Exchange Rate and Foreign Exchange Policies in Korea

Byungchan Ahn 지음

한나래 2013년 12월 12일 출간 종이책 : 2013년 08월 20일 출간

작품소개

책소개

『Exchange Rate and Foreign Exchange Policies in Korea』는 2008년 9월 글로벌 금융위기 이후 우리나라의 외환정책, 이와 관련한 핵심 이슈, 그리고 앞으로 풀어나가야 할 과제에 초점을 두고 있다. 또한 환율뿐만 아니라 외화 자금 공급, 외환보유액, 외채, 자본 자유화, 외환 건전성 등에 관한 내용을 종합적으로 다룬다.

목차

Chapter 1 Foreign Exchange Policy Framework
1. Objectives and Scope of Foreign Exchange Policy
2. Policy Authorities and Supervisory Agencies on Foreign Exchange
3. Financial Institutions Subject to Foreign Exchange Policy

Chapter 2 Exchange Rate Policy
1. Exchange Rate Policy
2. Changes in the Exchange Rate and Their Impact
3. Key Discussion Points

Chapter 3 Foreign Currency Liquidity Management
1. Foreign Currency Liquidity Supply System at the Bank of Korea
2. FX Swap and Currency Swap
3. Foreign Currency Loan System
4. Key Discussion Points

Chapter 4 Foreign Exchange Reserve Management
1. Concept of Foreign Exchange Reserves
2. Function of Foreign Exchange Reserves
3. Components of Foreign Exchange Reserves
4. Factors behind Reserves Assets Changes
5. Adequacy of Foreign Exchange Reserves
6. Key Discussion Points

Chapter 5 External Debt Management
1. Definition and Classification of External Debt
2. External Debt Developments
3. Key Discussion Points

Chapter 6 Capital Liberalization
1. Meaning and Effect of Capital Liberalization
2. Korea’s Capital Liberalization Developments
3. Key Discussion Points

Chapter 7 Foreign Exchange Prudential Regulation Framework
1. Definition and Purpose of Foreign Exchange Prudential Regulation
2. Framework of Korea’s Foreign Exchange Prudential Regulation

Chapter 8 Foreign Exchange Macroprudential Regulation
1. Establishment of Minimum Reserve Requirements for Foreign Currency Deposits
2. Restrictions on the Use of Foreign Currency Loans of Financial Institutions
3. Establishment of Foreign Exchange Position Limits
4. Introduction of a Macro-Prudential Stability Levy
5. Key Discussion Points

Chapter 9 Foreign Exchange Microprudential Regulation
1. Establishment of Foreign Currency Assets and Liabilities Ratios
2. Managing Offshore Business
3. Establishment and Operation of Risk Management Standards
4. Key Discussion Points

Chapter 10 Policy Tasks Ahead
1. Basic Direction for Improvement of Foreign Exchange Policy
2. Several Tasks for Improvement of Foreign Exchange Policy

출판사 서평

Exchange Rate and Foreign Exchange Policies in Korea는 2011년 출간된 ≪글로벌 금융 위기 이후 외환정책≫(한나래출판사)의 영문판으로, 기존 한국어판을 보완ㆍ수정하고 최근 자료를 추가하여 출간하였다. 한국어판은 2012년 학술원 우수학술도서로 선정되어 학계와 관련 업계의 큰 주목을 받은 바 있다.
이 책은 2008년 9월 글로벌 금융위기 이후 우리나라의 외환정책, 이와 관련한 핵심 이슈, 그리고 앞으로 풀어나가야 할 과제에 초점을 두고 있다. 또한 환율뿐만 아니라 외화 자금 공급, 외환보유액, 외채, 자본 자유화, 외환 건전성 등에 관한 내용을 종합적으로 다룬다.
2008년 미국 월가에서 발생한 리먼 브러더스 파산 사태는 순식간에 1930년대 대공황 이후 최대의 글로벌 금융위기로 확산되었고, 우리나라도 그 영향으로 외화 유동성 위기에 직면했다. 당시 한국은행 국제국장으로 있던 저자는 미ㆍ중ㆍ일 중앙은행과의 통화스왑 계약 체결과 미 연준으로부터의 통화스왑 자금 인출, 금융 기관에 대한 외환스왑 및 외화대출 자금의 신속한 공급, 외환 보유액의 철저한 관리 등으로 위기를 단기간 내에 극복하는데 크게 기여했다. 이후 외환 부문의 거시 건전성을 제고하기 위해 선물환 포지션 한도 제도를 도입하는 데도 정부 관계자와 함께 핵심적 역할을 했다. 이 책은 이러한 저자의 생생한 경험과 해박한 국제 금융 이론에 기반해 쓴 책이다.
글로벌 금융 위기를 극복한 한국의 외환 정책을 소개한 Exchange Rate and Foreign Exchange Policies in Korea는 국내뿐 아니라 세계 각국의 경제 주체들에게 계속 대두되는 세계적인 금융 위기 상황과 관련해 정책을 수립하는 데 도움을 줄 것이다.

*This English version includes recent developments and changes in Korea's foreign exchange policies since the first Korean edition was published on 10 May 2011.
* The Korean edition was selected as one of the “Outstanding Books of 2012”
by Korea’s National Academy of Sciences.

