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Post-crisis capital account regulation in South Korea and South Africa

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  • Post-crisis capital account regulation in South Korea and South Africa
  • Baumann, Brittany A.; Gallagher, Kevin P.
  • Political Economy Research Institute


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Title Post-crisis capital account regulation in South Korea and South Africa
Similar Titles
Material Type Reports
Author(English)

Baumann, Brittany A.; Gallagher, Kevin P.

Publisher

Amherst : Political Economy Research Institute

Date 2013-04
Series Title; No WORKINGPAPER SERIES / 320
Subject Country South Africa(Africa)
South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Government and Law < Laws and Legislation
Holding Political Economy Research Institute
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Abstract

In the immediate aftermath of the global financial crisis, the world economy was characterized as experiencing a ’two-speed’ recovery. Industrialized nations, where the crisis occurred, saw slow growth whereas many emerging market and developing countries grew significantly. These growth differentials, coupled with significant interest rate differentials across the globe, triggered significant flows of financial capital to the emerging market and developing countries. As a result, many countries experienced sharp appreciations of their currencies and associated concerns about the development of asset bubbles. This paper examines measures taken to mitigate the harmful effects of excessive capital flows in South Korea and South Africa. Each of these nations experienced similar surges in inflows with associated exchange rate and asset bubble woes, but each took quite different approaches in an attempt to mitigate those effects. (The rest omitted)