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산업경제연구소에서 2023년 제6차 세미나 일정을 안내 드립니다.

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발표 논문 제목

 : Conducting Unconventional Monetary Policy with Foreign Exchange Reserves

일시

 : 2023. 09. 21. (목) 15:00 - 16:00

장소

 : 9호관 210호 (경제학과 대학원 세미나실)

발표자

 : 김민 박사(한국은행 국제국)

논문 초록

 : This paper studies sterilized asset purchase programs in emerging markets and developing economies. Sterilizes asset purchase is an unconventional monetary policy implemented for the first time during the recent COVID-19 crisis. The paper provides a theoretical framework to examine the effectiveness and design of this new policy tool. The model economy is vulnerable to sudden stops due to financial market imperfection and liability dollarization. In a sudden stop, the balance sheet effect is triggered, causing large contractions in real economic activities. Instead of constrained domestic banks, the government plays a key role in funding intermediation. Sterilized asset purchase relaxes banks' leverage constraints, breaking down the balance sheet effect. The policy effectively mitigates the impact of sudden stop, improving welfare. The trade-offs are also discussed. Deep contractions in real activities can be avoided with the large-scale asset purchase. It might, however, potentially impede the economy's recovery. In terms of policy design , purchasing corporate bonds sterilized with foreign exchange reserves is most effective compared to other types of sterilized asset purchase.

Key Words

 : Sudden Stops, Currency Mismatch, Balance Sheet Effect, Unconventional Monetary Policy, Asset Purchase Program, Sterilization, Foreign Exchange Reserves