Testing the long-run validity of the monetary approach to the exchange rate: the won-US
This paper examines via cointegration techniques the empirical validity of the monetary model of exchange rate determination as a long-run equilibrium condition for the Korean won-U.S. dollar rate over the recent period of economic liberalization in Korea. Using monthly data from 1980 to 1995, it is found that the unrestricted version of the monetary model provides a valid framework for analysing long-run movements in the exchange
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Volume (Year): 5 (1998)
Issue (Month): 8 ()
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