate policy. First, the overall activity effect estimated from the physical output indicator is lower than that from the monetary output indicator. The monetary indicator shows that the share of energy-intensive industries decreases, whereas the physical indicator shows the opposite. Second, in terms of energy efficiency, the intensity effect is estimated as an increasing factor of energy use, whereas inversed results are shown when we use the monetary indicator. Lastly, unlike the previous studies, the AR approach results indicate that Korean manufacturing sectors have been shifting toward an energy-intensive, so it is hard to anticipate positive intensity effects, which means decreasing energy consumption factor, for a while. These results support why analyzing the driving forces of energy consumption through the AR approach and primary energy base is highly recommended.

APA, Harvard, Vancouver, ISO, and other styles

29

유상대. "The Impact of Monetary Policy on the Foreign Exchange Rate: An Empirical Evidence from Korea." KUKJE KYUNGJE YONGU 17, no. 2 (2011): 93–115. http://dx.doi.org/10.17298/kky.2011.17.2.004.

Full text

APA, Harvard, Vancouver, ISO, and other styles

30

박가희 and Soonchan Park. "The Impact of Monetary Policy on the Foreign Exchange Rate: An Empirical Evidence from Korea." KUKJE KYUNGJE YONGU 20, no. 2 (2014): 49–70. http://dx.doi.org/10.17298/kky.2014.20.2.003.

Full text

APA, Harvard, Vancouver, ISO, and other styles

31

Miles, William, and Sam Schreyer. "Is monetary policy non-linear in Indonesia, Korea, Malaysia, and Thailand? A quantile regression analysis." Asian-Pacific Economic Literature 26, no. 2 (2012): 155–66. http://dx.doi.org/10.1111/j.1467-8411.2012.01344.x.

Full text

APA, Harvard, Vancouver, ISO, and other styles

32

Seong Ho, Jun. "Monetary authority independence and stability in medieval Korea: the Koryŏ monetary system through four centuries of East Asian transformations, 918-1392." Financial History Review 21, no. 3 (2014): 259–80. http://dx.doi.org/10.1017/s0968565014000213.

Full text

Abstract:

This article surveys the monetary history of Koryŏ from the eleventh to the thirteenth century. During the first century of the dynasty, Koryŏ was at war with the Liao, prohibited trade with the enemy and pursued a policy of protecting its metal reserves. During the ban on metallic coins, rice and cloth served as commodity monies, ensuring price stability in a phase of sustained growth of the rural economy. A second phase began after the victory over the Liao in 1018. Backed by military strength, the government issued iron, bronze and silver currencies to facilitate international trade. The Koryŏ ‘silver vase’ currency, which circulated for three centuries, partly bridges the ‘black hole’ in East Asian monetary history from the Late Tang to the Ming period. The intrinsic value of the metallic currencies in conjunction with state issuance provided monetary stability. In turn monetary instability characterised the late Koryŏ, when the country came under the influence of the Mongol Yuan. The destabilising effect brought about by the introduction of Yuan paper money demonetarised the economy. By framing monetary history within a wider perspective of struggles for sovereignty and political hegemony, the article allows a better understanding of domestic and regional dynamics in East Asia.

APA, Harvard, Vancouver, ISO, and other styles

33

Kim, Woojae, Sungmin Ko, Myoungjin Oh, Ie-jung Choi, and Jungwoo Shin. "Is an Incentive Policy for Energy Efficient Products Effective for Air Purifiers? The Case of South Korea." Energies 12, no. 9 (2019): 1664. http://dx.doi.org/10.3390/en12091664.

Full text

Abstract:

Recent increases in fine and ultrafine dust in South Korea have led to sharp increases in the sale of air purifiers, and that trend is expected to continue. As the sale of air purifiers increases, the energy that is consumed by air purifiers also increases. Therefore, improving the energy efficiency of air purifiers is an important part of improving the overall energy efficiency of society. We studied how different incentive policies affect consumer behavior because encouraging people to buy energy efficient air purifiers is important. We first investigated consumer preferences regarding air purifiers. Stated preference data were gathered from a choice experiment and a mixed logit model was used for the analysis. The results show that the most preferred attribute was price, followed by an eco-label. Based on that result, we conducted a scenario analysis to examine the economic and environmental effects of an incentive policy and eco-labeling. The monetary incentive policy increased the market share for air purifiers with a first-grade energy efficiency rating to 2.2%. The annual electricity use reduction was 5.9 GWh, with a CO2 emission reduction of 2520 tons and a policy monetary benefit of KRW 441,340,922 when we converted the effect of that market share change into economic and environmental terms. Eco-labeling also brought considerable change in the market share. These results provide a reference for implementing policies to encourage consumers to purchase energy efficient air purifiers.

