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A New Macro-Financial System for a Stable and Crisis-resilient Growth in Korea
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Lee, Keun | - |
dc.contributor.author | Kim, Ginil | - |
dc.contributor.author | Kim, Hong Kee | - |
dc.contributor.author | Song, Hong-Sun | - |
dc.date.accessioned | 2010-09-13T06:29:26Z | - |
dc.date.available | 2010-09-13T06:29:26Z | - |
dc.date.issued | 2010-04 | - |
dc.identifier.citation | Seoul Journal of Economics, Vol.23 No.2, pp. 145-186 | - |
dc.identifier.issn | 1225-0279 | - |
dc.identifier.uri | https://hdl.handle.net/10371/69808 | - |
dc.description.abstract | A structuralist macroeconomics perspective is taken to interpret
the two recent financial crises in Korea, and new policy framework and reform measures are suggested to build a crisis-resilient macrofinancial system. This paper focuses on the Frenkel-Neftci cycle (Taylor 1998) and the two kinds of expected spreads, interest spread and capital gain spreads, which initially motivate foreign investment in emerging economies. To establish a crisis-resilient macro-financial system, a new macro policy framework that can be described as an intermediate system is proposed, with full capital mobility but with an explicit option of Tobin taxes, flexible basket, band, and crawl (BBC) exchange rate system, and relative independence in monetary policy striking a new balance between interest rates and exchange rate targeting. An intermediate system is proposed because it is not easy to prevent the two kinds of spreads from happening simultaneously in a standard open macroeconomic policy setting. | - |
dc.language.iso | en | - |
dc.publisher | Institute of Economic Research, Seoul National University | - |
dc.subject | Financial crises | - |
dc.subject | BBC ( basket, bands, and crawl) | - |
dc.subject | Tobin taxes | - |
dc.subject | Intermediate system | - |
dc.subject | Capital controls | - |
dc.title | A New Macro-Financial System for a Stable and Crisis-resilient Growth in Korea | - |
dc.type | SNU Journal | - |
dc.contributor.AlternativeAuthor | 이근 | - |
dc.contributor.AlternativeAuthor | 김진일 | - |
dc.contributor.AlternativeAuthor | 김홍기 | - |
dc.contributor.AlternativeAuthor | 송홍선 | - |
dc.citation.journaltitle | Seoul Journal of Economics | - |
dc.citation.endpage | 186 | - |
dc.citation.number | 2 | - |
dc.citation.pages | 145-186 | - |
dc.citation.startpage | 145 | - |
dc.citation.volume | 23 | - |
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