금융불안지수 개발과 금융불안 요인 변화 분석(Constructing a Financial Stress Index and Changes of Financial Stress Determinants after the Global Financial Crisis)

Young Sik Jeong (), Hyelin Choi (), Dayoung Yang (), Eunjung Kang () and Deokki Ko ()
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Young Sik Jeong: Korea Institute for International Economic Policy, Postal: Building C, Sejong National Research Complex, 370, Sicheong-daero, Sejong-si,Korea, http://www.kiep.go.kr/index.do
Hyelin Choi: Korea Institute for International Economic Policy, Postal: Building C, Sejong National Research Complex, 370, Sicheong-daero, Sejong-si,Korea, http://www.kiep.go.kr/index.do
Dayoung Yang: Korea Institute for International Economic Policy, Postal: Building C, Sejong National Research Complex, 370, Sicheong-daero, Sejong-si,Korea, http://www.kiep.go.kr/index.do
Eunjung Kang: Korea Institute for International Economic Policy, Postal: Building C, Sejong National Research Complex, 370, Sicheong-daero, Sejong-si,Korea, http://www.kiep.go.kr/index.do
Deokki Ko: Samsung Economic Research Institute, Postal: 28~31Fls., Samsung Life Seocho Tower, Seocho-daero 74-gil 4, Seocho-gu, Seoul

No 18-22, Policy Analyses from Korea Institute for International Economic Policy

Abstract: 2008년 글로벌 금융위기 이후 유럽 재정위기, 미국의 양적완화 축소 발작 (Taper tantrum), 자원가격 급락, 중국경제 경착륙 우려 등으로 크고 작은 금융불안이 반복되고 있다. 최근에도 미·중 통상분쟁 심화, 미국 금리인상 지속, 중국 및 신흥국 경제불안 등으로 국내외 금융시장이 불안한 모습을 보이고 있고, 향후에도 이러한 금융불안 양상이 지속될 가능성이 있다. 금융불안은 금융불안 자체에 그치지 않고 금융채널과 경제심리를 통해 실물경제에도 부정적인 영향을 미친다는 점에서 금융불안을 완화하기 위한 노력이 필요하다. Following the global financial crisis in 2008, various forms of financial instability have continued to emerge due to the European fiscal crisis, US taper tantrum, plunge in resource prices, and worries about a hard landing in the Chinese economy. This financial stress is likely to continue on the domestic and international fronts when considering the deepening US-China trade war, sustained US interest rate hikes, and economic unrest in China and emerging economies. Upon this backdrop, this study develops a financial stress index which can measure financial instability, and analyzes changes in determinants of financial instability in Korea and emerging economies, as well as the influence of various external shocks on Korean financial stress.

Keywords: 금융불안지수; 금융위기; 금융불안; 금융불안 확산; 통화정책 정상화 (search for similar items in EconPapers)
JEL-codes: A10 (search for similar items in EconPapers)
Pages: 184 pages
Date: 2018-12-31
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