Korea’s Macroprudential Policies for Capital Flows: Accomplishments and Road to Improvement

S. An, Taesoo Kang, Kyunghun Kim
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Abstract

In 2010, Korea’s authorities announced foreign exchange-related macroprudential measures (MPMs) aimed at building resilience against external financial shocks. These measures have greatly contributed to limit systemic risk by curbing excessive capital inflows. Twelve years have passed since the global financial crisis started and ten years after the introduction of Korea’s FX-related macro-prudential policy measures. Accordingly, this study check the performance and effectiveness of these policies and discuss how to improve macroprudential measures in response to emerging external risks.
韩国资本流动的宏观审慎政策:成就与改进之路
2010年,韩国当局宣布了与外汇相关的宏观审慎措施(mpm),旨在增强抵御外部金融冲击的韧性。这些措施通过抑制资本过度流入,极大地限制了系统性风险。全球金融危机爆发至今已经过去了12年,韩国的外汇宏观审慎政策出台也已经过去了10年。因此,本研究检验了这些政策的绩效和有效性,并讨论了如何改进宏观审慎措施以应对新出现的外部风险。
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