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: 본 연구는 글로벌 부동산 시장의 현황을 살펴본 후 버블 위험을 진단하고 부동산 버블의 금융위기 및 실물경제 영향을 분석하는 한편, 과거 부동산발 금융위기 사례와 최근 글로벌 상황을 비교분석하였다. 이를...

Emerging economies are struggling to keep their growth momentum alive in the face of waning global demand. Yet, they are partly handicapped by the loss of monetary policy independence and greater exposure to potential capital reversal. Against this background, a comprehensive review of all their...

Financial market integration mitigates production shocks that occur in a country by pooling the risk through portfolio diversification and this contributes to consumption smoothing for life-time utility maximization. Financial market integration also contributes to economic growth by supplying...