The Monetary Transmission Mechanism of a Small Open Economy with Sweeping Financial Reforms: The Case of Korea
| Autor: | Chong Soo Pyun, William T. Smith, Young Seob Son |
|---|---|
| Rok vydání: | 2009 |
| Předmět: |
Finance
business.industry media_common.quotation_subject Small open economy Monetary policy Monetary economics General Business Management and Accounting Monetary hegemony Interest rate Credit channel Spillover effect Monetary transmission mechanism Economics Business and International Management business Explanatory power media_common |
| Zdroj: | Multinational Business Review. 17:1-20 |
| ISSN: | 1525-383X |
| DOI: | 10.1108/1525383x200900025 |
| Popis: | This study reveals how a Korean monetary transmission mechanism evolves in the tumultuous decade of the 1990s. We show that (i) contractionary monetary policy shocks have more explanatory power for the post‐crisis periods than for the pre‐crisis period; (ii) the effects on output from external shocks attributed to the oil price and the U.S. federal fund rates are mixed; (iii) there is little positive spillover effect from the U.S. to Korea through the trade channel; and (iv) there is a positive spillover effect from the international capital market channel. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
|