UID:
edocfu_9958090053802883
Format:
1 online resource (22 p.)
ISBN:
1-4843-4405-7
,
1-4843-6028-1
,
1-4843-5133-9
Series Statement:
IMF working paper ; WP/13/101
Content:
Korea was hit hard by the 2008 global financial crisis, with the foreign bank deleveraging channel coming prominently into play. The global financial crisis demonstrated that a sharp deleveraging can be transmitted to emerging markets through the bank lending channel to a slowdown in credit growth. The analysis finds that a sharp decline in external funding led to relatively modest decline in domestic credit by Korean banks, due to concerted policy efforts by the government in 2008. Impulse responses from a Dynamic Stochastic General Equilibrium (DSGE) model calibrated to Korea shows that it appears better prepared to handle such shocks relative to 2008. Indeed, Korea is much more resilient to such shocks due to the efforts by the authorities, which has led to the strengthening of external buffers, such as higher foreign exchange reserves and bilateral and multilateral currency swap arrangements.
Note:
Description based upon print version of record.
,
Cover; Contents; I. Introduction; II. Korea's Linkages to International Banks: Stylized Facts; Figures; 1. Stock of Consolidated Foreign Claims to Euro Area, U.K., U.S., and Japan Banks; 2. Consolidated Foreign Claims of European and U.S. Banks on Selected Asian Economies; 3. Stock of Consolidated Foreign Claims by Sector; III. Effect of Foreign Bank Deleveraging on Korea: Evidence from a DSGE Model; 4. Quarterly Change in Consolidated Foreign Claims; A. Model Description; B. Impulse Responses; Tables; 1. Ratios of Liabilities and Trade to GDP; 2. Parameter Values
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3. Variance of Impulse Responses5. Impulse Responses to Negative Foreign Borrowing Shocks; IV. The Transmission of the 2008 Crisis to Korean Banks: Regression Analysis; 6. Quarterly Change in Exchange Rate Adjusted Locational Cross Border Claims of BIS Reporting Banks; 7. Change in External Liabilities of Banks; 4. Summary Statistics: Domestic Banks and Foreign Bank Branches; 5. Panel Regression Results; V. Conclusion; References
,
English
Additional Edition:
ISBN 1-4843-6373-6
Additional Edition:
ISBN 1-299-66141-6
Language:
English
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