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Mitigating Systemic Spillovers from Currency Hedging

In: Volatile Capital Flows in Korea

Author

Listed:
  • Kyuil Chung
  • Hail Park
  • Hyun Song Shin

Abstract

External financial conditions provide the backdrop to domestic financial conditions, especially when the domestic banking system is open to funding from cross-border banks. An International Monetary Fund (IMF) report on capital flows (IMF, 2011) identifies three epochs of capital flows (see Figure 9.1), the first being the period of the fourth quarter of 1995 to the second quarter of 1998 associated with the Asian financial crisis, the period of the fourth quarter of 2006 to the second quarter of 2008 associated with the credit boom that led to the recent global financial crisis, and the most recent period in the aftermath of the crisis (the third quarter of 2009 to the second quarter of 2010).

Suggested Citation

  • Kyuil Chung & Hail Park & Hyun Song Shin, 2014. "Mitigating Systemic Spillovers from Currency Hedging," Palgrave Macmillan Books, in: Kyuil Chung & Soyoung Kim & Hail Park & Changho Choi & Hyun Song Shin (ed.), Volatile Capital Flows in Korea, chapter 9, pages 217-244, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-36876-8_9
    DOI: 10.1057/9781137368768_9
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    Cited by:

    1. Ree, Jack Joo K. & Yoon, Kyoungsoo & Park, Hail, 2015. "FX funding risks and exchange rate volatility," Emerging Markets Review, Elsevier, vol. 25(C), pages 163-175.
    2. Valentina Bruno & Hyun Song Shin, 2014. "Assessing Macroprudential Policies: Case of South Korea," Scandinavian Journal of Economics, Wiley Blackwell, vol. 116(1), pages 128-157, January.
    3. Stefan Avdjiev & Bat-el Berger & Hyun Song Shin, 2021. "Gauging Procyclicality and Financial Vulnerability in Asia through the BIS Banking and Financial Statistics," World Scientific Book Chapters, in: Steven J Davis & Edward S Robinson & Bernard Yeung (ed.), THE ASIAN MONETARY POLICY FORUM Insights for Central Banking, chapter 6, pages 224-262, World Scientific Publishing Co. Pte. Ltd..
    4. Silva, Walmir & Kimura, Herbert & Sobreiro, Vinicius Amorim, 2017. "An analysis of the literature on systemic financial risk: A survey," Journal of Financial Stability, Elsevier, vol. 28(C), pages 91-114.
    5. Maurice Obstfeld, 2014. "Never Say Never: Commentary on a Policymaker’s Reflections," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 62(4), pages 656-693, November.

    More about this item

    Keywords

    Balance Sheet; Banking Sector; Capital Flow; Asset Manager; Forward Contract;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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