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Changes in financial intermediation structure : Their implications for central bank policies: Korea’s experience

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  • Changes in financial intermediation structure
  • Huh, Jinho
  • Bank for International Settlements


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Title Changes in financial intermediation structure
Similar Titles
Sub Title

Their implications for central bank policies: Korea’s experience

Material Type Reports
Author(English)

Huh, Jinho

Publisher

[Basel]:Bank for International Settlements

Date 2015-11
Series Title; No BIS Papers / 83
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Economy < Economic Administration
Holding Bank for International Settlements

Abstract

Korea’s financial intermediation structure has changed significantly since the global financial crisis: the shares of corporate fund-raising through direct financing and of fixed rate and collateralised lending have expanded. Corporate reliance on direct financing has increased, but indirect financing still serves as the major funding channel. Accordingly, bank lending and deposit rates and credit are important transmission channels for monetary policy. Against the backdrop of these changes in the financial intermediation structure, this paper will discuss the implications for monetary policy from the perspective of the effectiveness of policy rate transmission channels, the impact of external shocks such as changes in the monetary policy stance of major economies, and financial stability.