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RISS 인기검색어
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- 저자 : 백승관 ( Seung Gwan Baek ) (검색결과 11 건)
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백승관 ( Seung Gwan Baek ),오용협 ( Yong Hyup Oh ) 한국금융연구원 2010 한국경제의 분석 Vol.16 No.3
After the global financial crisis of 2008, skepticism about the role of the US dollar as a key international currency has come to the fore again. The Chinese government officially announced the internationalization of the Chinese renminbi. Many other countries in the Asia-Pacific region are seeking the international use of their currencies. This paper examines the extent to which the currencies of twelve Asia-Pacific countries meet the preconditions for international and regional currency status. What we find is, first, that the decline in the Japanese yen share in official foreign exchange reserves and in denominating international debt securities is closely associated with the fact that Japan`s financial markets are regulated and not internationalized, and that the relative size of the Japanese economy is decreasing. Second, the international use of the Australian dollar owes much to its financial markets that are unregulated, large and well-developed. But its limited use is mainly due to its small economic size, volatile currency values and deteriorating its net external debtor position. Third, the Hong Kong dollar and the Singapore dollar have the potential to be an international and/or regional currency. Their only weaknesses are that economic sizes are small and debt securities market and banking sector are not relatively internationalized. Fourth, it is premature for the Chinese renminbi to be internationally used. The main reason is that capital is tightly controlled, financial markets are regulated and under-developed, and political risk is high. Fifth, the international use of the Korean won is in its primitive stages and may not be feasible for a while. Korea lags behind international currency countries, Hong Kong and Singapore in all determinants of international currency status except for the activity and efficiency of stock market, country risk and foreign reserve holdings. Finally, it may take a few decades for the international use of the Indian rupee. India`s only advantage is that stock market is large. Otherwise India is far behind major Asia-Pacific countries. One hope is that its economic sizes are rapidly increasing.
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김경수 ( Kyungsoo Kim ),백승관 ( Seung Gwan Baek ),송치영 ( Chi Young Song ),임준환 ( Junhwan Im ),허인 ( In Huh ) 한국금융연구원 2015 한국경제의 분석 Vol.21 No.3
Since the global financial crisis emerging market currencies have become more internationalized to reflect a more diversified composition of foreign reserves in central banks including developed countries. In the near future currencies of emerging market countries will be expected to be more internationalized. RMB internationalization aggressively led by the Chinese government is a good example. KRW is not an exception. Macroeconomic stabilization since the Asian financial crisis together with capital account liberalization encourages foreign central banks and foreign institutional investors to invest won denominated treasury bonds rapidly. In spite of the fact, however, the won is rarely used in export and import payments. Furthermore, while the market share of won in the global foreign exchange market tends to decline the NDF market thrives, which implies that foreign exchange regulation is a binding constraint of won internationalization. Won may not be totally internationalized, but considering conditions for currency internationalization in general further phase of won internationalization via foreign exchange deregulation is possible and desirable. The current foreign exchange system which is built on massive foreign reserves, the macro-prudential regulation, and the foreign exchange transaction act may not be sustainable in this financially globalized world. In the end won internationalization enables Korean economy to escape from its original sin.
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