Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Did Korean Monetary Policy Help Soften The Impact Of The Global Financial Crisis Of 2008 2009
Download Did Korean Monetary Policy Help Soften The Impact Of The Global Financial Crisis Of 2008 2009 full books in PDF, epub, and Kindle. Read online Did Korean Monetary Policy Help Soften The Impact Of The Global Financial Crisis Of 2008 2009 ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008-2009? by : Mr.Harun Alp
Download or read book Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008-2009? written by Mr.Harun Alp and published by International Monetary Fund. This book was released on 2012-01-01 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Korea was one of the Asian economies hardest hit by the global financial crisis. Anticipating the downturn that would follow the episode of extreme financial stress, the Bank of Korea (BOK) let the exchange rate depreciate as capital flowed out, and preemptively cut the policy rate by 325 basis points. But did it work? This paper seeks a quantitative answer to the following question: Were it not for an inflation targeting framework underpinned by a flexible exchange rate regime, how much deeper would the recession have been? Taking the most intense year of the crisis as our baseline (2008:Q4?2009:Q3), counterfactual simulations indicate that rather the actual outcome of a -2.1 percent contraction, the outturn would have been -2.9 percent if the BOK had not implemented countercyclical and discretionary interest rate cuts. Furthermore, had a fixed exchange rate regime been in place, simulations indicate that output would have contracted by -7.5 percent over the same four-quarter period. In other words, exchange rate flexibility and the interest rate cuts implemented by the BOK helped substantially soften the impact of the global financial crisis on the Korean economy. These counterfactual experiments are based on an estimated structural model, which, along with standard nominal and real rigidities, includes a financial accelerator mechanism in an open-economy framework.
Book Synopsis Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008-2009? by : Mr.Harun Alp
Download or read book Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008-2009? written by Mr.Harun Alp and published by International Monetary Fund. This book was released on 2012-01-01 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Korea was one of the Asian economies hardest hit by the global financial crisis. Anticipating the downturn that would follow the episode of extreme financial stress, the Bank of Korea (BOK) let the exchange rate depreciate as capital flowed out, and preemptively cut the policy rate by 325 basis points. But did it work? This paper seeks a quantitative answer to the following question: Were it not for an inflation targeting framework underpinned by a flexible exchange rate regime, how much deeper would the recession have been? Taking the most intense year of the crisis as our baseline (2008:Q4?2009:Q3), counterfactual simulations indicate that rather the actual outcome of a -2.1 percent contraction, the outturn would have been -2.9 percent if the BOK had not implemented countercyclical and discretionary interest rate cuts. Furthermore, had a fixed exchange rate regime been in place, simulations indicate that output would have contracted by -7.5 percent over the same four-quarter period. In other words, exchange rate flexibility and the interest rate cuts implemented by the BOK helped substantially soften the impact of the global financial crisis on the Korean economy. These counterfactual experiments are based on an estimated structural model, which, along with standard nominal and real rigidities, includes a financial accelerator mechanism in an open-economy framework.
Book Synopsis Koreas Monetary Policy Responses to the Global Financial Crisis(KIEP Working Paper 12-05) by : In Hŏ
Download or read book Koreas Monetary Policy Responses to the Global Financial Crisis(KIEP Working Paper 12-05) written by In Hŏ and published by . This book was released on 2012 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Countering the Cycle—The Effectiveness of Fiscal Policy in Korea by : Mr.Leif Lybecker Eskesen
Download or read book Countering the Cycle—The Effectiveness of Fiscal Policy in Korea written by Mr.Leif Lybecker Eskesen and published by International Monetary Fund. This book was released on 2009-11-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Korean authorities having taken decisive and proactive fiscal measures to help stem the fallout from the current global economic and financial crisis, with the size of the fiscal stimulus well-above the average response of other G20 economies. In this context, a key question is how effective fiscal policy is as a stabilization tool, especially considering the high openness of Korea's economy. Results based on a macroeconomic model calibrated for Korea provide a strong case for using counter-cyclical fiscal policy, especially if measures appropriately focus on spending with a direct demand impact such as investment and targeted transfers. It also demonstrates the importance a complementary monetary response and the benefits to an open economy such as Korea's of global coordination of fiscal stimulus.
