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Exchange Rate and Foreign Exchange Policies in Korea
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Exchange Rate and Foreign Exchange Policies in Korea

  • ByungchanAhn
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  • 한나래
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  • 2013-08-20 출간
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  • 298페이지
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  • 161 X 232 X 24 mm /664g
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  • ISBN 9788955661477
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북스크린영상으로 만나보는 한 권의 책 이야기

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Exchange Rate and Foreign Exchange Policies in Korea는 2011년 출간된 ≪글로벌 금융 위기 이후 외환정책≫(한나래출판사)의 영문판으로, 기존 한국어판을 보완ㆍ수정하고 최근 자료를 추가하여 출간하였다. 한국어판은 2012년 학술원 우수학술도서로 선정되어 학계와 관련 업계의 큰 주목을 받은 바 있다.
이 책은 2008년 9월 글로벌 금융위기 이후 우리나라의 외환정책, 이와 관련한 핵심 이슈, 그리고 앞으로 풀어나가야 할 과제에 초점을 두고 있다. 또한 환율뿐만 아니라 외화 자금 공급, 외환보유액, 외채, 자본 자유화, 외환 건전성 등에 관한 내용을 종합적으로 다룬다.
2008년 미국 월가에서 발생한 리먼 브러더스 파산 사태는 순식간에 1930년대 대공황 이후 최대의 글로벌 금융위기로 확산되었고, 우리나라도 그 영향으로 외화 유동성 위기에 직면했다. 당시 한국은행 국제국장으로 있던 저자는 미ㆍ중ㆍ일 중앙은행과의 통화스왑 계약 체결과 미 연준으로부터의 통화스왑 자금 인출, 금융 기관에 대한 외환스왑 및 외화대출 자금의 신속한 공급, 외환 보유액의 철저한 관리 등으로 위기를 단기간 내에 극복하는데 크게 기여했다. 이후 외환 부문의 거시 건전성을 제고하기 위해 선물환 포지션 한도 제도를 도입하는 데도 정부 관계자와 함께 핵심적 역할을 했다. 이 책은 이러한 저자의 생생한 경험과 해박한 국제 금융 이론에 기반해 쓴 책이다.
글로벌 금융 위기를 극복한 한국의 외환 정책을 소개한 Exchange Rate and Foreign Exchange Policies in Korea는 국내뿐 아니라 세계 각국의 경제 주체들에게 계속 대두되는 세계적인 금융 위기 상황과 관련해 정책을 수립하는 데 도움을 줄 것이다.

*This English version includes recent developments and changes in Korea"s foreign exchange policies since the first Korean edition was published on 10 May 2011.
* The Korean edition was selected as one of the “Outstanding Books of 2012”
by Korea’s National Academy of Sciences.

