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Liberalization of capital flows in Korea : Big-bang or gradualism

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  • Liberalization of capital flows in Korea
  • Cho, Dongchul; Koh, Youngsun
  • National Bureau of Economic Research


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Title Liberalization of capital flows in Korea
Similar Titles
Sub Title

Big-bang or gradualism

Material Type Reports
Author(English)

Cho, Dongchul; Koh, Youngsun

Publisher

[Massachusetts]:National Bureau of Economic Research

Date 1996-11
Series Title; No Working Paper / 5824
Pages 38
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < General
Holding NBER

Abstract

Capital amrket liberalization has become an irreversible trend in Korea since 1992. With the current level of high interest rate in Korea, however, drastic full-scale liberalization would certainly attract a large anmount of capital inflows and appreciate the Korean won. This would affect the price competitiveness of Korean products in international markets, which could bring about significant macro-instability in an economy like Korea which relies heavily upon external transactions. Through simulations using a macro-model based on the neoclassical long-run convergence and the Keynesian short-run dynamics, this paper attempts to provide some quantitative assessments of several alternative policy choices in cluding the speed of liberalization.

User Note

This paper was presented at the NBER East Asian Seminar on Economics in Hong Kong. This paper is part of the NBER's project on International Capital Flows which receives support from the Center for International Political Economy.