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The structural improvement for Korea's foreign exchange market and its implications on Korean economy

Author

Listed:
  • Kim, Hyo Sang

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • An, Sungbae

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Jeong, Young Sik

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

Abstract

The Korean government recognizes the imperative to improve the structure of the foreign exchange market to align with global standards, aiming for increased openness and competitiveness. The plan involves a twofold approach. One is a comprehensive reform of foreign exchange laws and regulations, notably the Foreign Exchange Transaction Act enacted in 1999, to adapt to evolving economic environments. The other is the systematic improvement of the foreign exchange market infrastructure to make the market more accessible to foreign investors. Through this procedure, Korea desires to develop a deeper and more market-oriented foreign exchange market, thereby improving the convenience and efficiency of participants. Also, it helps to internationalize the Korean won in the longer term. Amidst Korea's export-led growth and aging population, improving the foreign exchange market becomes pivotal for supporting the positioning of the Korean financial market, fostering financial openness, and sustaining long-term economic growth.

Suggested Citation

  • Kim, Hyo Sang & An, Sungbae & Jeong, Young Sik, 2023. "The structural improvement for Korea's foreign exchange market and its implications on Korean economy," World Economy Brief 23-42, Korea Institute for International Economic Policy.
    • Handle: RePEc:ris:kiepwe:2023_042
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    Keywords

    Foreign exchange market; Structural reform;

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