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Economic crisis, capital flows and international trade in Korea

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economic situation of trading partners, such as U.S., Europe and emerging countries, was not affected much from the crisis took place in the Asian nations. However, since the domestic economy went down dramatically during both periods, the decline of import volume was very serious. After the financial crisis, the movement of nominal exchange rate was stabilized except the period 2001~2002 during which the default problem of credit cards was took place. Another jump of exchange rate happened at the end of 2008 during which global economic downturn was initialized due to the crisis of the U.S. financial market. The current global economic crisis and the sharp fall in trade flows have raised questions about the extent to which access to capital affects the ability of companies to produce and sell exports and to buy imports. There is a clearly identified channel between a crisis and a fall in export and import volumes, namely the concurrent impact on foreign and domestic output. This paper looks at whether capital flows and financial instability have an additional impact over and above the impact of output. Although trade credits are self-liquidating, typically backed by receivables, with low transfer and
Source : The Bank of Korea.
convertibility risks, they often collapse during banking crises. One reason may be that trade credits often involve only a limited relationship between the company and the bank. In the height of


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Title Economic crisis, capital flows and international trade in Korea
Similar Titles
Material Type Reports
Author(English)

Kim, Soo-Dong

Publisher

[Seoul]:Korea Institute for Industrial Economics & Trade

Date 2009
Journal Title; Vol./Issue KIET Industrial Economic Review(Current issues):vol. 14(no. 5)
Pages 10
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Economy < Trade
Holding KDI School of Public Policy and Management

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