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Foreign exchange market liberalization : The case of Korea

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  • Foreign exchange market liberalization
  • Chung, Chae-Shick; Joo, Sangyoung; Yang, Doo Yong
  • Korea Institute for International Economic Policy


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Title Foreign exchange market liberalization
Similar Titles
Sub Title

The case of Korea

Material Type Reports
Author(English)

Chung, Chae-Shick; Joo, Sangyoung; Yang, Doo Yong

Publisher

[Seoul]:Korea Institute for International Economic Policy

Date 2000-12
Series Title; No Policy Analysis / 00-02
ISBN 89-322-1124-8; 89-322-1088-8(세트)
Pages 105
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Macroeconomics
Holding Korea Institute for International Economic Policy

Abstract

The Korean government has liberalized its foreign exchange market in early April 1999. The foreign exchange law has been simplified considerably: it transformed from a positive list system―no transactions allowed, apart from certain explicit exceptions―to a negative list system―all transactions allowed, with a few exceptional cases. As a sequel, the second stage of the liberalization is scheduled for January 1, 2001. Both liberalization actions aim at removing unnecessary regulations for transactions related to foreign exchange, either directly or indirectly, as well as at increasing depth and liquidity of the market.
The purpose of this study can be put simply into the following questions: What are the special features in Korea's won/dollar foreign exchange market distinguished from foreign exchange markets of other major currencies? Does foreign exchange liberalization increase the trading volume and enhance market efficiency of the foreign exchange market? (The rest omitted)