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Facts and Findings on the Statistical Discrepancies of the Korean Balance of Payments

Author

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  • Joo , Sangyong

    (Sejong University)

Abstract

The Korea experienced drastic increases in the statistical discrepancy in balance of payments since 1997. In general, the expansion and complexity of external transactions induced by contributing capital account liberalization has contributed to this fact. The abolition of the export/import approval system seems to have accelerated the mismeasurement and omissions in external transactions. Of course, the influence of currency crisis occurred cannot be ruled out. Among economic factors, Won/dollar exchange rate volatility is found to have significant explanatory power on the magnitude of statistical discrepancy, while exchange rate returns have not. WE interpret this as the demand for relatively safe currency rising in presence of the uncertainty in domestic currency values.

Suggested Citation

  • Joo , Sangyong, 2000. "Facts and Findings on the Statistical Discrepancies of the Korean Balance of Payments," East Asian Economic Review, Korea Institute for International Economic Policy, vol. 4(1), pages 173-195, March.
    • Handle: RePEc:ris:eaerev:0263
    DOI: 10.11644/KIEP.JEAI.2000.4.1.63
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    Keywords

    Balance Of Payment; Dollar; Capital Flow; Korea;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements

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