Volatile Capital Flows in Korea

Preface Contributors Tables and Figures PART I: OVERVIEW 1. Overview of International Capital Flows; Kyuil Chung, Hail Park, and Changho Choi PART II: CAPITAL ACCOUNT LIBERALIZATION AND ITS CONSEQUENCES 2. Macroeconomic Effects of Capital Account Liberalization: the Case of Korea; Soyoung Kim, Sunghyun H. Kim, and Yunjong Wang 3. Do Capital Inflows Matter to Asset Prices? The Case of Korea; Soyoung Kim and Doo Yong Yang 4. Capital Flows in Korea after Capital Account Liberalization; Hail Park, Daeyup Lee, and Kyuil Chung PART III: POLICY RESPONSES BEFORE AND DURING THE CRISIS 5. Capital Inflows and Policy Responses: Lessons from Korea's Experience; Kyuil Chung and Seungwon Kim 6. Dislocations in the Won-Dollar Swap Markets during the Crisis of 2007–09; Naohiko Baba and Ilhyock Shim PART IV: MACROPRUDENTIAL POLICY AFTER THE CRISIS AND INSTITUTIONAL REFORM SUGGESTION 7. Why Macroprudential Policy? Brief Overview; Valentina Bruno and Hyun Song Shin 8. Assessing Macroprudential Policies in Korea; Changho Choi 9. Mitigating Systemic Spillovers from Currency Hedging; Kyuil Chung, Hail Park, and Hyun Song Shin PART V: EPILOGUE 10. The Second Phase of Global Liquidity and Its Impact on Emerging Economies; Hyun Song Shin Index