Book Synopsis The Korean Economy Beyond the Crisis by : Duck-Koo Chung
Download or read book The Korean Economy Beyond the Crisis written by Duck-Koo Chung and published by Edward Elgar Publishing. This book was released on 2004 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than five years have passed since South Korea fell prey to the Asian financial crisis. Bringing together experts from Korea and a variety of other countries, this book aims to better understand the three stages of the Korean crisis: the onset, the policy reaction, and the economic response. Providing an integrated analysis of the event and its consequences, the chapters in the book consider the causes of the crisis, the response of the US government and International Monetary Fund, adjustments in the Korean monetary and fiscal policies, and the success of financial and corporate restructuring. The concluding chapters bring the story up-to-date, describing the aftermath of the crisis and assessing whether there has been sufficient reform to facilitate the country s recovery and growth. International and also Asian economists will find this a thoroughly accessible and illuminating book, as will specialists on Korea, political scientists and political economists.
Book Synopsis Global Financial Contagion by : Shalendra D. Sharma
Download or read book Global Financial Contagion written by Shalendra D. Sharma and published by Cambridge University Press. This book was released on 2014 with total page 405 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an authoritative account of the economic and political roots of the 2008 financial crisis. It examines why it was triggered in the United States, why it morphed into the Great Recession, and why the contagion spread with such ferocity around the globe. It also examines how and why economies - including the Eurozone, Russia, China, India, East Asia, and the Middle East - have been impacted and explores their response to the unprecedented challenges of the crisis and the effectiveness of their policy measures. Global Financial Contagion specifically looks at how the Obama administration's policy missteps have contributed to America's huge debt and slow recovery, why the Eurozone's response to its existential crisis has become a never-ending saga, and why the G-20's efforts to create a new international financial architecture may fall short. This book will long be regarded as the standard account of the crisis and its aftermath.
Book Synopsis An Assessment of Malaysian Monetary Policy During the Global Financial Crisis of 2008-09 by : Mr.Harun Alp
Download or read book An Assessment of Malaysian Monetary Policy During the Global Financial Crisis of 2008-09 written by Mr.Harun Alp and published by International Monetary Fund. This book was released on 2012-01-01 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Malaysia was hit hard by the global financial crisis of 2008-09. Anticipating the downturn that would follow the episode of extreme financial turbulence, Bank Negara Malaysia (BNM) let the exchange rate depreciate as capital flowed out, and preemptively cut the policy rate by 150 basis points. Against this backdrop, this paper tries to quantify how much deeper the recession would have been without the BNM's monetary policy response. Taking the most intense year of the crisis as our baseline (2008:Q4-2009:Q3), counterfactual simulations indicate that rather the actual outcome of a -2.9 percent contraction, growth would have been -3.4 percent if the BNM had not implemented countercyclical and discretionary interest rate cuts. Furthermore, had a fixed exchange rate regime been in place, simulations indicate that output would have contracted by -5.5 percent over the same four-quarter period. In other words, exchange rate flexibility and the interest rate cuts implemented by the BNM helped substantially soften the impact of the global financial crisis on the Malaysian economy. These counterfactual experiments are based on a structural model estimated using Malaysian data.
