미국의 금융정책이 한국의 금융정책에 미치는 영향

This study aimed to suggest the implications of monetary policies by empirically analyzing whether there is an interest rate synchronization between the United States and Korea, or whether one acts as an antecedent for the other. The empirical analysis was performed in three stages: before global financial crises, after global crises, and the entire duration of the analysis. The study is differentiated from and contributes to past studies as it used quarterly data from the OECD with the same date of expiry. The analysis showed that if there is a rise in interest rates in the United States, interest rates in Korea will rise in the order of short-term interest rates, call rates, and long-term interest rates. This is evidence that interest rate synchronization exists between the United States and Korea, and that the rates in the United States act as an antecedent for the rates in Korea. This idea can be used to identify preemptive and efficient response measures in Korea. Many nations around the world have implemented quantitative easing policies to prevent an economic recession resulting from COVID-19. As a result, inflation is leading to rises in interest rates around the world. The US Federal Reserve System (the Fed) has started to reduce its purchases of government and public bonds before raising the country’s interest rates. Subsequently, some advanced countries and emerging countries, including Korea, are raising their key interest rates. This is further evidence of interest rate synchronization.