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

dc.contributor.authorSoyoung Kim
dc.date.accessioned2015-04-22
dc.date.accessioned2015-04-29T14:32:44Z
dc.date.available2015-04-29T14:32:44Z
dc.date.issued2009-09-15
dc.identifier.urihttp://hdl.handle.net/11540/4260
dc.description.abstractIn 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.
dc.languageEnglish
dc.publisherWiley
dc.titleDo Capital Inflows Matter to Asset Prices? The Case of Korea
dc.typeJournals
dc.subject.expertDevelopment Economics
dc.subject.expertRegional Economic Development
dc.subject.expertEconomic Impact
dc.subject.expertAsian Development Bank
dc.subject.expertDevelopment
dc.subject.adbEconomies in transition
dc.subject.adbEconomic agreements
dc.subject.adbDevelopment indicators
dc.subject.adbADB
dc.subject.adbEconomic development
dc.subject.naturalComparative economics
dc.subject.naturalRegional economics
dc.subject.naturalEconomic development projects
dc.title.seriesAsian Economic Journal
dc.title.volumeVol. 23, Issue 3
dc.contributor.imprintWiley
oar.themeEconomics
oar.themeDevelopment
oar.adminregionAsia and the Pacific Region
oar.countryBangladesh
oar.countryBhutan
oar.countryIndia
oar.countryMaldives
oar.countryNepal
oar.countrySri Lanka
oar.countryBrunei Darussalam
oar.countryCambodia
oar.countryIndonesia
oar.countryLao People's Democratic
oar.countryMalaysia
oar.countryMyanmar
oar.countryPhilippines
oar.countrySingapore
oar.countryThailand
oar.countryViet Nam
oar.countryCook Islands
oar.countryFiji Islands
oar.countryKiribati
oar.countryMarshall Islands
oar.countryFederated States of Micronesia
oar.countryNauru
oar.countryPalau
oar.countryPapua New Guinea
oar.countrySamoa
oar.countrySolomon Islands
oar.countryTimor-Leste
oar.countryTonga
oar.countryTuvalu
oar.countryVanuatu
oar.countryAfghanistan
oar.countryArmenia
oar.countryAzerbaijan
oar.countryGeorgia
oar.countryKazakhstan
oar.countryKyrgyz Republic
oar.countryPakistan
oar.countryTajikistan
oar.countryTurkmenistan
oar.countryUzbekistan
oar.countryPeople's Republic of China
oar.countryHong Kong
oar.countryChina
oar.countryRepublic of Korea
oar.countryMongolia
oar.countryTaipei,China
oar.identifierOAR-008034
oar.authorKim, Soyoung
oar.importtrue
oar.externallinkhttp://onlinelibrary.wiley.com/doi/10.1111/j.1467-8381.2009.02014.x/abstract
oar.externallinkhttp://www.researchgate.net/publication/46541108_Do_Capital_Inflows_Matter_to_Asset_Prices_The_Case_of_Korea_*
oar.googlescholar.linkpresenttrue


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