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Changes in Determinants of Financial Stress in Emerging Market Economies after the GFC

dc.contributor.authorYoung Sik Jeong
dc.contributor.authorDa Young Yang
dc.contributor.authorEunjung Kang
dc.contributor.authorDeokki Ko
dc.date.accessioned2020-09-11T10:44:12Z
dc.date.available2020-09-11T10:44:12Z
dc.date.issued2020-08-13
dc.identifier.issn2233-9140
dc.identifier.urihttp://hdl.handle.net/11540/12369
dc.description.abstractSince the global financial crisis (GFC) in 2008, various forms of financial instability have repeatedly emerged when considering the European debt crisis, US interest rate hikes, plunge in commodity prices, and concerns about a hard landing in the Chinese economy. Recently, the international financial market has been unstable due to the COVID-19 pandemic and the intensifying US-China conflict. During this time, emerging countries and Korea have suffered from severe financial instability to a larger extent than advanced economies. Korea experienced de facto financial crisis twice, in 1997 and 2008, due to external shocks. The Korean financial market has recently been very unstable due to external shocks such as the COVID-19 pandemic and the deepening US-China dispute. Upon this backdrop, this study first attempts to diagnose the recent Korean financial instability through developing the KIEP Financial Stress Index (KIEP FSI). Next, we use the KIEP FSI to analyze the changes in determinants of financial stress after the GFC in Korea and emerging countries. Through this, we suggest policy implications to Korea, which is a highly open economy and vulnerable to external shocks.
dc.languageEnglish
dc.publisherKorea Institute for International Economic Policy
dc.titleChanges in Determinants of Financial Stress in Emerging Market Economies after the GFC
dc.typeBriefs
dc.subject.expertEconomic Crisis
dc.subject.expertEconomic Efficiency
dc.subject.expertEconomic Policies
dc.subject.expertFinancial Stability
dc.subject.expertFinancial Management System
dc.subject.expertFinancial Restructuring
dc.subject.expertCapital Market Development
dc.subject.expertMarket Development
dc.subject.expertEconomics
dc.subject.expertErosion
dc.subject.expertInternational Economics
dc.subject.expertMacroeconomic
dc.subject.expertMacroeconomic Analysis
dc.subject.expertPerformance Evaluation
dc.subject.expertImpact Evaluation
dc.subject.expertForeign and Domestic Financing
dc.subject.expertForeign Direct Investment
dc.subject.expertE-commerce
dc.subject.expertDigital
dc.subject.adbEconomies in transition
dc.subject.adbEconomic agreements
dc.subject.adbSocial condition
dc.subject.adbEconomic dependence
dc.subject.adbEconomic assistance
dc.subject.adbCrisis
dc.subject.adbTaxation
dc.subject.adbPublic Accounting
dc.subject.adbNational Budget
dc.subject.adbMunicipal Bonds
dc.subject.adbLocal Government
dc.subject.adbLocal Taxes
dc.subject.adbInternational Monetary Relations
dc.subject.adbInternational Financial Market
dc.subject.adbMultilateral Financial Institutions
dc.subject.adbEconomic Recession
dc.subject.adbMarket
dc.subject.adbCrisis
dc.subject.adbEconomic indicators
dc.subject.adbGrowth models
dc.subject.adbGross domestic product
dc.subject.adbMacroeconomics
dc.subject.adbEconomic forecast
dc.subject.adbBusiness Financing
dc.subject.adbInvestment Requirements
dc.subject.adbCorruption
dc.subject.adbMoney laundering
dc.subject.adbDigital currency
dc.subject.adbBitcoin
dc.subject.adbDigital economy
dc.subject.naturalFinancial crisis
dc.subject.naturalLabor economics
dc.subject.naturalRegional economics
dc.subject.naturalBusiness recessions
dc.subject.naturalMultilateral development banks
dc.subject.naturalRegulatory reform
dc.subject.naturalCapital
dc.subject.naturalExports
dc.subject.naturalEconomic development projects
dc.subject.naturalEconomic policy
dc.subject.naturalEconomic forecasting
dc.subject.naturalInvestment Requirements
dc.subject.naturalBanks
dc.subject.naturalInternational banks and banking
dc.subject.naturalCapital movements
dc.subject.naturalCentral banks and banking
dc.subject.naturalBills of exchange
dc.subject.naturalSwaps
dc.subject.naturalBanks and banking
dc.subject.naturalFinancial crisis
dc.subject.naturalCredit control
dc.subject.naturalCredit allocation
dc.subject.naturalCapital market
dc.subject.naturalInternational liquidity
dc.subject.naturalLiquidity
dc.subject.naturalExchange rate
dc.subject.naturalUse tax
dc.subject.naturalTaxing power
dc.subject.naturalState of taxation
dc.subject.naturalTax-sales
dc.subject.naturalTax revenue estimating
dc.subject.naturalTax planning
dc.subject.naturalSpendings tax
dc.subject.naturalSpecial assessments
dc.subject.naturalTax administration and procedure
dc.subject.naturalSales tax
dc.subject.naturalReal property and taxation
dc.subject.naturalProgressive taxation
dc.subject.naturalEffect of taxation on land use
dc.subject.naturalEffect of taxation on labor supply
dc.subject.naturalIntergovernmental tax relations
dc.subject.naturalInheritance and transfer tax
dc.title.seriesKIEP World Economy Brief
dc.title.volumeVol. 10 No. 22
dc.contributor.imprintKorea Institute for International Economic Policy
oar.themeFinance
oar.themeEconomics
oar.adminregionEast Asia Region
oar.countryRepublic of Korea
oar.identifierOAR-011733
oar.authorJeong, Young Sik
oar.authorYang, Da Young
oar.authorKang, Eunjung
oar.authorKo, Deokki
oar.importTRUE
oar.googlescholar.linkpresenttrue


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