APA, Harvard, Vancouver, ISO, and other styles

34

Yongseung, Jung. "Alternative Monetary Policy Rules in a Small Open Economy with Financial Frictions: The Case of Korea." East Asian Economic Review 15, no. 3 (2011): 85–127. http://dx.doi.org/10.11644/kiep.jeai.2011.15.3.235.

Full text

APA, Harvard, Vancouver, ISO, and other styles

35

Surapati, Putri Jasmine, Nada Nur Maulidina, Fayza Maritza Putri Agustono, and Hilda Ferira Pohan. "Comparative Analysis of President Soeharto and Kim Dae Jung's Policies in Overcoming the 1997 Economic Crisis based on Small Theory and Idiosyncratic Theory." Khazanah Sosial 3, no. 2 (2021): 74–83. http://dx.doi.org/10.15575/ks.v3i2.11503.

Full text

Abstract:

The 1997 economic crisis was a situation in which the Asian economy experienced a drastic decline which was triggered by Thai finance. At that time Thailand, burdened by huge foreign debt, decided to develop the Baht currency after attacks by currency speculators on the country's foreign reserves. This monetary shift was aimed at stimulating export earnings but this strategy actually had a bad impact. This has had the effect of transmitting to several countries in other Asian regions, such as South Korea and Indonesia. In responding to the formulation of this phenomenon, South Korea and Indonesia have their own policies to overcome the 1997 Economic Crisis.Thus, in order to understand the decision-making process in foreign policy, a level of analysis is needed, namely using idiosyncratic theory and small theory. Using a qualitative approach, this research generates ideas to understand the background to the policy process it created to address the issue of the 1997 Economic Crisis.

APA, Harvard, Vancouver, ISO, and other styles

36

Brailsford, Tim, Jack H. W. Penm, and Chin Diew Lai. "Effectiveness of high interest rate policy on exchange rates: A reexamination of the Asian financial crisis." Journal of Applied Mathematics and Decision Sciences 2006 (September 18, 2006): 1–9. http://dx.doi.org/10.1155/jamds/2006/35752.

Full text

Abstract:

One of the most controversial issues in the aftermath of the Asian financial crisis has been the appropriate response of monetary policy to a sharp decline in the value of some currencies. In this paper, we empirically examine the effects on Asian exchange rates of sharply higher interest rates during the Asian financial crisis. Taking account of the currency contagion effect, our results indicate that sharply higher interest rates helped to support the exchange rates of South Korea, the Philippines, and Thailand. For Malaysia, no significant causal relation is found from the rate of interest to exchange rates, as the authorities in Malaysia did not actively adopt a high interest rate policy to defend the currency.

APA, Harvard, Vancouver, ISO, and other styles

37

KimSeeWon. "Structural Changes in Monetary Policy in Korea: An Empirical Investigation Using a Time Varying Parameter VAR Model." KUKJE KYUNGJE YONGU 24, no. 1 (2018): 49–70. http://dx.doi.org/10.17298/kky.2018.24.1.003.

Full text

APA, Harvard, Vancouver, ISO, and other styles

38

Kim, Jun Sik. "The effect of uncertainty on the information content of term spread and its components." Journal of Derivatives and Quantitative Studies: 선물연구 29, no. 1 (2021): 2–28. http://dx.doi.org/10.1108/jdqs-08-2020-0021.

Full text

Abstract:

Purpose This paper aims to investigate the impact of uncertainty on the predictive power of term spread and its components for future stock market returns and economic activity in Korea and the USA. This paper finds that the stock market’s expected excess return and growth of economic activity are positively related to the risk-neutral expectation, one of the term spread’s components, particularly during high uncertainty periods. These findings are consistent with the importance of the monetary policy by the central bank in a high uncertainty environment created by unexpected shocks. The results are robust to alternate definitions of high uncertainty periods.

APA, Harvard, Vancouver, ISO, and other styles

39

Walter, Stefanie. "A New Approach for Determining Exchange-Rate Level Preferences." International Organization 62, no. 3 (2008): 405–38. http://dx.doi.org/10.1017/s0020818308080144.

