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Foreign Exchange Liberalization and Its Implications: The case of the Korean Won

In: Currency Internationalization: Global Experiences and Implications for the Renminbi

Author

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  • Kyungsoo Kim
  • Chi-Young Song

Abstract

After the East Asian financial crisis of 1997–8, the South Korean government enthusiastically pursued capital account liberalization. In April 1999, the bona fide principle of foreign exchange transactions was abolished. Most regulations on capital account transactions by domestic firms were lifted, such that corporations and financial institutions are now able to borrow overseas and issue short-term foreign currency-denominated bonds. Further, non-residents are allowed to make deposits and open trust accounts denominated in Korean won (KRW). In January 2001, over-the-counter (OTC) securities transactions between residents and non-residents were liberalized, and multi-netting between a corporate headquarters and its branches was allowed. More details are summarized in Appendix 2.

Suggested Citation

  • Kyungsoo Kim & Chi-Young Song, 2010. "Foreign Exchange Liberalization and Its Implications: The case of the Korean Won," Palgrave Macmillan Books, in: Wensheng Peng & Chang Shu (ed.), Currency Internationalization: Global Experiences and Implications for the Renminbi, chapter 4, pages 78-111, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-24578-5_4
    DOI: 10.1057/9780230245785_4
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    Cited by:

    1. Richard M. Levich & Frank Packer, 2017. "Development and Functioning of FX Markets in Asia and the Pacific," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 26(1), pages 3-58, February.

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