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Byungchan Ahn

Mr.Ahn graduated in February 1977 from the College of Political Science and Economics of Korea University with highest honors. Upon graduation, he joined the Bank of Korea and served over 34 years, retiring on 24 March 2011. He specialized in money and banking, foreign exchange, and international finance, while posted with Research Department, Monetary Policy Department, and International Department. Mr. Ahn also received a masters degree in economics from Pennsylvania State University in May 1987 through the fellowship of the Bank of Korea. He was seconded as a visiting scholar to the Research Division of the Federal Reserve Bank of St. Louis in the United States from September 1993 to August 1994, where he conducted research on the determination of interest rate and exchange rate policies in a small open economy. When he returned to Korea, he was appointed as Chief of Monetary Management Division at the Monetary Policy Department, where he oversaw target setting and management of monetary aggregates until February 1997. He also served as Director-General of International Department from May 2007 to August 2010, a period which included the outbreak of the biggest global crisis since the Great Depression of 1930s. Most notably, he played an important role in establishing temporary swap arrangements between the Bank of Korea and the US Federal Reserve, and provisions of swap funds to domestic commercial banks. He also led the department to introduce an FX forward position limit system in cooperation with the government. Prior to becoming the head of International Department, he served two years and six months as Chief Representative of the Bank's Washington DC Representative Office, where he strengthened the institution's ties with the US Federal Reserve, the US Treasury and the International Monetary Fund. Since March 2011, he has been the chief audit officer at KB Investment & Securities in Korea.
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¡°This book gives readers a good opportunity to grasp the practical realities of the Korean foreign exchange markets and understand the policy challenges authorities in emerging markets face in the current globalized financial system.¡±

Lee, Seongtae
Former Governor, The Bank of Korea




¡°This is the first book to treat comprehensively the workings of the foreign exchange market and the framework of foreign exchange policy in Korea. This is a very useful book that both academics and market practitioners should read to deepen their understanding of the actions of Korea's policymakers in maintaining foreign exchange market stability in Korea.¡±


Park, Yung Chul
Distinguished Professor, Division of International Studies, Korea University




¡°This is an excellent book. Unlike most of the books by foreign authors on exchange rates and FX policies, this one deals with many critical issues of FX markets from the standpoint of Korea, a small and open economy without a convertible currency. For all those who would like to be players in the FX market and/or industry, this book is a must read.¡±

Choi, Dosoung
Vice President for Global Advancement and Professor, Handong Global University
Former Member of the Monetary Policy Committee, The Bank of Korea

 

 

*This English version includes recent developments and changes in Korea's foreign exchange policies since the first Korean edition was published on 10 May 2011.

* The Korean edition was selected as one of the
¡°Outstanding Books of 2012¡± by Korea¡¯s National Academy of Sciences.

 

 

 

*e-book °¡°Ý: 18,000¿ø (e-book±¸ÀÔÀº ¾Ë¶óµò, ¿¹½º24, ¹Ýµð¾Ø·ç´Ï½º, ¸®ºê·Î, ¿µÇ³¹®°íµî ¿Â¶óÀÎ ¼­Á¡¿¡¼­ °¡´ÉÇÕ´Ï´Ù.)

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Chapter 1 Foreign Exchange Policy Framework
1. Objectives and Scope of Foreign Exchange Policy
2. Policy Authorities and Supervisory Agencies on Foreign Exchange
3. Financial Institutions Subject to Foreign Exchange Policy

Chapter 2 Exchange Rate Policy
1. Exchange Rate Policy
2. Changes in the Exchange Rate and Their Impact
3. Key Discussion Points

Chapter 3 Foreign Currency Liquidity Management
1. Foreign Currency Liquidity Supply System at the Bank of Korea
2. FX Swap and Currency Swap
3. Foreign Currency Loan System
4. Key Discussion Points

Chapter 4 Foreign Exchange Reserve Management
1. Concept of Foreign Exchange Reserves
2. Function of Foreign Exchange Reserves
3. Components of Foreign Exchange Reserves
4. Factors behind Reserves Assets Changes
5. Adequacy of Foreign Exchange Reserves
6. Key Discussion Points

Chapter 5 External Debt Management
1. Definition and Classification of External Debt
2. External Debt Developments
3. Key Discussion Points

Chapter 6 Capital Liberalization
1. Meaning and Effect of Capital Liberalization
2. Korea's Capital Liberalization Developments
3. Key Discussion Points

Chapter 7 Foreign Exchange Prudential Regulation Framework
1. Definition and Purpose of Foreign Exchange Prudential Regulation
2. Framework of Korea's Foreign Exchange Prudential Regulation

Chapter 8 Foreign Exchange Macroprudential Regulation
1. Establishment of Minimum Reserve Requirements for Foreign Currency Deposits
2. Restrictions on the Use of Foreign Currency Loans of Financial Institutions
3. Establishment of Foreign Exchange Position Limits
4. Introduction of a Macro-Prudential Stability Levy
5. Key Discussion Points

Chapter 9 Foreign Exchange Microprudential Regulation
1. Establishment of Foreign Currency Assets and Liabilities Ratios
2. Managing Offshore Business
3. Establishment and Operation of Risk Management Standards
4. Key Discussion Points

Chapter 10 Policy Tasks Ahead
1. Basic Direction for Improvement of Foreign Exchange Policy
2. Several Tasks for Improvement of Foreign Exchange Policy