국내 증권시장에서 외국인 자금 이동 결정요인 분석: 금리와 환율을 중심으로 (Determinants of Foreign Security Investment: Focusing on Interest Rates and Exchange Rates)

Deok Ryong Yoon (), Wonho Song () and Jinhee Lee ()
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Deok Ryong Yoon: 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/
Jinhee Lee: 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 20-28, Policy Analyses from Korea Institute for International Economic Policy

Abstract: 외국인의 주식 및 채권 투자는 1990년대 말부터 증가하기 시작하여, 국내 금융시장에 영향력을 점차 확대해가고 있다. 이에 본 연구는 지난 20여년 간의 외국인 주식 및 채권투자의 추이와 특징을 파악하였다. 아울러 외국인 주식 및 채권 투자의 결정요인을 순매수, 매수, 매도와 같은 거래 형태와 거래 수준에 따라 세분화하여 분석하고 정책적 시사점을 제시하였다. As the linkage between domestic and foreign financial markets grows stronger, concerns have been raised about the inflow and outflow of foreign investment capital as a source of financial instability whenever the financial market becomes unstable. This is because, as the volume of capital inflows and outflows increases and volatility rises in the market, the financial system becomes more vulnerable and financial market price variables and macroeconomic uncertainty are increasing. Considering that opening the capital market is not an option, it becomes essential to examine the determinants of foreign investment to maximize the benefits of foreign capital inflows and outflows for sound growth in the real sector as well as the financial sector. Accordingly, this study attempts to produce evidence-based policy implications by empirically analyzing the determinants of the inflow and outflow of foreign investment funds. (the rest omitted)

Keywords: Korea; interest rate; exchang rate; foreign investment; capital; inflow; outflow (search for similar items in EconPapers)
Pages: 152 pages
Date: 2020-12-30
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