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RISS 인기검색어
- 검색키워드
- 지도교수 : Jeong-Yeon Lee (검색결과 9 건)
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윤은희 Graduate School of International Studies, Yonsei U 2005 국내석사
During the Asian financial crisis, the International Monetary Fund provided Republic of Korea with a loan of US$ 21 billion, recording the largest ever financial assistance package in the International Monetary Fund’s history. Korea was able to reimburse the $21 billion Stand-By loan in full on August 23, 2001. The rapidity of Korea’s resurgence from the financial crisis was truly remarkable, especially given the fact that the international community doubted Korea’s ability to return to pre-crisis economic levels. Since structural problems were one of the underlying causes of the financial crisis, the IMF’s conditionality of the rescue loan included the immediate reshuffle of the financial sector as well as corporate sector reform. The government-led economic development resulted in unique interlocking between financial and corporate sectors before the crisis. Under this system, corporations depended chiefly on the banking sector for their external funding and were heavily leveraged as result. At the same time, heavy government intervention limited the banking sector’s ability to assess risk properly. These factors made Korea highly vulnerable to outside shocks following the accelerated capital account liberalization during the 1990s. Under this circumstance, the IMF’s conditionality of immediate restructuring of both the financial and the corporate sector was speedily implemented. Although Korea’s recovery is perceived as an achievement in the international community, there has been ongoing dispute that the pace of its restructuring still remains unrequited under Korea’s politicaleconomic situation. There is no doubt that the financial sector restructuring and corporate sector reform have to be done simultaneously.This paper, however, primarily focuses on the restructuring process in the financial sector, believing that curing vulnerabilities in the financial sector have to be the initial steps taken in the case of Korea. This paper focuses on the comparative analysis before and after the crisis, whether Korea’s financial and corporate sectors have become more transparent and have reached international standards. It has been almost seven years since Korea adopted the IMF’s conditionality and it is about time to seriously assess Korea’s financial and corporate sector reform based on IMF conditionality. This paper also reflects additional reform measures in the financial, corporate, and labor market where Korea went beyond the IMF conditionality and finishes with examining unfinished tasks and challenges ahead for Korea to resolve in order to achieve further economic growth.
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Chinese exchange rate misalignment
Wang, Yuxiang Graduate School of International Studies, Yonsei U 2006 국내석사
This paper investigates the equilibrium exchange rate between the Chinese Renminbi (RMB) and the U.S. Dollar to assess the RMB’s misalignment issue by computing an undervaluation range using the purchasing power parity (PPP) theory and the behavioral real exchange rate (BEER) model. The paper first reviews the evolution of China’s exchange rate regime and presents the RMB-undervaluation issue. Second, the paper introduces almost all recent studies attempting to compute the misalignment of the RMB and summarizes the results from these studies. It is found out that previous studies have yielded a very wide range of estimates of the RMB’s undervaluation from little or no undervaluation to an undervaluation of nearly 60 percent. In succession, the paper discusses the reasons for employing the PPP theory and the BEER model. At last, it expounds and conducts these two models and concludes that the undervaluations from two models are 15.517% and 49.914%, respectively.
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