[Summary]
“Exchange Rate and Foreign Exchange Policies in Korea”, written by a thirty-year insider at the Bank of Korea, was published by Hannarae on 20 August 2013. Byungchan Ahn served as Director-General of the central bank's International Department from May 2007 to August 2010 and he is currently the chief audit executive at KB Investment & Securities, part of KB Financial Group. This book describes the inner workings of Korea’s exchange rate and foreign exchange policies related to the nation’s external finances, with a specific focus on Korea’s successful management of its foreign currency liquidity crisis in the wake of Lehman Brothers’ collapse. This English version includes recent developments and changes in Korea's foreign exchange policies since the first Korean edition was published on 10 May 2011. Korea’s National Academy of Sciences selected the Korean original as one of the “Outstanding Books of 2012.”
One of the reasons the author wrote this book is to share his experiences as head of exchange rate and foreign exchange policies at the Bank of Korea. Mr. Ahn believes that the information contained in this book should help policy-makers as well as those working in financial institutions and businesses undertaking foreign exchange transactions.
This book comprises ten chapters, differing markedly from other books in this field in two aspects. First, it covers comprehensively not only exchange rate policy but other policies related to foreign exchange transactions. Secondly, it poses key points for discussion in seven of the ten chapters, then elaborates on them in some detail so that the argument can be easily understood.
The author presents several tasks that policy makers should press ahead with in the coming years. One important task he particularly emphasizes is the rigorous and thoroughgoing management of the official foreign exchange reserves. He writes:
“The past two crises abundantly confirmed that sufficient accumulation and thorough management of foreign exchange reserves are very important. We must not forget this vital lesson. In the years ahead, it will be even more difficult to predict in advance when, where and what type of financial crisis may break out. In light of their role as a contingency fund, even if

작가정보

저자(글) Byungchan Ahn

저자 안병찬은 고려대학교에 입학하여 경제학을 전공하고 1977년 2월 정경대학을 수석으로 졸업했다. 곧바로 한국은행에 입행하여 2011년 3월 24일까지 34년 2개월 남짓 근무했다. 대부분의 기간을 조사부(현 조사국), 자금부(현 금융시장국), 국제국에서 근무하면서 조사 분석ㆍ통화금융ㆍ외환ㆍ국제금융에 관한 이론 지식과 실무 경험을 폭넓게 쌓았다.
1987년 5월 미국 펜실베이니아주립대학교에서 경제학 전공으로 석사 학위를 받았다. 1993년 9월부터 1994년 8월까지는 미국 세인트루이스 연방준비은행(FRB of St. Louis) 조사국에 객원연구원(visiting scholar)으로 파견되어 ‘소규모 개방경제에서의 통화정책과 금리 및 환율 결정’에 관한 연구 활동을 했다. 한국으로 돌아와 1997년 2월까지는 자금부 통화관리 과장으로 근무하면서 통화량의 목표 설정과 관리에 관한 실무 책임자로 일했다. 1930년대 이후 최대의 글로벌 금융위기 시기를 전후하여 2007년 5월부터 2010년 8월까지 3년 3개월여 동안 국제국장을 역임했다. 특히 한국은행과 미 연준과의 통화스왑 계약 체결과 달러자금 인출 및 공급과 관련하여 실무 총책임자 역할을 맡았다. 또한 외국환은행에 대한 선물환포지션 한도 제도 도입에도 정부 관계자와 함께 주도적으로 참여했다. 국제국장 직전에는 2년 6개월 동안 미국 워싱턴주재원 국장으로 근무하면서 미 연준, 재무부, IMF와의 협력 관계를 강화하였다. 현재 KB투자증권 감사로 있다.

Mr. Byungchan Ahn graduated in February 1977 from the College of Political Science and Economics of Korea University with highest honors. Upon graduation, he joined the Bank of Korea and served over 34 years, retiring on 24 March 2011. He specialized in money and banking, foreign exchange, and international finance, while posted with Research Department, Monetary Policy Department, and International Department. Mr. Ahn also received a masters degree in economics from Pennsylvania State University in May 1987 through the fellowship of the Bank of Korea. He was seconded as a visiting scholar to the Research Division of the Federal Reserve Bank of St. Louis in the United States from September 1993 to August 1994, where he conducted research on the determination of interest rate and exchange rate policies in a small open economy. When he returned to Korea, he was appointed as Chief of Monetary Management Division at the Monetary Policy Department, where he oversaw target setting and management of monetary aggregates until February 1997. He also served as Director-General of International Department from May 2007 to August 2010, a period which included the outbreak of the biggest global crisis since the Great Depression of 1930s. Most notably, he played an important role in establishing temporary swap arrangements between the Bank of Korea and the US Federal Reserve, and provisions of swap funds to domestic commercial banks. He also led the department to introduce an FX forward position limit system in cooperation with the government. Prior to becoming the head of International Department, he served two years and six months as Chief Representative of the Bank's Washington DC Representative Office, where he strengthened the institution's ties with the US Federal Reserve, the US Treasury and the International Monetary Fund. Since March 2011, he has been the chief audit officer at KB Investment & Securities in Korea.