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    The Effect of Financial Market Integration on Monetary Policy and Long-term Interest Rate in Korea and Its Policy Implications

    Kim, Kyunghun; Kim, Soyoung; Yang, Da Young; Kang, Eunjung | March 2018
    Abstract
    Financial market integration mitigates production shocks that occur in a country by pooling the risk through portfolio diversification and this contributes to consumption smoothing for life-time utility maximization. Financial market integration also contributes to economic growth by supplying capital to developing countries via the integrated financial market. However, the integrated financial market also serves as a transition channel where the financial shock which originated from the center country spreads to its neighboring economies. In the event of a financial crisis, there is a potential risk of capital flight from neighboring countries to the financial center, meaning that many countries in the integrated financial market have an economic structure that is vulnerable to external shocks.
    Citation
    Kim, Kyunghun; Kim, Soyoung; Yang, Da Young; Kang, Eunjung. 2018. The Effect of Financial Market Integration on Monetary Policy and Long-term Interest Rate in Korea and Its Policy Implications. © Korea Institute for International Economic Policy. http://hdl.handle.net/11540/8036.
    ISSN
    2233-9140
    Keywords
    Asian Development Bank
    Development
    Regional Economic Integration
    Financial Sector Policies
    Financial Risk Management
    Bond Financing
    Economic integration
    Development Bank
    Capital Market
    Regional Plans
    Regional Development Bank
    Development finance
    Municipal Bonds
    Development Banks
    Local government bonds
    Bonds
    Catastrophe bonds
    Bond funds
    Bond market
    Multilateral development banks
    Show allCollapse
    Citable URI
    http://hdl.handle.net/11540/8036
    Metadata
    Show full item record
    Thumbnail
    WEB18-11.pdf (192.7Kb)
    Author
    Kim, Kyunghun
    Kim, Soyoung
    Yang, Da Young
    Kang, Eunjung
    Theme
    Finance
    Regional

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    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise