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

Hyo Sang Kim (), Sungbae An () and Young Sik Jeong ()
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Hyo Sang Kim: KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP), Postal: [30147] Building C Sejong National Research Complex 370 Sicheong-daero Sejong-si Korea,, https://www.kiep.go.kr/eng/
Sungbae An: KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP), Postal: [30147] Building C Sejong National Research Complex 370 Sicheong-daero Sejong-si Korea,, https://www.kiep.go.kr/eng/
Young Sik Jeong: KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP), Postal: [30147] Building C Sejong National Research Complex 370 Sicheong-daero Sejong-si Korea,, https://www.kiep.go.kr/eng/

No 23-42, World Economy Brief from Korea Institute for International Economic Policy

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.

Keywords: Foreign exchange market; Structural reform (search for similar items in EconPapers)
Pages: 9 pages
Date: 2023-12-01
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