[Summary]
“Exchange Rate and Foreign Exchange Policies in Korea”, written by a thirty-year insider at the Bank of Korea, was published by Hannarae on 20 August 2013. Byungchan Ahn served as Director-General of the central bank"s International Department from May 2007 to August 2010 and he is currently the chief audit executive at KB Investment & Securities, part of KB Financial Group. This book describes the inner workings of Korea’s exchange rate and foreign exchange policies related to the nation’s external finances, with a specific focus on Korea’s successful management of its foreign currency liquidity crisis in the wake of Lehman Brothers’ collapse. This English version includes recent developments and changes in Korea"s foreign exchange policies since the first Korean edition was published on 10 May 2011. Korea’s National Academy of Sciences selected the Korean original as one of the “Outstanding Books of 2012.”
One of the reasons the author wrote this book is to share his experiences as head of exchange rate and foreign exchange policies at the Bank of Korea. Mr. Ahn believes that the information contained in this book should help policy-makers as well as those working in financial institutions and businesses undertaking foreign exchange transactions.
This book comprises ten chapters, differing markedly from other books in this field in two aspects. First, it covers comprehensively not only exchange rate policy but other policies related to foreign exchange transactions. Secondly, it poses key points for discussion in seven of the ten chapters, then elaborates on them in some detail so that the argument can be easily understood.
The author presents several tasks that policy makers should press ahead with in the coming years. One important task he particularly emphasizes is the rigorous and thoroughgoing management of the official foreign exchange reserves. He writes:
“The past two crises abundantly confirmed that sufficient accumulation and thorough management of foreign exchange reserves are very important. We must not forget this vital lesson. In the years ahead, it will be even more difficult to predict in advance when, where and what type of financial crisis may break out. In light of their role as a contingency fund, even if the level is deemed higher than necessary, it seems proper for a country to hold foreign exchange reserves in the form of external financial assets with a high degree of safety and liquidity rather than long-term fixed assets including the development of overseas natural resources or infrastructure projects.”
Mr. Ahn notes, though that, the benefits of foreign exchange reserves are limited:
“Even though individual countries held adequate foreign exchange reserves, the individual efforts of each country proved to be limited in coping with the global financial crisis following Lehman Brothers" failure in September 2008. Therefore, Korea should work energetically to strengthen regional financial safety nets such as the CMIM launched in March 2010. At the same time, Korea should take an active role in discussions regarding the establishment of global financial safety nets at G20 summits.
In line with this, the Bank of Korea should endeavor to maintain close ties with major central banks including the US Federal Reserve. Currency swap arrangements between the Bank of Korea and the Federal Reserve played an important role in overcoming the country’s foreign currency liquidity crisis during the global financial crisis.”
The author also maintains:
“Another important task is to make continuous efforts to improve the macroprudential soundness of banks’ foreign exchange sector. What is essential here is to reduce volatility from foreign capital flows. In the years ahead, policy efforts for systemic improvement should be sustained to alleviate structural imbalances in supply and demand in the foreign exchange market. Above all, it is more desirable to bed down the systems introduced recently such as the forward position limit rather than introduce new instruments at the present time.
The forward position limit on foreign bank branches, which is much
higher than that of domestic banks, should be gradually lowered over the medium to long term through accurate analysis of developments in inflows and outflows of foreign capital and in the demand for firms" foreign exchange hedging. But it is not desirable to make frequent adjustments to the limit in the short term.
With regard to the imposition of a financial transaction tax on foreigners’ securities investments, I believe it is difficult for Korea to introduce such a tax at the present time, considering the following: (1) Korea has already taken some measures, such as the FX forward position ceilings and macro-prudential stability levy, to respond to excessive capital inflows. Additionally, introduction of a financial transaction tax on foreign capital inflows could induce foreign capital outflows from Korea. (2) At the present time, only 11 eurozone countries in the 27-member EU have decided to introduce the tax, while the United States and the United Kingdom are reluctant to accept it. Therefore, it is desirable for Korea to defer a decision on whether to introduce it or not until a more substantial global consensus has been formed.”
Mr. Ahn comments that the greatest reward for him from having written this book will be if he can contribute to some degree to helping all economic actors prepare themselves against future financial crises. The recent global financial turmoil brought about by the sovereign debt crisis in the euro zone, for example, generates great uncertainty, as no one can say for sure how or when it will end.

Information on the contents and blurbs for this book and author are as follows:


목차


Chapter 1 Foreign Exchange Policy Framework
1. Objectives and Scope of Foreign Exchange Policy
2. Policy Authorities and Supervisory Agencies on Foreign Exchange
3. Financial Institutions Subject to Foreign Exchange Policy

Chapter 2 Exchange Rate Policy
1. Exchange Rate Policy
2. Changes in the Exchange Rate and Their Impact
3. Key Discussion Points

Chapter 3 Foreign Currency Liquidity Management
1. Foreign Currency Liquidity Supply System at the Bank of Korea
2. FX Swap and Currency Swap
3. Foreign Currency Loan System
4. Key Discussion Points

Chapter 4 Foreign Exchange Reserve Management
1. Concept of Foreign Exchange Reserves
2. Function of Foreign Exchange Reserves
3. Components of Foreign Exchange Reserves
4. Factors behind Reserves Assets Changes
5. Adequacy of Foreign Exchange Reserves
6. Key Discussion Points

Chapter 5 External Debt Management
1. Definition and Classification of External Debt
2. External Debt Developments
3. Key Discussion Points

Chapter 6 Capital Liberalization
1. Meaning and Effect of Capital Liberalization
2. Korea’s Capital Liberalization Developments
3. Key Discussion Points

Chapter 7 Foreign Exchange Prudential Regulation Framework
1. Definition and Purpose of Foreign Exchange Prudential Regulation
2. Framework of Korea’s Foreign Exchange Prudential Regulation

Chapter 8 Foreign Exchange Macroprudential Regulation
1. Establishment of Minimum Reserve Requirements for Foreign Currency Deposits
2. Restrictions on the Use of Foreign Currency Loans of Financial Institutions
3. Establishment of Foreign Exchange Position Limits
4. Introduction of a Macro-Prudential Stability Levy
5. Key Discussion Points

Chapter 9 Foreign Exchange Microprudential Regulation
1. Establishment of Foreign Currency Assets and Liabilities Ratios
2. Managing Offshore Business
3. Establishment and Operation of Risk Management Standards
4. Key Discussion Points

Chapter 10 Policy Tasks Ahead
1. Basic Direction for Improvement of Foreign Exchange Policy
2. Several Tasks for Improvement of Foreign Exchange Policy
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