Full text

Abstract:

In research on the political economy of exchange rates, a good understanding of who will endorse and who will oppose certain exchange-rate policies is central to understanding how actual exchange-rate policies are made and how the global exchange-rate system changes over time. Since existing classifications of exchange-rate level preferences have several shortcomings, this article proposes a new and more nuanced strategy for identifying preferences on exchange-rate valuation. This approach takes into account the complex interrelationship between exchange-rate and monetary policy, and the effects of these policies on balance sheets. In addition, the approach accounts for the dynamics of preference formation and change. Comparative case studies of currency crises in Hong Kong, South Korea, Thailand, and Taiwan show that considering actors' vulnerabilities to exchange-rate and interest-rate changes enhances understanding of their exchange-rate level preferences. The case studies also indicate that societal preferences affect policy outcomes. Exchange-rate stability was maintained in countries where private actors' vulnerabilities to depreciation were high. However, when pressure intensified, exchange rates were subsequently depreciated in countries where vulnerabilities to a monetary tightening exceeded the potential costs of depreciation.

APA, Harvard, Vancouver, ISO, and other styles

40

Choi, Chi-Young, Joo Yong Lee, and Róisín O'Sullivan. "Monetary policy regime change and regional inflation dynamics: looking through the lens of sector-level data for Korea." Pacific Economic Review 22, no. 5 (2016): 814–40. http://dx.doi.org/10.1111/1468-0106.12121.

Full text

APA, Harvard, Vancouver, ISO, and other styles

41

Saghaian, Sayed H., Mohamad F. Hasan, and Michael R. Reed. "Overshooting of Agricultural Prices in Four Asian Economies." Journal of Agricultural and Applied Economics 34, no. 1 (2002): 95–109. http://dx.doi.org/10.1017/s1074070800002170.

Full text

Abstract:

AbstractThis article examines the impacts of monetary policy on agricultural prices in four Asian economies using time series analysis and graph theory. The estimations clearly show that agricultural prices overshoot their long-run equilibrium values for Korea, Philippines, and Thailand, and the overshooting for agricultural prices is larger than for manufactured prices. Impulse-response functions and variance-decomposition analysis based on directed graphs and causal structures highlight the complex interplay among the variables in the model and how those relationships differ by country. Money supply changes clearly affect real variables and relative prices for all countries either through overshooting or non-neutrality of money.

APA, Harvard, Vancouver, ISO, and other styles

42

Han, Joon, and Hyun-Chin Lim. "The Social and Political Impact of Economic Crisis in South Korea: A Comparative Note." Asian Journal of Social Science 31, no. 2 (2003): 198–220. http://dx.doi.org/10.1163/156853103322318207.

Full text

Abstract:

The five-year term of President Kim Dae Jung ended up deepening political cleavages in the wake of growing social conflicts. We find it ironic that the Kim Dae Jung regime, the first case of horizontal power transfer through election, has seen social conflicts worsening instead of weakening. Since the economic crisis of 1997, the country has undergone a profound societal and political transformation as a result of the International Monetary Fund (IMF)'s program of liberalisation, privatisation and deregulation. We investigate the structural realignment - power shift, social conflicts, and coalition change - in the wake of the economic crisis in Korea. We critically examine the impact of various reform measures on state-society relations. Our starting point is a belief that the stability of a regime depends not only on economic performance but also on social and political performance. The current Korean situation might even suggest that social and political factors are more important than economic performance in evaluating structural adjustment programs. We begin by examining the underlying nature of the Kim Dae Jung regime's reform measures. Then we address the social realignment, coalition change, and social conflicts, and assess their implications for consolidation of democracy. Finally we draw some policy implications.

APA, Harvard, Vancouver, ISO, and other styles

43

Chang-Ho An, Jae-Hyun Kim,. "A Study on Estimation and Prediction of Vector Time Series Model Using Financial Big Data (Interest Rates)." Turkish Journal of Computer and Mathematics Education (TURCOMAT) 12, no. 5 (2021): 309–16. http://dx.doi.org/10.17762/turcomat.v12i5.951.

Full text

Abstract:

Due to the global economic downturn, the Korean economy continues to slump. Hereupon the Bank of Korea implemented a monetary policy of cutting the base rate to actively respond to the economic slowdown and low prices. Economists have been trying to predict and analyze interest rate hikes and cuts. Therefore, in this study, a prediction model was estimated and evaluated using vector autoregressive model with time series data of long- and short-term interest rates. The data used for this purpose were call rate (1 day), loan interest rate, and Treasury rate (3 years) between January 2002 and December 2019, which were extracted monthly from the Bank of Korea database and used as variables, and a vector autoregressive (VAR) model was used as a research model. The stationarity test of variables was confirmed by the ADF-unit root test. Bidirectional linear dependency relationship between variables was confirmed by the Granger causality test. For the model identification, AICC, SBC, and HQC statistics, which were the minimum information criteria, were used. The significance of the parameters was confirmed through t-tests, and the fitness of the estimated prediction model was confirmed by the significance test of the cross-correlation matrix and the multivariate Portmanteau test. As a result of predicting call rate, loan interest rate, and Treasury rate using the prediction model presented in this study, it is predicted that interest rates will continue to drop.

