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An analysis of the structural change in the exchange market pressure: Korea, 1980-89

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  • Jai Sheen Mah

Abstract

This paper tests the stability of the exchange market pressure model in the case of Korea under a managed floating exchange rate. Using the cusum of squares test, we show that the structural stability was broken in about mid-1986. This is plausible given that there was a sudden surplus in the balance of payments in Korea in late 1985. Estimation results show that the exchange market pressure model works very well where there is a surplus in balance of payments; however, its explanatory power is poor in periods of deficit.

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  • Jai Sheen Mah, 1995. "An analysis of the structural change in the exchange market pressure: Korea, 1980-89," Applied Economics Letters, Taylor & Francis Journals, vol. 2(3), pages 80-82.
    • Handle: RePEc:taf:apeclt:v:2:y:1995:i:3:p:80-82
    DOI: 10.1080/135048595357627
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    Cited by:

    1. Jayaraman, T.K. & Choong, Chee-Keong, 2009. "Growth and oil price: A study of causal relationships in small Pacific Island countries," Energy Policy, Elsevier, vol. 37(6), pages 2182-2189, June.
    2. Inci Parlaktuna, 2005. "Exchange market pressure in Turkey 1993-2004: an application of the girton-roper monetary model," International Economic Journal, Taylor & Francis Journals, vol. 19(1), pages 51-62.

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