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Macroprudential frameworks, implementation and relationship with other policies in Korea

In: Macroprudential policy frameworks, implementation and relationships with other policies

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  • Ho Soon Shin, Jung Yeoun Lee, Jungmin Park

    (Bank for International Settlements)

Abstract

In Korea, the authorities responsible for financial stability carry out their respective roles under their individual purviews. Macroprudential (financial stability) policy is conducted by sharing views about financial stability conditions and responding jointly in times of crisis through various channels for cooperation. The macroprudential policy instruments currently used in Korea include loan-to-value and debt-to-income regulations, countercyclical capital buffers, regulation of the domestic currency loan-to-deposit ratio (LDR), and FX-related macroprudential measures (the Macro-prudential Stability Levy and leverage caps on banks‘ FX derivatives positions). The Bank of Korea (BOK) was given responsibility for financial stability under the revised Bank of Korea Act (which took effect in 2011). To this end, the Bank pre-emptively identifies potential risks in the financial system while conducting its monetary policy, as well as through its Financial Stability Report and Financial Stability Meetings. The BOK also shares its perceptions of financial conditions and responds jointly with the relevant government agencies at a macroprudential level.

Suggested Citation

  • Ho Soon Shin, Jung Yeoun Lee, Jungmin Park, 2017. "Macroprudential frameworks, implementation and relationship with other policies in Korea," BIS Papers chapters, in: Bank for International Settlements (ed.), Macroprudential policy frameworks, implementation and relationships with other policies, volume 94, pages 219-229, Bank for International Settlements.
    • Handle: RePEc:bis:bisbpc:94-17
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