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Response of Domestic Production to Depreciation in Korea: an Application of Johansen's Conintegration Methodology

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  • Mohsen Bahmani-Oskooee
  • Hyun-Jae Rhee

Abstract

Theoretical and empirical studies concerned with the effects of devaluation on domestic production have generally concluded that while in industrial countries devaluation is expansionary, in developing nations it is contractionary. In this paper we consider the experience of Korea alone. After adopting a reduced form model from the literature, we employed Johansen's cointegration and error-correction technique and used quarterly data over 1971-94 to show that in Korea real depreciation of the Korean won is indeed expansionary. [F31, F41]

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal International Economic Journal.

Volume (Year): 11 (1997)
Issue (Month): 4 ()
Pages: 103-112

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Handle: RePEc:taf:intecj:v:11:y:1997:i:4:p:103-112

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Cited by:
  1. Munir A. S. Choudhary & Muhammad Aslam Chaudhry, 2007. "Effects of the Exchange Rate on Output and Price Level: Evidence from the Pakistani Economy," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 12(1), pages 49-77, Jan-Jun.
  2. M Bahmani-Oskooee & I Miteza, 2006. "Stock Market Growth: An analysis of cointegration and causality," Economic Issues Journal Articles, Economic Issues, vol. 11(1), pages 37-64, March.

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