Abstract
The foreign exchange system of a country refers to the laws, regulations, and institutions that govern foreign exchange transactions between residents and non-residents and determine movement of exchange rates. The foreign exchange system in Korea has gone through a lot of changes in a relatively short time period. This paper presents a summary of the major changes in the foreign system in Korea together with a review of the academic literature on the foreign exchange system in Korea. In particular, the paper addresses four aspects about the foreign exchange system in Korea: the exchange rate regime, the capital account liberalization, the Asian currency crisis and the policy response, and the global financial crisis and the foreign exchange macro-prudential regulations.
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