콘텐츠 바로가기
로그인
컨텐츠

Category Open

Resources

tutorial

Collection of research papers and materials on development issues

home

Resources
Economy Financial Policy

Print

Assessing Korea’s Post Crisis Managed Float

Related Document
Frame of Image imes founded by the National Science Foundation and the Freeman Program in Asian Political Economy at the Claremont Colleges ** Ph.D. student, Claremont Graduate University
*
I. Introduction To analyze a country’s exchange rate policy we must first determine what it is. We can then move on to asking whether it has been following an appropriately broad type of regime. If the answer is no, then the analyst should recommend what would be better. If the answer is yes, then the analyst can evaluate the specific strategies that have been implemented and possibly suggest improvements. All this of course assumes that the analyst has perfect knowledge. Neither I nor any other international monetary expert can claim access to such knowledge, but each of us hopes that we have access to some insights and/or information that we can usefully pass along. Often this will take as much the form of helping to form questions as attempting to provide definitive answers. There are few areas about which there is a greater range of opinions among international monetary experts than the issue of exchange rate regimes. Eminent economists can be found that support almost any position. This range masks, however, the substantial amount of agreement among a broad majority of serious students of international monetary economics. While having little basis for agreeing on the exact content of optimal policy strategies, there is often substantial agreement about the wrong policies and the general ballpark of


Full Text
Title Assessing Korea’s Post Crisis Managed Float
Similar Titles
Material Type Reports
Author(English)

Willett, Thomas D.

Publisher

[Seoul]:The Bank of Korea

Date 2005-01
Pages 42
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Holding The Bank of Korea; KDI School

Abstract

In this paper we present estimates of efficiency, productivity change and profitability in Korean banking for the period of 1992-2002 when the Korean banking system experienced financial liberalization, financial crisis and restructuring. The estimates for efficiency and productivity change of individual banks and the banking industry as a whole are derived from the directional technology distance function. Our method allows the aggregation of individual bank efficiency and productivity growth to the industry level. This method also controls for loan losses (non-performing loans) that are an undesirable by-product arising from the production of loans. These two features of our paper, aggregation of efficiency and productivity measures from the firm to the industry level and the modeling of desirable and undesirable bank outputs, are our unique contribution to the study of the Korean banking system. (The rest omitted)