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Monetary and financial cooperation in East Asia : A Korean view

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Frame of Image rst time since the second oil choc and the unemployment rate soared to more than 7%. During the 2008 global financial crisis, Korean won rose again to 1500 KRW/$, with the foreign reserves dropping by $50 billion from more than $250 billion. The large stock of foreign reserves (9 times as large as the foreign exchange reserves in 1997) did not help to stabilize the exchange market. The growth rate of output turned again negative. In 2011 when European debt crisis deteriorated, Korean won rose slightly. The impact on Korean economy was very limited, however.
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Figure 1:Won Dollar exchange Rate from 1996 and 2012 (Monthly Average)
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Figure 2: Foreign reserve holdings between 1996 and 2012 (monthly)
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Figure 3: Growth Rate of Real GDP (Quarterly)
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Figure 4: Unemployment rate (seasonally adjusted)
Note : The data before May, 1999 is based on old series, in which the job searching period is just one week.
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Table 1: Comparison of three financial crises
Exchange rates (KRW/US$) Foreign reserves (Billion US$) Output growth (%) Unemployme nt rate(%)
Asian 1701 (Jan. 20 (Dec. 1997) -7.3 (Q2, 1998) 8.8 (Feb. 1999) financial crisis 1998) from from 33 (Jul. from 6.6 (Q3, from 2.2 (Jul. (since July 890 (Jul. 1997) 1997) 1997) 1997) 1997) Global financial crisis (since July 2008) 1453 (Mar. 2009) from 1018 (Jul. 2008) 206 (Mar. -4.2 (Q1, 2009) 4.7 (Jan. 2010) 2009) from from 3.3 (Q3, from 3.2 (Jul. 247 (Jul. 2008) 2008) 2008) 312 (Jun. 2.3 (Q1, 2012) 3.7 (Feb. 2012) 2012) from from 3.


Full Text
Title Monetary and financial cooperation in East Asia
Similar Titles
Sub Title

A Korean view

Material Type Proceedings
Author(English)

Moon, Woosik

Publisher

[Seoul]:The Bank of Korea

Date 2012-11
Pages 36
Subject Country Eastern Asia(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Macroeconomics
Economy < Financial Policy
Holding KDI; KDI School of Public Policy and Management

User Note

The views or opinions presented here are solely those of the author and do not necessarily
represent those of the Bank of Korea.