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    Do Capital Inflows Matter to Asset Prices? The Case of Korea

    Kim, Soyoung | September 2009
    Abstract
    In the present paper, we investigate whether capital flows induce domestic asset price hikes in the case of Korea. This issue is relevant for crisis-hit economies trying to prevent a boom–bust cycle as well as in the formulation of macroeconomic policy objectives in emerging market economies. Korea has recently experienced large capital inflows, in particular a surge in portfolio inflows. Furthermore, asset prices, including stock prices, land prices and nominal and real exchange rates, have also appreciated. The empirical results, obtained using a vector autoregression model, suggest that capital inflow shocks have caused stock prices but not land prices to increase. The effects on the nominal and real exchange rates have been limited, which relates to the accumulation of foreign exchange reserves.
    Citation
    Kim, Soyoung. 2009. Do Capital Inflows Matter to Asset Prices? The Case of Korea. © Wiley. http://hdl.handle.net/11540/4260.
    Keywords
    Development Economics
    Regional Economic Development
    Economic Impact
    Asian Development Bank
    Development
    Economies in transition
    Economic agreements
    Development indicators
    ADB
    Economic development
    Comparative economics
    Regional economics
    Economic development projects
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    Citable URI
    http://hdl.handle.net/11540/4260
    Metadata
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    Author
    Kim, Soyoung
    Theme
    Economics
    Development
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise