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Working Paper
Korean banks' responses to the strengthening of capital adequacy requirements
The purpose of this paper is to examine Korean banks' responses to the Basle risk-weighted capital adequacy requirements implemented in 1993. The analysis indicates that while some cosmetic adjustments might have been made by partial recognition of unrealized stock losses and expected loan losses, efforts to increase capital in ways that effectively reduced risk exposure seemed to dominate the response to strengthened capital requirements. The analysis also suggests the advisability of supplementing risk-based capital requirements with leverage restrictions. The analysis also raises the ...
Working Paper
Liberalization of Korea's foreign exchange markets
Journal Article
East Asia: recovery and restructuring
Conference Paper
Private inflows when crises are anticipated: a case study of Korea
Journal Article
Japan's keiretsu and Korea's chaebol
Journal Article
Understanding the Korean and Thai currency crises
This article reviews and interprets the recent currency crises in Korea and Thailand. The authors argue that a prime causes of the crises were large, unfunded government guarantees to railing financial sectors.
Working Paper
Foreign exchange policy, monetary policy, and capital market liberalization in Korea
In this paper, I investigate the interactions between foreign exchange policy, monetary policy, and developments in Korean capital markets. A large increase in Korea's external position, combined with a relatively inflexible exchange rate, led to very large potential increases in money growth between 1986 and 1989. The sterilization of the foreign exchange intervention required an unprecedented monetary tightening on other fronts--a tightening that could have created serious distortions in the financial markets had direct credit controls been utilized. Consequently, the use of open market ...
Working Paper
Inflation and government budget constraint in Korea
The new classical theory of inflation implies that the choice between financing a given path of public spending through debt or tax (seigniorage) finance has no substantial effect on inflation. This paper tests this hypothesis for Korea by estimating a reduced-form relation between inflation, the monetary base, and central bank debt. The empirical evidence suggests that central bank debt carrying information on the expected future path of monetary policy has additional explanatory power for inflation, even after accounting for the effects of the monetary base. It also confirms the ...