Hidden Bibliographic Details
| Other authors / contributors: | Jain-Chandra, Sonali, 1975-
International Monetary Fund. Asia and Pacific Department.
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| ISBN: | 9781484360286
1484360281
9781484351338
1484351339
9781484363737
1484363736
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| Notes: | Title from PDF title page (IMF Web site, viewed May 14, 2013).
"Asia and Pacific Department"--Page 2 of pdf.
"May 2013"--Page 2 of pdf.
Includes bibliographical references.
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| Summary: | "Korea was hit hard by the 2008 global financial crisis, with the foreign bank deleveraging channel coming prominently into play. The global financial crisis demonstrated that a sharp deleveraging can be transmitted to emerging markets through the bank lending channel to a slowdown in credit growth. The analysis finds that a sharp decline in external funding led to relatively modest decline in domestic credit by Korean banks, due to concerted policy efforts by the government in 2008. Impulse responses from a Dynamic Stochastic General Equilibrium (DSGE) model calibrated to Korea shows that it appears better prepared to handle such shocks relative to 2008. Indeed, Korea is much more resilient to such shocks due to the efforts by the authorities, which has led to the strengthening of external buffers, such as higher foreign exchange reserves and bilateral and multilateral currency swap arrangements"--Abstract.
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