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Estimating the effects of FX-related macroprudential policies in Korea

机译:估算韩国外汇相关宏观审慎政策的影响

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摘要

This paper provides an empirical assessment of the effects of FX-related macroprudential policies introduced in Korea since 2010. Our main findings are as follows. First, Korea's recent FX-related macroprudential measures have been effective in curbing excessive capital inflows. In particular, these measures have contributed to mitigating FX market vulnerability. Second, the leverage caps had a relatively larger dampening effects on short-term foreign borrowings of foreign bank branches compared to those of domestic banks. By contrast, macroprudential stability levy has worked as a device to limit foreign borrowings for domestic banks, but not for foreign bank branches.
机译:本文对从2010年开始在韩国实施的与外汇相关的宏观审慎政策的效果进行了实证评估。我们的主要发现如下。首先,韩国最近与外汇相关的宏观审慎措施已有效地抑制了过多的资本流入。这些措施尤其有助于减轻外汇市场的脆弱性。第二,与国内银行相比,杠杆上限对外资银行分支机构的短期国外借款的抑制作用相对较大。相比之下,宏观审慎稳定征税已成为限制本国银行而不是外国银行分支机构外国借款的一种手段。

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