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作为亚洲新兴市场国家,韩国成功实现了从固定汇率制到有管理的浮动汇率制的转型,最终实现了自由浮动汇率制。研究韩国外汇市场干预的动机、传导机制和成效,对致力于外汇市场建设的我国有一定借鉴意义。一、韩国外汇制度的变迁1964年5月,韩国确定了以255韩元兑换1美元为基础汇率的“单一浮动汇率制”。1979年3月,韩国允许国外银行在韩国的分行与韩国银行之间进行外汇掉期交易。1980年2月起,韩元与美
As an emerging market country in Asia, South Korea successfully transformed itself from a fixed exchange rate system to a managed floating exchange rate system and finally realized a free floating exchange rate system. Studying the motivation, transmission mechanism and effectiveness of the intervention in South Korea’s foreign exchange market is of some reference to our country dedicated to the construction of the foreign exchange market. I. Changes in the Foreign Exchange System in South Korea In May 1964, South Korea established the “single floating exchange rate system” based on the exchange rate of 255 won for 1 U.S. dollar. In March 1979, South Korea allowed foreign banks to carry out foreign exchange swap transactions between South Korean branches and South Korean banks. Since February 1980, won and the United States