The Foreign Exchange System in Korea: A Literature Survey
Daekeun Park
― Abstract ―
The foreign exchange system of a country refers to the laws, regulations, and institutions that govern
foreign exchange transactions between residents and non-residents and determine movement of exchange
rates. The foreign exchange system in Korea has gone through a lot of changes in a relatively short
time period. This paper presents a summary of the major changes in the foreign system in Korea
together with a review of the academic literature on the foreign exchange system in Korea. In particular,
the paper addresses four aspects about the foreign exchange system in Korea: the exchange rate
regime, the capital account liberalization, the Asian currency crisis and the policy response, and
the global financial crisis and the foreign exchange macro-prudential regulations.
Keywords : Foreign Exchange System, Exchange Rate Regime, Capital Account
Liberalization, Currency Crisis, Macro-Prudential Measures
JEL Classification Number : F31, F38, G01
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