韩国央行：美元主导地位与美国金融危机的国际溢出效应（英文版）

This paper investigates how the global dominance of the US dollar amplifies thecross-border transmission offinancial shocks originating in the United States. I de-velop a small open economy DSGE model that embeds the dollar's central role ininternational trade and finance and calibrate it to the Korean economy. Key param-eters are estimated by matching impulse responses to a shock in the excess bondpremium (EBP), a standard measure ofUS financial conditions. The analysis showsthat two cor