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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World S.Korea may need curbs on capital inflows: bank AFP - Wednesday, October 27 Send IM Story Print S.Korea may need curbs on capital inflows: bank Slideshow: Full Photo Coverage: Business & Economy SEOUL (AFP) - – South Korea's central bank chief stressed the need Wednesday to draw up policy options to curb excessive cross-border capital flows in order to sustain stable growth. "In light of past experience, we have no choice but to be concerned about the problems capital inflows pose for macro-economic management," Bank of Korea governor Kim Choong-Soo told European businessmen. He said sound macro-economic policies are "the first line of defence" in reducing vulnerability to external shocks. "Events that might trigger a crisis situation such as an overhang of short-term external debts or lack of foreign reserves should be promptly resolved." South Korea was hard hit by the 1997 Asian financial crisis due to its build up of excessive external debt and severe lack of reserves. Over the long term, Kim said countries need to develop their currency markets to ensure that exchange rates are not swayed by swings in capital flows. But options aimed at moderating the volume of capital flows must be considered "as a second step", he said, adding the international community should also strengthen cooperation. "Properly designed and well-implemented macro-prudential frameworks could play an effective role in alleviating the pro-cyclicality of capital flows." His comments come as the flood of cash into emerging markets from investors seeking higher yields than in the developed world has fuelled simmering currency disputes around the world. Finance Minister Yoon Jeung-Hyun has suggested Seoul may consider as one option scrapping tax breaks for foreigners buying state bonds. Last week finance ministers from the Group of 20 leading economies agreed to avoid competitive currency devaluation and to try to bring their current account imbalances more into line to avoid a "currency war". Governor Kim said the first option for responding to capital flow volatility may be to use the exchange rate "as an automatic stabiliser under a freely-floating regime". "Allowing the rate to move freely at all times can prevent excessive inflows by dampening appreciation expectations. But the real economy may be unable to adapt to large exchange rate swings within a short period and may be negatively affected," he said. He said a country may intervene to limit exchange rate volatility or to slow the currency's appreciation and capital controls may also be considered "very carefully" as a last resort. "The distortions and costs capital controls incur must be compared with their benefits, though they may form a useful part of the policy toolkit." Recommend Send IM Story Print Related Articles US-BUSINESS Summary Reuters - 38 minutes ago Wall St falls in stimulus rethink, materials weigh Reuters - 38 minutes ago US STOCKS-Wall St falls in stimulus rethink, materials weigh Reuters - 41 minutes ago Gross, Grantham blast Fed's asset buying Reuters - 43 minutes ago Turkish lira and equities slide, bonds hold firm Reuters - 45 minutes ago News Search Top Stories Ahead of US vote, Republicans set for big gains Deutsche Bank posts sharp loss Conservation hope as vertebrates face extinction Pacific fisheries face collapse by 2035: study Iran begins fuelling Bushehr nuclear reactor More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Spectacular unknown species found in Amazon Paul, World Cup 'psychic' octopus, dies in Germany LVMH increases Hermes stake Pacific fisheries face collapse by 2035: study Conservation hope as vertebrates face extinction More Most Viewed » Time, like all good things, may come to an end: study Too much TV psychologically harms kids: study Spectacular unknown species found in Amazon Iranian chocolate thief 'to have hand chopped off' Ancient galaxy is more than 13 billion light years away More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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