콘텐츠 바로가기
로그인
컨텐츠

Category Open

Resources

tutorial

Collection of research papers and materials on development issues

home

Resources
Economy Macroeconomics

Print

우리나라 물가안정목표제와 환율운용(Inflation targeting and exchange rate management in Korea)

Related Document
Frame of Image
  • 우리나라 물가안정목표제와 환율운용(Inflation targeting and exchange rate management in Korea)
  • Park, Won-Am
  • 대외경제정책연구원(Korea Institute for International Economy Policy)


link
Title 우리나라 물가안정목표제와 환율운용(Inflation targeting and exchange rate management in Korea)
Similar Titles
Material Type Articles
Author(English)

Park, Won-Am

Publisher

[서울(Seoul)]:대외경제정책연구원(Korea Institute for International Economy Policy)

Date 2008-06
Journal Title; Vol./Issue 대외경제연구(Journal of East Asian Economic Integration):vol. 17(no. 1)(June 2008)
Pages 33
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Link
Subject Economy < Macroeconomics
Holding 대외경제정책연구원(Korea Institute for International Econom

Abstract

This paper investigates the experience of inflation targeting in Korea with an emphasis on exchange rate management. The Korean call rate responded to not only expected inflation, but also to output gap and changes in the real effective exchange rate of the Korean won, when we estimated the call rate reaction function over the period of 1999-2007. It was found that the call rate responded to changes in real effective exchange rate more than it did to expected inflation. We also examined whether Korean inflation targeting was actually centered on the exchange rate by estimating the Singaporean style of exchange rate reaction function. It was found that Korean monetary policy was not exchange-rate- centered, since the nominal effective exchange rate of the Korean won responded modestly to inflation and output gap, far less than did the Singaporean dollar.