Korean Abstract: 2008년 9월 글로벌 금융위기 이후 저금리가 장기간 지속되는 과정에서 국제금융시장 가격변수들의 변동성도 낮게 유지되었다. 낮은 변동성의 지속은 리스크 프리미엄의 하락을 초래하고, 이로 인해 글로벌...

Volatilities of price indicators have remained extremely stabilized during the period of low interest rates since the Global Financial Crisis (GFC) of September 2009. Low volatility pushes down risk premium. That could lead global investors' risk appetite to increase. There has been a big change...

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...

Korean Abstract: 지난 2008년 미국에서 촉발된 글로벌 금융위기는 전 세계적인 금융시장 불안과 실물경제의 위축을 초래하면서 금융안정의 중요성을 부각시켰다. 특히 2008년 글로벌 금융위기는 기존 통화정책 및 미시건전성...

When negative monetary and financial shocks hit the Korean economy, reactions in the financial system amplified the impact of the shocks by reducing the credit available and increasing its cost. This particularly hurt segments of the economy that rely heavily on bank credit for external...

Since the global financial crisis, low interest rates have continued throughout the world. However, financial imbalance has deepened as much of the expanded investment during low interest rates did not lead to increased productivity. This study focused on the increase of marginal firms as a...

The authors suggest that the credit channel - as a transmitter of monetary and financial shocks - appears to have aggravated the Republic of Korea's economic crisis. They use micro-data gathered at the bank level to better identify this channel of transmission. They find that: 1) Monetary...

A systemic financial crisis with monetary restriction is probably the most promising occasion for assessing whether, and to what extent, relationship banking is valuable to borrowers. The authors take this question to a unique database of credit bureau, microeconomic information covering the...