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The international transmission of monetary policy : Korea’s experience

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  • The international transmission of monetary policy
  • Kim, Jun Il
  • Bank for International Settlements


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Title The international transmission of monetary policy
Similar Titles
Sub Title

Korea’s experience

Material Type Articles
Author(English)

Kim, Jun Il

Publisher

[Basel]:Bank for International Settlements

Date 2014
Journal Title; Vol./Issue BIS Papers:no. 78
Pages 14
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Economy < Financial Policy
Economy < Economic Administration
Holding Bank for International Settlements

Abstract

Monetary policy shifts in advanced economies are transmitted to emerging market economies (EMEs) through monetary policy responses by EME central banks and changes in cross-border capital flows. The ripple effects, however, depend upon the EMEs’ macroeconomic fundamentals and the amount and composition of the portfolio investment funds that have already flowed into them. Since the 2008 global financial crisis, Korea, like other EMEs, has been influenced, directly and indirectly, by the quantitative easing (QE) and quantitative easing tapering (QET) of major advanced economies. This paper discusses the international transmission effects occurring during the transformation to QE and QET, the related monetary policy responses and the challenges ahead, with a focus mainly on Korea’s experience.