The External Influences on Korea’s Monetary Policy: A Taylor Rule Study

• 발행기관: 한국APEC학회
• 저자명: Seh-Beom Koo
• 간행물 정보: 『Journal of APEC Studies』Vol.16 No.1, 1~20쪽, 전체 20쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2024.06.30

국문 초록

The study investigates the external influences on Korea’s monetary policy over the period from 1990 to 2020. The focus was on the effects of US interest rates, payments imbalances and exchange rate changes on Korean monetary policy. The estimation of the Taylor rule measures the effects on Korean interest rates. The empirical tests of the Taylor rule implied that the impact of the US interest rate on Korean policy rate has been steady but weak throughout most circumstances. On the other hand, the impact of the exchange rate on Korean policy rate had varied before and after the GFC. The Bank of Korea monetary reports indicated that the overall balance of payments, in the aftermath of the Asian Financial Crisis, has been a main concern of Korean monetary authority while the status of domestic economy has been a main factor contributing to the impact that the exchange rate has had on Korean policy rate during the postcrisis period. Korean monetary policy has been influenced by monetary developments in the US, but it still has had a good deal of independence. At the end, the study concludes that exchange rate policy is an important part of overall monetary policy in Korea.

목차

Ⅰ. Introduction

Ⅱ. The Taylor Rule

Ⅲ. Methodology and Data

Ⅳ. Time Periods & Subsamples from Structural Breaks and Other Issues

Ⅴ. Results: The Taylor Rule Studies

Ⅵ. The Bank of Korea Monetary Policy Report Analysis: The Exchange Rate

Ⅶ. Combined Propensities to Intervene (CPI)

Ⅷ. Conclusion

References

키워드

Korean monetary policy US interest rates the Taylor rule exchange rate Korean interest rate