How Long to Read Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008-2009?

How Long Does it Take to Read Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008-2009??

It takes the average reader and 48 minutes to read Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008-2009? by Mr. Subir Lall

Assuming a reading speed of 250 words per minute. Learn more

Description

Korea was one of the Asian economies hardest hit by the global financial crisis. Anticipating the downturn that would follow the episode of extreme financial stress, the Bank of Korea (BOK) let the exchange rate depreciate as capital flowed out, and preemptively cut the policy rate by 325 basis points. But did it work? This paper seeks a quantitative answer to the following question: Were it not for an inflation targeting framework underpinned by a flexible exchange rate regime, how much deeper would the recession have been? Taking the most intense year of the crisis as our baseline (2008:Q4?2009:Q3), counterfactual simulations indicate that rather the actual outcome of a -2.1 percent contraction, the outturn would have been -2.9 percent if the BOK had not implemented countercyclical and discretionary interest rate cuts. Furthermore, had a fixed exchange rate regime been in place, simulations indicate that output would have contracted by -7.5 percent over the same four-quarter period. In other words, exchange rate flexibility and the interest rate cuts implemented by the BOK helped substantially soften the impact of the global financial crisis on the Korean economy. These counterfactual experiments are based on an estimated structural model, which, along with standard nominal and real rigidities, includes a financial accelerator mechanism in an open-economy framework.

How long is Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008-2009??

Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008-2009? by Mr. Subir Lall is 47 pages long, and a total of 12,079 words.

This makes it 16% the length of the average book. It also has 15% more words than the average book.

How Long Does it Take to Read Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008-2009? Aloud?

The average oral reading speed is 183 words per minute. This means it takes 1 hour and 6 minutes to read Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008-2009? aloud.

What Reading Level is Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008-2009??

Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008-2009? is suitable for students ages 8 and up.

Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.

When deciding what to show young students always use your best judgement and consult a professional.

Where Can I Buy Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008-2009??

Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008-2009? by Mr. Subir Lall is sold by several retailers and bookshops. However, Read Time works with Amazon to provide an easier way to purchase books.

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