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An Empirical Evaluation of Macro-Prudential Measures in Korea: Focusing on Debt Inflows

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  • In Huh

    (Chonnam National University 77 Yongbong-ro, Buk-gu, Gwangju Republic of Korea)

  • Jiyoun An

    (Kyung Hee University 1732 Deogyoung-daero, Giheung-gu, Yongin-si Republic of Korea)

Abstract

This study empirically evaluates whether Korea's recent macroprudential measures have been effective either in reducing the volume of debt inflows or in altering their composition. Since 2010 Korea sequentially imposed three measures to provide financial market stability: limits on foreign exchange forward positions, the revival of a tax on foreign bond holdings, and a macroprudential levy. Overall, we find that these measures reduced the volume of debt inflows related to debt securities and short-term loans. The results remain constant over the entire sample period, although our findings are results with short-term data sample until December 2012.

Suggested Citation

  • In Huh & Jiyoun An, 2014. "An Empirical Evaluation of Macro-Prudential Measures in Korea: Focusing on Debt Inflows," Asian Economic Papers, MIT Press, vol. 13(2), pages 68-85, Summer.
    • Handle: RePEc:tpr:asiaec:v:13:y:2014:i:2:p:68-85
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    Cited by:

    1. Hosung Jung & Hyun Hak Kim, 2020. "Default Probability by Employment Status in South Korea," Asian Economic Papers, MIT Press, vol. 19(3), pages 62-84, Fall.
    2. JaeBin Ahn & Youngju Kim & Hyunjoon Lim, 2022. "For Whom the Levy Tolls: The Case of a Macroprudential Stability Levy in South Korea," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 70(3), pages 520-559, September.
    3. Kim, Kyungmin & Lee, Joo Yong, 2017. "Estimating the effects of FX-related macroprudential policies in Korea," International Review of Economics & Finance, Elsevier, vol. 50(C), pages 23-48.

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