Dollar dominance amplifies transmission of US shocks – study
Bank of Korea research recommends promoting South Korean bonds and internationalisation of won
The impact of US financial shocks on the global economy could be greatly reduced in the absence of dollar dominance, a working paper published by the Bank of Korea has found.
The analysis, published today (September 15) by BoK economist Minkyu Son, is calibrated to conditions in South Korea, which Son describes as “a typical small open economy”. The author estimates the effects of US financial shocks on the country’s consumption, investment, trade and the won exchange rate.
Son finds that the role
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