韩国央行：2025年金融摩擦、UIP溢价与综合政策框架-以韩国为例（英文版）

Emerging markets and developing economies (EMDEs) are vulnerable to external shocks. In the literature, it is well-documented that financial frictions are the key sources of this vulnerability. Using panel data of 17 countries, this paper shows that the impact of global risk-off shocks is larger for the economies with shallower financial markets. With the estimated Integrated policy framework (IPF), it argues that FX intervention (FXI) and macro-prudential measure (MPM) are needed in addition