Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/53513
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dc.contributor.authorKim, Soyoungen_US
dc.contributor.authorYang, Doo Yongen_US
dc.date.accessioned2011-12-15T12:21:56Z-
dc.date.available2011-12-15T12:21:56Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/53513-
dc.description.abstractThe Republic of Korea has recently experienced: (i) large capital inflows, in particular a surge in portfolio inflows, and (ii) an appreciation of asset prices, including stock prices, land prices, and nominal and real exchange rates. We first document the recent trend in capital inflows and asset prices in Korea, and review how a surge in capital inflows can increase asset prices. Then, we empirically investigate the effects of capital inflows on asset prices using a VAR model. The empirical results suggest that capital inflows shocks increased the stock prices but not land prices. The effects on the nominal and real exchange rates are limited, and this is related to the accumulation of foreign exchange reserves. A catch-all solution to the problems that capital inflows present does not seem to exist. Therefore, the most should be made of the available instruments at hand.en_US
dc.language.isoengen_US
dc.publisher|aAsian Development Bank Institute (ADBI) |cTokyoen_US
dc.relation.ispartofseries|aADB Institute Discussion Papers |x88en_US
dc.subject.jelF32en_US
dc.subject.jelF21en_US
dc.subject.jelG12en_US
dc.subject.ddc330en_US
dc.subject.stwKapitalimporten_US
dc.subject.stwFinanzmarkten_US
dc.subject.stwVAR-Modellen_US
dc.subject.stwSüdkoreaen_US
dc.titleManaging capital flows: The case of the Republic of Koreaen_US
dc.typeWorking Paperen_US
dc.identifier.ppn559359578en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

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