http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.
변환된 중국어를 복사하여 사용하시면 됩니다.
서영경 한국금융학회 2022 금융연구 Vol.36 No.4
Contrary to the assumptions of Mundell-Fleming model, South Korean interest rates have moved decisively in sync with U.S. counterparts even after the country has adopted a floating exchange rate regime in 1999, keeping the gap in rates of the two countries more or less in a restrictive boundary. But the impact of U.S. rate increases on Korean rates has not been consistent due to changes in the transition channel such as trade, inflation, foreign exchange, and financial markets. The recent difference in the pace of rate increases in the two countries has widened the gap in the rates. The widening gap in domestic and U.S. rates while global inflationary pressure and private-sector debt remain high has deepened the trade-off not only between inflation and financial stability in monetary policy-making, but also between foreign exchange rate and financial (or interest rate) stability. The Bank of Korea has been flexible in rate policy while placing top priority in stabilizing prices and at the same time has been employing various micro measures to stabilize volatile foreign exchange and financial market from rises in rates at home and abroad. The mix of macro- and microeconomic policies have helped to ease the trade-off in policy goals and smoothen the transmission channel from rate policy. Due to the unprecedented complexities in economic conditions at home and abroad, monetary policy must be accompanied with various supplementary measures and stronger communication. We must continue to refer to the comprehensive economic policy frameworks suggested by the IMF and BIS to find the best policy mix and design for South Korea.