APA, Harvard, Vancouver, ISO, and other styles

44

Kim, Kyung-Hwan, and Young-Joon Park. "International Co-movement of Housing Price Cycles in East Asia and Greater China." Asian Economic Papers 15, no. 1 (2016): 78–98. http://dx.doi.org/10.1162/asep_a_00406.

Full text

Abstract:

This paper examines the characteristics of housing price cycles in East Asia and Greater China for the period from 2001:Q1 to 2010:Q1. We find that housing price cycles in East Asia (China, Hong Kong, Japan, Korea, Singapore, and Taiwan) are accounted for mainly by region-specific and country-specific factors. East Asia's regional housing price cycles co-move strongly with the world housing price cycle in the long run, but relatively weak co-movement is found in the short run. Housing cycles in Greater China (China, Hong Kong, and Taiwan) and Singapore co-move with Northeast Asia's regional housing price cycle in the long run, but this tendency fails to show up in the short run. Both domestic monetary and business-cycle effects are important in accounting for housing price cycles in China, Hong Kong, Japan, and Taiwan, while credit supply is crucial for Korea. Fiscal policy does not play a significant role. We find empirical evidence of a China effect in housing price cycles in Hong Kong, Taiwan, and Singapore.

APA, Harvard, Vancouver, ISO, and other styles

45

Wu, Ji, Hosung Lim, and Bang Nam Jeon. "The Impact of Foreign Banks on Monetary Policy Transmission During the Global Financial Crisis of 2008–2009: Evidence from Korea." Emerging Markets Finance and Trade 52, no. 7 (2016): 1574–86. http://dx.doi.org/10.1080/1540496x.2016.1152796.

Full text

APA, Harvard, Vancouver, ISO, and other styles

46

Yang, Daegyu. "What Should SMEs Consider to Introduce Environmentally Innovative Products to Market?" Sustainability 11, no. 4 (2019): 1117. http://dx.doi.org/10.3390/su11041117.

Full text

Abstract:

In recent years, companies are challenged not only to develop market competencies but also to deal with environmental issues. Unlike larger companies equipped with abundant resources and sustainable capabilities, small- and medium-sized enterprises (SMEs) are under relatively constrained conditions to effectively deal with environmental concerns as well as market demands. This study attempts to examine a set of potential factors by which SMEs can overcome such limited conditions and bring novel and environmentally beneficial products to market through their innovative activities. Organization theories, such as organizational learning, social network theory, and new-institutional theory, provide a theoretical framework for this study that SMEs may utilize their resources and capabilities from internal, external, and institutional domains. The hypotheses are tested using the Korea Innovation Survey 2010. The analyses show that the likelihood of the market introduction of new and environmentally innovative products is increased not only when an SME makes more monetary investments on internal innovative activities and experiences more success in general innovation activities, but also when an SME inputs more monetary investments into the search for technological knowledge from the outside and utilizes more diverse external information sources. Interestingly, the findings demonstrate that monetary support from the government do not have significant impacts on an SME’s environmental innovation, while a non-monetary technological support system operated by government raises the likelihood of the market introduction of new and environmentally innovative products. Theoretical contributions and managerial implications are discussed.

APA, Harvard, Vancouver, ISO, and other styles

47

Chung, Sungyup. "Age and Gender Group Differences in Employment Responses to Monetary Policy Shock in a Small Open Economy: The Case of Korea." Asia & the Pacific Policy Studies 4, no. 2 (2017): 207–24. http://dx.doi.org/10.1002/app5.169.

Full text

APA, Harvard, Vancouver, ISO, and other styles

48

Pogorletskiy, A. I., and N. V. Pokrovskaia. "Comparative Analysis of Fiscal Regulation Measures of the G20 Countries in the Era of the Coronavirus Crisis and in the Post-Coronavirus Perspective." Journal of Applied Economic Research 20, no. 1 (2021): 31–61. http://dx.doi.org/10.15826/vestnik.2021.20.1.002.

