Established in 1976, The Korea Institute for Industrial Economics and Trade (KIET) serves as Korea’s only government-funded research institute specializing in industrial research and dedicated to the development of national economic and industrial policy. KIET is committed to bolstering competitiveness and strengthening the foundation of Korean industry through the formulation of effective policies that enable industries to adapt to a rapidly changing global industrial environment.
The stabilization of exchange rate fluctuations is an important economic policy issue for an open, export-oriented country such as South Korea. The 1997 foreign exchange crisis and the 2008 global financial crisis put the Korean foreign exchange market in great turmoil, and the instability of the exchange rate resulting from those crises seriously affected the economy as a whole.