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홈 > 학술정보 >학술행사 > 세미나
KAIST 수리과학과 세미나

Title
신흥시장에서의 중앙은행의 역할 및 한국은행 (II)
Speaker
김경수   (성균관대학교 )
Date
2017-06-30 10:30:00
Host
KAIST
Place
(E6) Room 2411
Abstract
In a financially globalized world emerging market countries have different attributes from developed ones. Emerging countries may not be able to enjoy such benefits as consumption smoothing, efficient investment and risk diversification as developed countries do. One example is the sovereign wealth fund, a precautionary savings fund run by government. Instead, they may suffer so-called capital inflow problem caused by massive capital inflows followed by a sudden stop and reversal. The global financial crisis which hit Korea in 2008 is a classic example. The root source of the problem is that these countries, located in the periphery of the global financial world, cannot produce safe assets. The direct implication is that emerging market countries must import safe assets often financed by current account surplus. Furthermore, the central banks in emerging market countries should ultimately bear the risk of currency and maturity mismatches of domestic residents. That is, they should serve not only a lender of last resort but as an insurer of last resort, which makes central banking in emerging market countries complicated. Considering that capital flows are procylical and emerging countries are unable to produce safe assets capital flows to/from emerging market countries even strengthen the case for procylicality. Consequently, it is inevitable that emerging economies in the periphery are heavily influenced by the monetary policy of the center countries, and have essentially no room for independent monetary policy. In fact, the trilemma (inability to choose flexible exchange rates, capital mobility and independent monetary policy) in theory turns out a dilemma in reality. This seminar has two parts, central banking in emerging market and central banking in Korea. After reviewing central banking in emerging market in general I will discuss specific issues related to the monetary policy of the Bank of Korea.
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