We examine how Korea's capital flows and trade have been affected
by the quantitative easing (QE) of the United States and the
quantitative and qualitative easing (QQME) of Japan. Korea is an
intriguing case due to its borderline position between advanced and
emerging market country groups, and the common perception that
Korea competes fiercely with Japan in the world market for trade.
We find that QE had little direct impact on capital flows to Korea,
and tapering is unlikely to cause capital outflows from it owing to
partial safe-haven behavior of capital flows to Korea. We also find
that the exchange rate spillover from QQME to Korea has been
limited both on trade and capital flow fronts.
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