{ "title": "Safe-Haven Korea? - Spillover Effects from UMPs", "publication": "IMF Working Papers, April 3, 2014", "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/safe-haven-korea-spillover-effects-from-umps-41461", "canonical": "https://www.imf.org/en/publications/wp/issues/2016/12/31/safe-haven-korea-spillover-effects-from-umps-41461", "overlayPath": "/en/publications/wp/issues/2016/12/31/safe-haven-korea-spillover-effects-from-umps-41461/index.md", "summary": "We examine how Korea’s capital flows and trade have been affected by the quantitative easing (QE) of the United States and the quantitative and qualitative easing (QQME) of Japan.", "sections": [ { "heading": "Overview", "content": "- Authors: Jack J Ree, Seoeun Choi\n- Publication date: April 3, 2014\n- Series: Working Paper No. 2014/053\n- Issue: 053\n- Volume: 2014\n- Pages: 35\n- DOI: https://doi.org/10.5089/9781484349878.001\n- Stock No: WPIEA2014053\n- ISBN: 9781484349878\n- ISSN: 1018-5941" }, { "heading": "Research question and context", "content": "- Examines how Korea’s capital flows and trade have been affected by:\n - quantitative easing (QE) of the United States\n - quantitative and qualitative easing (QQME) of Japan\n- Korea is characterized as borderline between advanced and emerging market country groups and commonly perceived to compete fiercely with Japan in world trade." }, { "heading": "Key findings", "content": "- Impact of U.S. QE on Korea:\n - QE had little direct impact on capital flows to Korea.\n - Tapering of U.S. QE is unlikely to cause capital outflows from Korea owing to partial safe-haven behavior of capital flows to Korea.\n- Impact of Japan’s QQME on Korea:\n - Exchange rate spillover from QQME to Korea has been limited on both trade and capital flow fronts." }, { "heading": "Subjects and keywords (as listed)", "content": "- Subject: Balance of payments, Bonds, Capital flows, Exchange rates, Exports, Financial institutions, Foreign exchange, International trade, Monetary policy, Stocks, Unconventional monetary policies\n- Keywords: Asia and Pacific, Bonds, capital flow, Capital flows, Exchange rates, Exports, Foreign Value-Added, Global, Korea's export, Korea's gain Japan's loss, market share gain, QE exit, safe-haven Korea, spillover, trade, Unconventional monetary policies, Unconventional monetary policy, value chain, world market share, WP, yield curve" }, { "heading": "Implications (as conveyed by the authors' findings)", "content": "- Korea exhibits partial safe-haven characteristics in capital flows, which may buffer it from capital outflows associated with U.S. QE tapering.\n- Limited exchange rate spillovers from Japan’s QQME suggest modest direct competitive effects of QQME on Korea’s trade and capital flows.\n\nIMF Working Paper No. 2014/053 — Jack J Ree and Seoeun Choi, April 3, 2014\n\n---\n\n Content in this bundle\n\n- wp1453\n - wp1453 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - wp1453 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/safe-haven-korea-spillover-effects-from-umps-41461" } ], "bullets": [ "[Markdown version](/en/publications/wp/issues/2016/12/31/safe-haven-korea-spillover-effects-from-umps-41461/index.md)", "[Structured JSON version](/en/publications/wp/issues/2016/12/31/safe-haven-korea-spillover-effects-from-umps-41461/index.json)", "[Bundle manifest](/en/publications/wp/issues/2016/12/31/safe-haven-korea-spillover-effects-from-umps-41461/bundle-manifest.json)", "Authors: Jack J Ree, Seoeun Choi", "Published: April 3, 2014", "Series: IMF Working Papers", "DOI: https://doi.org/10.5089/9781484349878.001", "Authors: Jack J Ree, Seoeun Choi", "Publication date: April 3, 2014", "Series: Working Paper No. 2014/053", "Issue: 053", "Volume: 2014", "Pages: 35", "DOI: https://doi.org/10.5089/9781484349878.001", "Stock No: WPIEA2014053", "ISBN: 9781484349878", "ISSN: 1018-5941", "Examines how Korea’s capital flows and trade have been affected by:", "Korea is characterized as borderline between advanced and emerging market country groups and commonly perceived to compete fiercely with Japan in world trade.", "Impact of U.S. QE on Korea:", "Impact of Japan’s QQME on Korea:", "Subject: Balance of payments, Bonds, Capital flows, Exchange rates, Exports, Financial institutions, Foreign exchange, International trade, Monetary policy, Stocks, Unconventional monetary policies", "Keywords: Asia and Pacific, Bonds, capital flow, Capital flows, Exchange rates, Exports, Foreign Value-Added, Global, Korea's export, Korea's gain Japan's loss, market share gain, QE exit, safe-haven Korea, spillover, trade, Unconventional monetary policies, Unconventional monetary policy, value chain, world market share, WP, yield curve", "Korea exhibits partial safe-haven characteristics in capital flows, which may buffer it from capital outflows associated with U.S. QE tapering.", "Limited exchange rate spillovers from Japan’s QQME suggest modest direct competitive effects of QQME on Korea’s trade and capital flows.", "**_wp1453**" ], "related": [ { "title": "_wp1453", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2014/_wp1453.pdf", "summary": { "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2014/_wp1453.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2014/_wp1453.pdf", "mime": "application/pdf" } } ], "alternates": { "markdown": "/en/publications/wp/issues/2016/12/31/safe-haven-korea-spillover-effects-from-umps-41461/index.md", "json": "/en/publications/wp/issues/2016/12/31/safe-haven-korea-spillover-effects-from-umps-41461/index.json", "bundleManifest": "/en/publications/wp/issues/2016/12/31/safe-haven-korea-spillover-effects-from-umps-41461/bundle-manifest.json" }, "generatedAtUtc": "2026-09-18T05:12:57.015Z" }