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1、AssetpricemovementsandmonetarypolicyinSouthKorea1HoYeolLimTheBankofKorea1.IntroductionInamarketeconomythepricesofbothfinancialassetsandgoodshavetheroleofprovidinginformation.Theygivesignalsregardingthedistributionofresourcesintheeconomy.Thismeansthatfluctuationsinasse
2、tpricesareusefulaslongastheyreflectchangesinexpectationsregardingthefundamentaldevelopmentoftheeconomy.Optimisticexpectationsoffuturegrowthintheentireeconomyorinaparticularindustrycanbeexpressed,forinstance,intheformofrisingshareprices,astherearethenexpectationsofastr
3、ongdevelopmentinprofitsandahighrealreturnoninvestment(ROI).However,ingeneral,investorsareoftenover-optimisticregardingfutureprofitsandassetpricesrisemorethanislaterprovedtobewarranted.Assetpricebubblescanalsobecreatedbyimperfectionsinthefinancialmarkets.Bonussystemsde
4、signedtoenablebrokerstobenefitwhenthestockmarketrises,whileothershavetobearthecostsofafallinshareprices,areexamplesofthistypeofimperfection.Ifhouseholdsincreasetheirconsumptionasaresultofexaggeratedincreasesinthevalueofassets,itcouldleadtothebuild-upoflargerealandfina
5、ncialimbalances.Inaddition,companiescanincreasetheirinvestmentsasaresultoflowerfinancingcostsonariskcapitalmarketwithovervaluedshareprices,butalsobecauseariseinthevalueofacompany’sassetsincreasesitscreditrating.Therefore,whenthebubbleburstsandassetpricesfall,itcouldle
6、adtoheavilyindebtedhouseholdsandcompaniesincreasingtheirsavingsconsiderablyandtoafallinconsumptionandinvestment.Fallingassetpricesthusrisktriggeringprocessesthatcouldeventuallyleadtoarecession.Followingthewidespreadfinancialderegulationandincreasedglobalisationofcapit
7、almarketssincetheearly1980s,industrialeconomieshavewitnessedaclearupwardtrendinassetprices.However,insomecases,suchasJapanandScandinaviaduringthelate1980sandearly1990s,theassetpricecollapseaftertheboomturnedouttohaveseriousdisruptiveeffectsonthedomesticfinancialsystem
8、andcontributedtoprolongedrecessions.Furthermore,astheharmfuleffectoflargeassetpricemovementsappearedagaininemergingmarketsin
