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What is A Case for Korea as a Developed Market? about?

High degrees of trade and financial openness make Korea vulnerable to external shocks that disrupt trade or capital flows. Accordingly, the country’s governments have sought to build a more resilient financial system while strengthening external buffers, and indeed, Korea’s sovereign credit ratings are on a par with her counterparts of the UK and France. Nonetheless, the Korean economy often behaves more like a typical emerging market (EM) than a developed market (DM), even though it has already attained DM status in many aspects. Partly motivated by this intriguing puzzle, Chapter 11 examines the evolving patterns of Korea’s trade and financial linkages and the recent experiences of different types of external shocks (e.g., global shocks such as the US Fed’s monetary policy cycle versus the China shocks seen in 2015–2016). It is revealed that Korea’s deepening economic tie with EMs via trade and finance is an important source of the EM-style volatility of the Korean won’s foreign exchange rate. It also discovers that the impact on the Korean economy of external shocks and their operational channels have tended to vary, depending on the type of shocks and their places of origin. In

Author

Jaejoon Woo

Publisher

Oxford University Press

Published

2022

Language

EN