韩国央行-金融摩擦、UIP溢价与综合政策框架——以韩国为例(英)-2026.pdfVIP

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韩国央行-金融摩擦、UIP溢价与综合政策框架——以韩国为例(英)-2026.pdf

No.2025-27BANKOFKOREA

BOKIssueNote

September22,2025

FinancialFrictions,UIPPremium,andtheIntegrated

PolicyFramework:TheCaseofKorea

Kim,JihyunKim,Min

Economist,InternationalFinanceResearchTeam,Economist,InternationalFinanceResearchTeam,

InternationalDepartment,BankofKoreaInternationalDepartment,BankofKorea

Tel.02-759-5882Tel.02-759-5966

Email:jihyun@bok.or.krEmail:min.kim@bok.or.kr

Emergingmarketsanddevelopingeconomies(EMDEs)arevulnerabletoexternalshocks.Inthe

literature,itiswell-documentedthatfinancialfrictionsarethekeysourcesofthisvulnerability.Using

paneldataof17countries,thispapershowsthattheimpactofglobalrisk-offshocksislargerforthe

economieswithshallowerfinancialmarkets.WiththeestimatedIntegratedpolicyframework(

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