Full text

Abstract:

The article seeks to describe the features of fiscal policy during the Covid-19 pandemic. The research subject is the developed and developing countries of the G20 Group. The purpose of the article is to show an increasing importance of fiscal regulation measures in the era of the coronavirus crisis and in the post-coronavirus future, while noting the special role of taxation, which in modern conditions is given an important role in the toolkit for replenishing the revenue of state budgets of the leading countries of the world. The hypothesis of the research is that fiscal policy in the modern world acquires a qualitatively different meaning, becoming a priority of state regulation in the field of public finance, shifting the emphasis from the previous priority of monetary policy measures. Based on the generalization of the Covid-19 consequences on the economy and public finances and the experience of overcoming crises, the key postulates of modern fiscal policy were substantiated: clear socially oriented focus; focus on neutralizing excess income of companies that managed to take advantage of their technological advantages during the pandemic; a combination of support for the population by growing government spending and the use of tougher tax pressure on those who managed to get rich during the coronavirus crisis; consistency of the national fiscal policy of the post-Covid recovery period with the policies of other countries of the world. Summarizing the experience of implementing fiscal policy in China, Japan and Korea since the early 2020s made it possible to highlight the differences between countries in the tax response to the pandemic, as well as to the recovery after it: the planned tax cut in China, the issuance of corona bonds in Japan, tax incentives for certain sectors of the economy against the background of an increase of PIT rate in Korea. The study of fiscal policy during the Covid-19 pandemic based on data from national financial statistics is of interest for future research.

APA, Harvard, Vancouver, ISO, and other styles

49

Canarella, Giorgio, and Stephen M. Miller. "Inflation persistence and structural breaks." Journal of Economic Studies 43, no. 6 (2016): 980–1005. http://dx.doi.org/10.1108/jes-10-2015-0190.

Full text

Abstract:

Purpose The purpose of this paper is to report on a sequential three-stage analysis of inflation persistence using monthly data from 11 inflation targeting (IT) countries and, for comparison, the USA, a non-IT country with a history of credible monetary policy. Design/methodology/approach First, the authors estimate inflation persistence in a rolling-window fractional-integration setting using the semiparametric estimator suggested by Phillips (2007). Second, the authors use tests for unknown structural breaks as a means to identify effects of the regime switch and the global financial crisis on inflation persistence. The authors use the sequences of estimated persistence measures from the first stage as dependent variables in the Bai and Perron (2003) structural break tests. Finally, the authors reapply the Phillips (2007) estimator to the subsamples defined by the breaks. Findings Four countries (Canada, Iceland, Mexico, and South Korea) experience a structural break in inflation persistence that coincide with the implementation of the IT regime, and three IT countries (Sweden, Switzerland, and the UK), as well as the USA experience a structural break in inflation persistence that coincides with the global financial crisis. Research limitations/implications The authors find that in most cases the estimates of inflation persistence switch from mean-reversion nonstationarity to mean-reversion stationarity. Practical implications Monetary policy implications differ between pre- and post-global financial crisis. Social implications Global financial crisis affected the persistence of inflation rates. Originality/value First paper to consider the effect of the global financial crisis on inflation persistence.

APA, Harvard, Vancouver, ISO, and other styles

50

Kayani, Farrukh Nawaz. "China’s Mushrooming Free Trade Agreements: New Zealand and China’s Upgraded Free Trade Agreement." WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS 18 (May 21, 2021): 884–93. http://dx.doi.org/10.37394/23207.2021.18.84.

Full text

Abstract:

FTAs have mushroomed and proliferated at very fast pace in East Asia, especially after the Asian Financial Crisis (AFC) of 1997. The East Asian economies were very disappointed with the International Monetary Fund’s handling of the crisis. In particular, it provided some countries, like Thailand and Indonesia, with poor advice. After the AFC, countries like China, Japan, and South Korea signed FTAs with different countries around the world. The first East Asian FTA talks took place between Japan and South Korea in 1998. Like its neighbors, China also pursued FTAs with neighboring countries. The FTA between China and New Zealand was signed on the 7th of April 2008 and was implemented on the 1st of October 2008. As a result of this FTA, China has become New Zealand’s largest trading partner; New Zealand’s exports to China have quadrupled. As of June 2020, the trade between China and New Zealand exceeded NZ$32 Billion. China and New Zealand signed an upgraded FTA on the 26th of January 2021. The upgraded FTA includes rules relating to e-commerce, competition policy, government procurement, and environment and trade issues. The bilateral trade between China and New Zealand is complimentary rather than competitive; while China mainly exports manufactured products to New Zealand, New Zealand primarily exports agricultural products.

APA, Harvard, Vancouver, ISO, and other styles

We offer discounts on all premium plans for authors whose works are included in thematic literature selections. Contact us to get a unique promo code!