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International macroeconomic fluctuations in Korea

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  • International macroeconomic fluctuations in Korea
  • Kim, Soyoung
  • Seoul National University(Institute of Economic Research)


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Title International macroeconomic fluctuations in Korea
Similar Titles
Material Type Articles
Author(English)

Kim, Soyoung

Publisher

[Seoul]:Seoul National University(Institute of Economic Research)

Date 2011
Journal Title; Vol./Issue Seoul Journal of Economics:vol. 24(no. 1)
Pages 20
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Macroeconomics
Holding Seoul National University

Abstract

This paper examines international macroeconomic fluctuations in Korea by focusing on the sources of fluctuations in key international macro variables, such as cross-country output differential, real exchange rate, and trade balance and international transmission of key structural shocks. These structural shocks include countryspecific supply, demand, and nominal shocks. A structural VAR model with long-run restrictions (that are consistent with many theoretical models) is constructed to investigate these issues. The main findings are: (1) supply shocks explain most of the fluctuations in cross-country output differential; (2) all three types of shocks play a non-negligible role in explaining fluctuations in real exchange rate and trade balance; and (3) demand and supply shocks generate opposite signs of correlation between trade balance and real exchange rate.