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Financial Services Commission Chairman Shin Je-yoon noted that Korea is different from India, Indonesia, Turkey, South Africa and other emerging countries.
Chairman Shin said earlier this month that Korea is observing inflow of foreign investment in markets with a continued strong current account surplus, adding that Korea is no longer on the same level as other emerging countries at crisis, unlike when financial crises broke out in 1997 and 2008.
He noted that countries that show signs of crises have in common an accumulated current account deficit and outflow of foreign investment from stock and bond markets. The chairman stressed that Korea is differentiated from other emerging countries in terms of inflow of foreign capital, but that excessive optimism should be avoided.
Shin warned against becoming complacent with current conditions and emphasized the need to be alert and prepared for the United States’ reduced quantitative easing, a slowdown of the Chinese economy and policy changes in G2 countries.
Source: Newsis (Aug. 21, 2013)
** This article was translated from the Korean.