Taking the Korean experience as a laboratory experiment in systemic financial crises, the authors analyze distress in individual institutions among two groups of financial intermediaries. They pool together a group of large financial intermediaries (commercial banks, merchant banking...

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...

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...

Korean Abstract: 본 연구는 글로벌 자본유출입 결정요인 및 미국 통화정책이 국내 금융시장에 미치는 영향을 분석하였다. 실증분석 결과 신흥국의 자본유출입은 주로 대외요인에 의해 영향을 받았으나, 국가별로 자본유출입...

Most previous studies have shown that push factors have had a greater impact on capital outflows in emerging economies than pull factors. Meanwhile, in May 2018, the US Federal Reserve Chairman Jerome Powell addressed the controversy over capital movements to emerging economies after the global...

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...