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Foreign Exchange Policy, Monetary Policy and Capital Market Liberalization in Korea

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  • Jeffrey A. Frankel.

Abstract

The paper examines recent Korean financial and exchange rate reforms, including the role of U.S. political pressure. It undertakes some statistical tests of the extent to which Korean interest rates have become more closely tied to world interest rates, and of the extent to which the value of the won may have become less closely tied to the value of the dollar under the MAR system. One important theme is the possibility that Korea is becoming more closely tied to Japan financially. We find, however, little evidence that the nature of the relationship between the Korean won and the U.S. dollar has changed since the purported change in regime in 1990.
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Suggested Citation

  • Jeffrey A. Frankel., 1993. "Foreign Exchange Policy, Monetary Policy and Capital Market Liberalization in Korea," Center for International and Development Economics Research (CIDER) Working Papers C93-008, University of California at Berkeley.
  • Handle: RePEc:ucb:calbcd:c93-008
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    References listed on IDEAS

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    1. Glick, Reuven & Hutchison, Michael, 1990. "Financial liberalization in the Pacific Basin: Implications for real interest rate linkages," Journal of the Japanese and International Economies, Elsevier, vol. 4(1), pages 36-48, March.
    2. Joseph E. Stiglitz, 1991. "Government, Financial Markets, and Economic Development," NBER Working Papers 3669, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Jeffrey A. Frankel, 2003. "Experience of and Lessons from Exchange Rate Regime in Emerging Economies," NBER Working Papers 10032, National Bureau of Economic Research, Inc.
    2. Mohsen Bahmani-Oskooee & Hyun-Jae Rhee, 1997. "Are Imports and Exports of Korea Cointegrated?," International Economic Journal, Taylor & Francis Journals, vol. 11(1), pages 109-114.
    3. Jeffrey A. Frankel & Shang-Jin Wei, 2007. "Assessing China's exchange rate regime," Economic Policy, CEPR;CES;MSH, vol. 22, pages 575-627, July.
    4. Frankel, Jeffrey A. & Funke, Norbert, 1994. "A Two-Country Analysis of International Targeting of Nominal GNP," Center for International and Development Economics Research (CIDER) Working Papers 233377, University of California-Berkeley, Department of Economics.

    More about this item

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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