Book Synopsis The Global Financial Crisis and Asia by : Masahiro Kawai
Download or read book The Global Financial Crisis and Asia written by Masahiro Kawai and published by OUP Oxford. This book was released on 2012-10-25 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book aims to identify and analyze the impact of the 2007-09 global financial crisis on Asian economies and to assess the short-term and longer-term policy responses to the crisis in terms of their effectiveness and sustainability. It draws lessons on how best to avoid and/or mitigate future crises and to identify structural policy recommendations that can help guide Asian policymakers to expand the growth potential of domestic and regional demand in coming years, and thereby create a basis for sustainable and inclusive long-term growth. Organized into four parts, it offers an accessible explanation of the causes, consequences, and contagion mechanisms of the crisis. Part 1 provides an overview of the major issues and presents policy recommendations. Part 2 reviews the crisis in the US and its transmission to Europe. Part 3 focuses on the impact on Asia. And Part 4 concludes lessons of the crisis for Asian countries. The volume highlights that Asian economies have already recovered strongly from the global financial crisis, reflecting their aggressive moves to ease monetary and fiscal policy as well as the underlying fundamental strength of their economies. However, the biggest challenge lies ahead. It asserts that, given that it is unlikely that the US and Europe will be engines of global growth, Asian economies should contribute to global economic adjustment by creating their own growth engines.
Book Synopsis Korea's Monetary Policy Responses to the Global Financial Crisis by : In Huh
Download or read book Korea's Monetary Policy Responses to the Global Financial Crisis written by In Huh and published by . This book was released on 2012 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Social Spending in Korea by : Selim Elekdag
Download or read book Social Spending in Korea written by Selim Elekdag and published by International Monetary Fund. This book was released on 2012-10-19 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Going forward, Korea faces two closely related challenges: sustaining economic growth against the backdrop of a rapidly aging population and ameliorating income inequality. This paper argues that a gradual increase in social spending could promote more sustainable and inclusive growth in Korea. In particular, simulation results suggest that social spending which supports labor market reforms can boost longer-term growth. However, despite rapid increases recently—albeit from a low base—there is still a social spending gap relative to Korea’s OECD peers. Because of several fiscal challenges in the coming decades, increases in social spending should be incremental, and would be usefully guided by a longer-term fiscal framework.
Book Synopsis Routledge Handbook of Sustainable Development in Asia by : Sara Hsu
Download or read book Routledge Handbook of Sustainable Development in Asia written by Sara Hsu and published by Routledge. This book was released on 2018-05-30 with total page 899 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the present global context, some countries still face many challenges to bringing about inclusive, efficient, and environmentally sustainable development. Simultaneously, the stakes of survival are rising, as climate change exacerbates both environmental and social ills. Asia as a region is particularly vulnerable, as it is densely populated and includes both developed and developing countries. The Routledge Handbook of Sustainable Development in Asia seeks to examine these issues in depth. Presenting a comprehensive literature review, as well as numerous case studies, this book examines sustainable development from economic and social perspectives, as well as from an environmental viewpoint. Divided into seven parts, the topics addressed include: Environmental challenges Energy dependence and transition Economic justice Social welfare Sustainable governance Providing comprehensive coverage of a wide variety of countries in the region, this handbook will be useful for students and scholars of sustainable development, environment and society, and Asian Studies in general.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1475502184 Total Pages :18 pages Book Rating :4.4/5 (755 download)
Book Synopsis IMF Research Bulletin, March 2012 by : International Monetary Fund. Research Dept.
Download or read book IMF Research Bulletin, March 2012 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2012-03-08 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: The research summaries in the March 2012 issue of the IMF Research Bulletin are "Foreign Direct Investment and the Crisis: Is This Time Different?" (by Yuko Kinoshita) and "Food Prices and Inflation" (by James P. Walsh). The Q&A covers seven questions on "Unemployment through the Prism of the Great Recession" (by Prakash Loungani). This issue also launches a new feature "Conversations with Visiting Scholars" with an interview with Tom Sargent, winner of the 2011 Nobel Prize in Economic Sciences. Also included in this issue are details on visiting scholars at the IMF, a listing of recently published IMF Working Papers, and information on the next issue of "IMF Economic Review."
