{"id":2200369,"date":"2023-03-13T08:00:17","date_gmt":"2023-03-12T23:00:17","guid":{"rendered":"https:\/\/koreapro.org\/?p=2200369"},"modified":"2023-04-05T16:07:59","modified_gmt":"2023-04-05T07:07:59","slug":"rok-financial-policymakers-discuss-the-domestic-impact-of-us-bank-collapse","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/03\/rok-financial-policymakers-discuss-the-domestic-impact-of-us-bank-collapse\/","title":{"rendered":"ROK financial policymakers discuss the domestic impact of US bank collapse"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea\u2019s top financial policymakers <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20230312001600320?section=news\"><span style=\"font-weight: 400;\">gathered on Sunday<\/span><\/a><span style=\"font-weight: 400;\"> to address concerns over the possible rise in volatility and uncertainties in the financial market after the United States Silicon Valley Bank (SVB) was shut down last Friday. <\/span><a href=\"https:\/\/edition.cnn.com\/2023\/03\/11\/business\/svb-bank-collapse-explainer-timeline\/index.html\"><span style=\"font-weight: 400;\">SVB<\/span><\/a><span style=\"font-weight: 400;\"> is a specialized lender for tech startups. Its stock began plummeting Thursday amid investors fearing the repeat of the 2007-2008 financial crisis, resulting in U.S. regulators intervening and shutting the bank down and placing it in receivership under the Federal Deposit Insurance Corporation (FDIC).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During the Sunday meeting in Seoul attended by Finance Minister Choo Kyung-ho and other economic experts, <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20230312001600320?section=news\"><span style=\"font-weight: 400;\">they discussed<\/span><\/a><span style=\"font-weight: 400;\"> its potential effect and ways to minimize the impact on the domestic financial market. The experts also <\/span><a href=\"https:\/\/www.yna.co.kr\/view\/AKR20230312024151002?input=1195m\"><span style=\"font-weight: 400;\">said<\/span><\/a><span style=\"font-weight: 400;\">, \u201cIt is unlikely that the case will expand further to cause damage to the overall U.S. banking and financial systems.\u201d\u00a0<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">South Korean experts and policymakers assessed the impact is unlikely to reach the domestic economy but could further global and domestic market volatility. The Financial Supervisory Service (FSS) <\/span><a href=\"https:\/\/news.sbs.co.kr\/news\/endPage.do?news_id=N1007111257&amp;plink=ORI&amp;cooper=NAVER\"><span style=\"font-weight: 400;\">said<\/span><\/a><span style=\"font-weight: 400;\"> there would not be an overall impact on the domestic market, citing no exposure to SVB or Silicon Valley among domestic banks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But the finance ministry said in a <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20230312001600320?section=news\"><span style=\"font-weight: 400;\">statement<\/span><\/a><span style=\"font-weight: 400;\"> it \u201ccannot rule out the possibility of greater market volatility\u201d due to aggressive monetary tightening by other major economies, particularly citing its worries over the liquidity crisis. The government and financial agencies <\/span><a href=\"https:\/\/news.sbs.co.kr\/news\/endPage.do?news_id=N1007111257&amp;plink=ORI&amp;cooper=NAVER\"><span style=\"font-weight: 400;\">said<\/span><\/a><span style=\"font-weight: 400;\"> they would \u201cclosely monitor\u201d and double-check its response system to emergency situations.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea\u2019s top financial policymakers gathered on Sunday to address concerns over the possible rise in volatility and uncertainties in the financial market after the United States Silicon Valley Bank (SVB) was shut down last Friday. SVB is a specialized lender for tech startups. Its stock began plummeting Thursday amid investors fearing the repeat of [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2200370,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24],"class_list":["post-2200369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ROK financial policymakers discuss the domestic impact of US bank collapse - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/03\/rok-financial-policymakers-discuss-the-domestic-impact-of-us-bank-collapse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ROK financial policymakers discuss the domestic impact of US bank collapse - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s top financial policymakers gathered on Sunday to address concerns over the possible rise in volatility and uncertainties in the financial market after the United States Silicon Valley Bank (SVB) was shut down last Friday. 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