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Working Paper

Money Markets and Monetary Policy in Korea

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  • 저자 Mansoo Kang
  • 발행일 1990/12/01
  • 시리즈 번호 9020
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요약 In this paper, we attempt to study recent developments in
money markets and aim to investigate the effects of government
policies on particular money market instruments. We also
examine stabilization policy that used the money market to
accomplish a broader macroeconomic goal. This study examines
the period from 1980 to 1989 for most components of the money
market,

This paper consists of nine parts. Chapter Ⅱ presents an
overview of the present financial system in Korea. Chapter Ⅲ
describes the development of selected money markets. These
money markets include the call money market(interbank market),
the commercial paper (CP) market, the negotiable Certificates of
Deposits(CDs) market, the Repurchase Agreements (RPs) market,
the Monetary Stabilization Bond(MSB) market and the Treasury
Bill(TB) market. Chapter Ⅳ presents the comparison of money
market interest rates and co-integration test results. Chapter Ⅴ
discusses the effects of the integration of the call money market,
Chapter Ⅵ discusses effects of the policy of abolishing
compensating balances, which aims to alleviate the effective cost
of borrowing. Chapter Ⅶ describes the development of the
foreign currency call market and introduction of the "
market-average exchange rate regime" and its effects. Chapter
Ⅷ presents findings concering the effects of open market
operation policy on particular money markets. And finally, in
Chapter Ⅸ, some concluding remarks will be given.
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※문의사항 미디어운영팀 고정원 전문연구원 044-550-4260 cwkoh@kdi.re.kr

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