Book Synopsis The Impact of Foreign Banks on Monetary Policy Transmission During The Global Financial Crisis of 2007-9 by : Bang Nam Jeon
Download or read book The Impact of Foreign Banks on Monetary Policy Transmission During The Global Financial Crisis of 2007-9 written by Bang Nam Jeon and published by . This book was released on 2017 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of foreign banks on the monetary policy transmission mechanism in the Korean economy during the period from 2000 to 2012, with a specific focus on the lending behavior by banks with different types of ownership. Using the bank-level panel data of the banking system in Korea, we present consistent evidence on the buffering and hampering impact of foreign banks, especially foreign bank branches, on the effectiveness of the monetary policy transmission mechanism in Korea from the bank-lending channel perspective during the period of the global financial crisis of 2008-9.
Book Synopsis Managing Economic Crisis in East Asia by : Saw Swee-Hock
Download or read book Managing Economic Crisis in East Asia written by Saw Swee-Hock and published by Institute of Southeast Asian Studies. This book was released on 2010 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book incorporates a selection of eight revised papers presented to the Conference on Managing Economic Crisis in East Asia, organized jointly by the Saw Centre for Financial Studies, NUS Business School, and the East Asian Institute, National University of Singapore, in November 2009. The chapters present a detailed analysis of the impact of the 2008-09 economic crisis in China, Hong Kong, Taiwan, Korea and Japan, and the stimulus packages that were swiftly put in place by the governments to mitigate the economic recession and to pave the way for a quick recovery. The success of the monetary and fiscal policy measures in engendering a strong economic recovery in these countries is also discussed in considerable depth. The book, with contributions from experts on the topics covered, will be extremely valuable to businessmen, analysts, academics, students, policy-makers and the general public interested in seeking a greater understanding of the global economic crisis.
Book Synopsis International Macroeconomics in the Wake of the Global Financial Crisis by : Laurent Ferrara
Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara and published by Springer. This book was released on 2018-06-13 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Book Synopsis FX Funding Risks and Exchange Rate Volatility–Korea’s Case by : Mr.Jack Ree
Download or read book FX Funding Risks and Exchange Rate Volatility–Korea’s Case written by Mr.Jack Ree and published by International Monetary Fund. This book was released on 2012-11-07 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how exchange rate volatility and Korean banks’ foreign exchange liquidity mismatches interacted with each other during the Global Financial Crisis, and whether the vulnerability stemming from this interaction has been reduced since then. Structural and cyclical changes after the crisis, including decreasing demand for currency hedges and the diversifying investor base for bonds, point to a possible weakening of the interaction mechanism; and we find evidences are strongly supportive of this.
Book Synopsis State-Firm Coordination and Upgrading by : Angela Garcia Calvo
Download or read book State-Firm Coordination and Upgrading written by Angela Garcia Calvo and published by Oxford University Press. This book was released on 2021-08-19 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 1980s, Spain and South Korea have experienced a dramatic transformation from middle-income to advanced economies. While market liberalization and globalization were important forces for change, and while states continue to be central in the organization of the Spanish and South Korean economies, the liberal and the developmental state perspectives do not provide an understanding of critical elements of these transformations. Building on a combination of historical institutionalism and international business literature, this book shows that upgrading was underpinned by cooperative models based on interdependencies and quid pro quo exchanges between national governments and large firms. The negotiated nature of these arrangements opened the door to institutional variation and enabled Spain and South Korea to pursue different strategies. Spain pursued an integrational approach based on foreign direct investment, technological outsourcing, and regional integration. South Korea pursued a techno-industrial strategy that prioritized self-sufficiency and the development of local technological capacity. Both strategies enabled Spanish and South Korean firms across multiple complex sectors to reach the efficiency frontier, but resulted in different productive specializations in complex services and manufacturing respectively. Through a comparative study this book shifts our perspective on the political economy of economic transformation: from markets or states, to state-firm coordination, as a driver for economic transformation; from one, to at least two, different pathways to upgrading; and from a world divided into emerging economies and world leaders, to a more nuanced perspective that recognizes the perspective of new advanced economies.
