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Analysis of Speculative Attack Routes with the Capital Account Liberalization

Since the Asian financial crisis of 1997, Korea has carried out a phase-in of capital account liberalization policy to accelerate foreign capital inflows and facilitate international business in the private sectors. Some opponents argue that the rapid liberalization in the emerging market with structural vulnerability tends to expose herself to speculative attacks. This paper analyzes the possible routes of speculative attacks in the case of capital account liberalization in the emerging markets and induces some policy implications. Based on the analysis, it is suggested that and the financial liberalization policy should be consistent with the credibility of other economic policies in concert with macroeconomic stabilization and structural reforms and the post-supervision scheme through the real-time monitoring device on foreign capital flows should be reinforced.