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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.
(This abstract was borrowed from another version of this item.)

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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    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. Barry Eichengreen., 1993. "The Crisis in the EMS and the Transition to EMU: An Interim Assessment," Center for International and Development Economics Research (CIDER) Working Papers C93-022, University of California at Berkeley.
    4. Maurice Obstfeld, 1993. "International Capital Mobility in the 1990s," NBER Working Papers 4534, National Bureau of Economic Research, Inc.
    5. Jeffrey A. Frankel & Shang-Jin Wei, 2007. "Assessing China's exchange rate regime [‘Working with the IMF to strengthen exchange rate surveillance’]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 22(51), pages 576-627.
    6. Stein, Ernesto H. & Streb, Jorge M., 1998. "Political stabilization cycles in high-inflation economies," Journal of Development Economics, Elsevier, vol. 56(1), pages 159-180, June.
    7. Jeffrey Frankel, 2005. "On the renminbi," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 6(03), pages 16-21, October.
    8. Jeffrey A. Frankel, 1993. "Monetary regime choices for a semi-open country," Pacific Basin Working Paper Series 93-02, Federal Reserve Bank of San Francisco.
    9. Jeffrey A. Frankel and Norbert Funke., 1994. "A Two-Country Analysis of International Targeting of Nominal GNP," Center for International and Development Economics Research (CIDER) Working Papers C94-035, University of California at Berkeley.

    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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