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Demand for international reserves : A case study for Korea

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  • Demand for international reserves
  • Ra, Hee-Ryang
  • The Association of Korean Economic Studies


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Title Demand for international reserves
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Sub Title

A case study for Korea

Material Type Articles
Author(English)

Ra, Hee-Ryang

Publisher

[Seoul]:The Association of Korean Economic Studies

Date 2007
Journal Title; Vol./Issue The Journal of the Korean Economy:vol. 8(no. 1)
Pages 29
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Holding AKES

Abstract

This study investigates the Korean reserve demand and its structural change after the 1997 Asian financial crisis. The reserve dynamics for the pre- and post-crisis periods are reasonably specified by the error correction model. In general, our empirical results may provide the evidence that the Korean reserve demand became more sensitive to the adjustment cost and the openness, but less sensitive to the opportunity cost after the crisis, which is consistent with the rapid reserve accumulation of Korea after the crisis. However, our structural break tests provide mixed evidences for the change in the reserve demand after the crisis.